Dear Clients, Colleagues, and Friends:

We are pleased to share that the firm is moving to a new office in The Graybar Building, located right above Grand Central Station at 420 Lexington Avenue. As our firm continues to grow, we are relocating to a more spacious and modern location to better serve our clients. We look forward to welcoming you to our new space.

Having to secure a new lease in the current real estate market has given us firsthand insights into the challenging commercial New York real estate market.  From shifting vacancy rates to fluctuating leasing terms, the market presents unique opportunities and challenges. The real estate market near Grand Central has been experiencing notable shifts. Not surprisingly, older office buildings that have not been updated and lack modern amenities are struggling to attract tenants.  We toured several properties near Grand Central with spaces that have not been updated since the early 2000s and the outdated buildings will require significant investment to attract desirable tenants. Class A properties around Grand Central have continued to perform well and newer buildings, such as One Vanderbilt, have achieved full occupancy with impressive rates.  From a legal standpoint, we have seen a rise in real estate litigation, lender workouts for distressed real estate, and partnership disputes due to significant financial pressure of high interest rates and declining property values.    

While the adage “a rising tide lifts all boats” typically holds true for the broader economy, New York’s recovery tells a different story—one that is highly localized and dependent on specific sectors. Despite the stock market delivering double-digit returns last year, those gains haven’t translated evenly across the city’s economy. Some industries, like finance and tech, have rebounded strongly, while others—particularly commercial real estate, retail, and small businesses—continue to struggle. Office vacancies remain high, hospitality faces shifting demand, and certain neighborhoods are seeing slower rebounds than others.

As a data point, Personal and business bankruptcy filings rose 16.2 % in the twelve-month period ending Sept. 30, 2024, compared with the previous year.  According to statistics released by the Administrative Office of the U.S. Courts, annual bankruptcy filings totaled 504,112 in the year ending September 2024, compared with 433,658 cases in the previous year. Business filings rose 33.5 percent, from 17,051 to 22,762 in the year ending September 30, 2024. Non-business bankruptcy filings rose 15.5 % to 481,350, compared with 416,607 in the previous year.

The difficult economic environment has caused a rise in demand for legal services for the types of claims that arise when businesses cut corners and simply can’t pay on time.  We have experienced a rise in claims of unpaid trade vendor claims, unpaid independent contractors, breach of contract cases, wage-and-hour cases arising under the Fair Labor Standards Act and New York Labor Law, Americans with Disabilities Act, and for advice related to employee layoffs and severance.

Notable achievements for Levin-Epstein & Associates, P.C. in the fourth quarter of 2024 include the firm’s obtainment of a judgment  against a widely known mortgage executive who attempted to evade accountability through procedural delays. Over the course of the proceedings, the defendant strategically swapped three different law firms to stall the case and obstruct judgment. Despite these tactics, our litigation team remained steadfast, countering each delay maneuver and ensuring that justice prevailed. Through diligent case management and strategic legal action, we successfully moved the case forward, leading to a default judgment in favor of our client. This case highlights not only our firm’s commitment to aggressive advocacy but also our ability to navigate complex litigation tactics used by high-profile defendants.    

To the extent that you or any of your colleagues have cases where a contingency arrangement makes financial sense, please contact us to assess the potential for a mutually productive collaborative relationship regarding referral arrangements with participation fees for commercial contingency cases and plaintiffs’-side employment cases.  

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We want to thank you for contributing to our continued success. You know us, you know our experience, and you know the quality of our work. We would be most grateful to be retained in these areas, among others:

• itigation before trial or appellate courts or administrative bodies, especially matters involving real estate, partnership disputes, and creditors' rights;
• litigation avoidance - the crucial effort to negotiate agreements to resolve disputes before they cross the threshold of the courthouse;
• domestic and international arbitration and mediations;
• bankruptcy litigation and creditors' rights work, including avoidance actions, preference actions, discharge and dischargeability actions;
• employment litigation in all aspects of employment law, including issues involving restrictive covenants and trade secrets, wage-and-hour issues, Fair Labor Standards Act issues, and breach of contract issues;
• business divorce litigation, including contested stock valuations, derivative actions and other disputes between owners of closely held business corporations;
• counseling and strategic planning that defy easy categorization, requiring a deep understanding of the pertinent legal issues and also of the business (and sometimes personal) considerations that must be taken into account to reach a favorable outcome; and
• representing investors, restauranteurs, restaurant management companies, and chefs in New York City's hospitality sector. 

With heartfelt good wishes for a healthy, happy and productive year, we remain, 

Sincerely yours,     

Josh Epstein and Jason Mizrahi