Commercial
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May 17, 2024
Blank Rome Advises On $200M Mortgage Loan For NYC Tower
Blank Rome LLP advised on a mortgage loan deal where an entity connected to real estate company The Gotham Organization borrowed more than $200 million from Wells Fargo for a residential mixed-use tower on Manhattan's Lower East Side, according to official property records.
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May 16, 2024
Inside Proxy Fight That (Briefly) Ousted Hotel REIT Exec
Here, Law360 Real Estate Authority recounts the litigious proxy fight following a failed purchase offer from an activist investor questioning the relationship of two Texas real estate investment trusts, which led to the chairman and a director being ousted for a matter of hours before being reappointed.
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May 16, 2024
Funko Beats Investor Suit Over Warehouse Move For Now
Toy company Funko Inc. on Thursday beat a proposed investor class action alleging it failed to disclose accurate information about problems relocating a distribution center and updating critical software, with a Washington federal judge saying the investors have failed to prove the company's statements were false or misleading, among other things.
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May 16, 2024
NJ Lets Some School Districts Hike Property Taxes Above Cap
New Jersey will allow school districts that experienced cuts in state school aid to request increases in local property tax levies above previously permitted amounts without voter approval under a bill signed by Gov. Phil Murphy.
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May 16, 2024
CBRE Biz's Software Liable For NY Sales Tax, Judge Rules
A facilities management business owned by CBRE is liable for New York sales tax on its bundled services, which included sales of prewritten software, an administrative law judge said in a determination released Thursday.
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May 16, 2024
Oversight Hearing Adds Pressure On Calif. Insurance Chief
Under growing pressure from Gov. Gavin Newsom and the insurance industry, California’s top insurance regulator defended its process of implementing proposals to stabilize the Golden State’s faltering homeowners insurance market.
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May 16, 2024
Ex-Execs Accuse Truist Of Hijacking Control Of Mortgage Unit
Three former executives who spearheaded the real estate finance arm of Truist Financial Corp. before they left for a competitor are countersuing the bank for allegedly usurping control of the business, saying Truist then tried forcing them out to skirt paying severance.
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May 16, 2024
NYS Conservation Dept. Regional Leader Joins Harris Beach
Harris Beach has brought a former Capital Region director for the New York State Department of Environmental Conservation into its commercial real estate practice, saying Thursday that he will tap his environmental knowledge to serve entities like commercial developers, institutional lenders, corporations, partnerships and nonprofits.
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May 16, 2024
Dechert Guides $232M Loan For Manhattan Apartments
Dechert LLP advised on a deal in which a property owner borrowed a consolidated, amended and restated $232 million leasehold mortgage loan from JPMorgan Chase Bank for a Manhattan apartment building, according to official property records.
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May 16, 2024
Ex-Connecticut Budget Official Denies 22 Corruption Charges
A former Connecticut state budget official and beleaguered attorney who oversaw millions in state school construction funds pled not guilty on Thursday to a host of corruption charges, including that he coerced contractors into paying him kickbacks.
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May 15, 2024
Real Estate Seller Can't Show He Was Stiffed On Commission
A Texas appellate court ruled that a man claiming he was cheated out of a commission for assisting in a real estate sale didn't have enough to back up his claims, agreeing Tuesday that a lower court was correct in granting an early win to the property's seller.
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May 15, 2024
6th Circ. Frees Ex-Ohio Pol Pending Bribery Appeal
A former member of the Cincinnati City Council convicted of bribery and attempted extortion in connection with a sports betting redevelopment project spearheaded by a former Cincinnati Bengals player can stay out of prison while an appeal plays out, the Sixth Circuit said Wednesday.
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May 15, 2024
Family, Cos. Seek $440M Zimbabwe Award Enforcement
Two forestry and sawmill companies plus a family have asked the D.C. Circuit to enforce approximately $440 million of arbitral awards they won against the Republic of Zimbabwe, saying the court "plainly" has jurisdiction under the arbitration exception contained in the Foreign Sovereign Immunities Act.
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May 15, 2024
Special-Servicer Work Heats Up, Revealing CMBS Tensions
As more loans head to special servicing than at any time since 2021, the loan doctors called in when CMBS deals sour — special servicers — are navigating difficult terrain. Here, attorneys, researchers and ratings agencies discuss the potential for conflicts of interest and the repercussions of aggressive tactics.
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May 15, 2024
Miami Not Immune To Office Distress, Foreclosure Bid Shows
In the third in a series of stories on distressed office properties in various U.S. markets, Law360 Real Estate Authority looks at what the struggles facing a newer office building in one of Miami's hippest neighborhoods mean for one of the nation’s strongest markets.
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May 15, 2024
Accusations Execs Looted RE Platform To Play Out In NY
Two directors of Fang Holdings Ltd. and their affiliates will have to face claims in New York of orchestrating a scheme to strip the Chinese operator of an online real estate portal of its value for personal gain after the court refuted arguments that the litigation belongs elsewhere.
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May 15, 2024
11th Circ. Judge Doubts Defense Of IRS Easement Notice
An Eleventh Circuit judge was skeptical Wednesday of the government's arguments that the Internal Revenue Service could issue a notice imposing reporting requirements on potentially abusive conservation easements without soliciting public feedback that administrative law requires.
