Legality of the Leveraged Lending Guidance is Questioned
Limits on Creditors’ Remedies Against Solvent Debtors Echoed in the Quadrant Litigation
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Land Use partner Gary R. Tarnoff was quoted in an article appearing on CapitalNewYork.com about the recent City Council hearing on Vornado Realty Trust's proposal to build a 1216-foot building called 15 Penn Plaza. Malkin Securities, the owners of the Empire State Building, are opposed to the plan, saying that the building would diminish their 1250-foot building. One of Vornado's arguments for the building is that it has committed to extensive work on the transportation infrastructure of Penn Station, in exchange for the building of 15 Penn Plaza. Tarnoff was quoted as saying that the proposed building is not a "blank-check rezoning" since Vornado has to complete the transportation work before it can get a certificate of occupancy.