Does a New York Foreclosure Create an Opportunity for a Tenant to Walk Away from Its Lease Obligations?

Real Estate Partner Louis Hait’s article,  “Does a New York Foreclosure Create an Opportunity for a Tenant to Walk Away from Its Lease Obligations?,” appears in the Winter 2015 edition of the NY Real Property Law Journal. In this piece, Hait discusses the historical development of New York case law and statutes governing when a tenant of a foreclosed property is bound to the new property owner, and the practical implications for today’s mortgage lenders.