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May 15, 2024
Minn. Tax Court OKs Trim To Restaurant Property's Value
A Minnesota restaurant property should have its valuation lowered after the property owner provided a more reliable appraisal report, the state Tax Court ruled.
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May 15, 2024
Colo. Will Extend Property Tax Assessment Rate Cuts
Colorado will extend its current temporary property tax rate reductions into 2024 and will lower tax rates for future years under a bill signed by Democratic Gov. Jared Polis.
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May 15, 2024
Dechert Advises $232M Financing For Harlem Apt. Complex
An Urban American and Brookfield Property joint venture closed on a $232 million mortgage for Harlem's 3333 Broadway apartment complex in a transaction advised by Dechert LLP.
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May 15, 2024
Lender Drops $4M Fraud Suit Against Ga. Golf Course Owner
Lender U.S. Strategic Capital Advisors has moved to voluntarily drop its lawsuit accusing the owner of an Atlanta-area golf course of using a more than $4 million loan to prop up other businesses, shortly after a Georgia federal judge denied successive efforts to wrest control of his assets.
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May 15, 2024
Morgan Stanley Sells 4 Warehouses On US Border For $178M
Morgan Stanley Investment Management said Wednesday that it has sold four industrial properties in El Paso and Laredo, Texas, for a combined $178 million to two unidentified institutional investors.
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May 15, 2024
Holland & Knight Hospitality Leader Sees Mixed-Use Boom
As hotel companies ride a rebound in travel following occupancy lows in 2020 when the COVID-19 pandemic hit, the hospitality sector is also benefiting from a boom in demand for mixed-use residential and hotel projects, one of Holland & Knight LLP's hospitality leaders told Law360 in a recent interview.
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May 15, 2024
Philly Landlord Settles Paralegal Assault Case For $6M
The landlord of a Philadelphia office tower will pay $6 million to settle a suit claiming that negligent security allowed a man to sneak into the building and sexually assault a paralegal at a small law firm working upstairs, according to the plaintiff's attorneys.
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May 14, 2024
NC State Fights Cancer Patient's Presuit Building Access
North Carolina State University is pressing the state appeals court to find it is insulated from an "unusual" order allowing a former graduate student worker diagnosed with cancer to inspect a campus building that tested high for levels of carcinogens.
Expert Analysis
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Trends That Will Shape The Construction Industry In 2024
Though the outlook for the construction industry is mixed, it is clear that 2024 will bring evolving changes aimed at building projects more safely and efficiently under difficult circumstances, and stakeholders would be wise to prepare for the challenges and opportunities these trends will bring, say Josephine Bahn and Jeffery Mullen at Cozen O'Connor.
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NY CRE Lenders Need Clarity On Foreclosure Standing
Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Adjusting Deals To Reflect Shifts In The CRE Market
As the commercial real estate market strengthens and moves out from a challenging time, industry participants should consider any concessions made due to recent trends and update transaction documents accordingly before entering into new deals, says Alexander Davis at Mayer Brown.
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4 International Arbitration Trends To Monitor In 2024
Global growth slowed substantially in 2023, and may continue into 2024 due to geopolitical instability, which could fuel four key trends in international arbitration in the coming year, including investor-state and commercial arbitration, an increase in arbitration out of China, and more, say Gregory Litt and Sharmistha Chakrabarti at Skadden.
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How DOI Aims To Modernize Resource Damage Assessments
The U.S. Department of the Interior's recent proposal to redesign its Type A rule for conducting natural resource damage assessment and restoration activities could lead to a more streamlined, flexible assessment process that would benefit both natural resource trustees and potentially responsible parties, says Brian Ferrasci-O'Malley at Nossaman.
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Key Issues When Navigating A Tenant's Bankruptcy
In light of recent Chapter 11 filings by Rite Aid and WeWork — companies with thousands of commercial leases — practitioners should review issues that can arise when bankruptcy is used to exit a lease, including the consequences of lease rejection and the statutory cap on landlord damage claims for a rejected lease, say attorneys at Proskauer.
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The Year Ahead In Foreign Investment And National Security
In 2024, expect the Committee on Foreign Investment in the United States, already at the forefront of addressing national security threats, to increase monitoring and enforcement related to outbound investment, focus on supply chain resilience in nondefense sectors, and heighten oversight of agricultural transactions, say attorneys at Holland & Knight.
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Sale-Leasebacks May Provide A Safe Financing Alternative
Amid rising interest rates and unpredictable market conditions, sale-leasebacks can be a useful investment option for both buyers and sellers, though their potential drawbacks demand careful consideration, says Chanel Di Blasi at Crosbie Gliner.
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5 Recent Developments Family Offices Are Watching In 2024
Although family offices have long been exempt from many of the more onerous regulations and reporting requirements governing U.S. investment advisers and asset managers, recent amendments to federal rules will have an impact on how family offices invest and operate in 2024, say attorneys at Morgan Lewis.
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A Challenging CRE Environment Holds Opportunities In 2024
As the commercial real estate market faces reduced occupancy levels and rising financing costs, the new landscape will be favorable to those who can leverage capital, strategic vision and expertise to meet challenges like taking on distressed properties and converting office space to residential use, say Nesa Amamoo and Vered Rabia at Skadden.
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What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
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A Difficult Year For CRE, But Future May Be Brighter
2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.