Real Estate

  • September 22, 2014

    Liner Nabs Real Estate Expert From McKenna Long In LA

    Liner LLP has enlisted a commercial and real estate litigator from McKenna Long & Aldridge LLP with experience handling breach of contract cases and appellate matters to reinforce its Los Angeles office, the firm announced Monday.

  • September 22, 2014

    JPMorgan Units Evade $1.15B Fraud Suit Thanks To Early Deal

    Virginia's attorney general on Monday dropped two JPMorgan Chase & Co. units from a $1.15 billion suit accusing them of selling toxic residential mortgage-backed securities to Virginia's retirement fund after he discovered that his predecessor had approved a confidential settlement precluding the claims.

  • September 22, 2014

    Gursky Ragan Fires Back In Homeowners' Contract Row

    Florida law firm Gursky Ragan PA fired back Thursday in a dispute over a contract to pursue open accounts for the nation's largest homeowners association, with a suit claiming it is owed more than $200,000 and was wrongly blocked from completing more than $1.2 million of work.

  • September 22, 2014

    Wells Fargo's Biased Lending Cost LA Millions In Taxes: Suit

    The Los Angeles Unified School District sued Wells Fargo in California federal court on Monday, saying the bank used racial discrimination to target people for subprime loans in violation of the Fair Housing Act, which cost the district millions in lost property tax revenues and put thousands of homes in foreclosure.

  • September 22, 2014

    Group Proposes 4% Graduated Pied-a-Terre Tax For NYC

    The progressive Fiscal Policy Institute on Monday proposed that the de Blasio administration institute a tax on high-end pieds-a-terre in order to bring in revenue from the many foreign buyers of luxury apartments in the city who do not pay personal income tax.

  • September 22, 2014

    US Sugar's Plan Could Bog Down Everglades Restoration

    A recently unveiled plan by U.S. Sugar Corp. to develop 67 square miles in Hendry County, Florida, for residential and commercial use has drawn the ire of environmental groups that claim it is a thinly veiled attempt to increase the price of land slated to be bought by the state for Everglades restoration.

  • September 22, 2014

    Record Set With REIT's £210M Mayfair Luxury Apt Sale

    British Land Co. PLC has set new records for sales of apartments in London’s Mayfair district — which overlooks Buckingham Palace — selling 18 luxury flats for £210 million ($343.5 million), the London-based real estate investment trust said on Monday.

  • September 22, 2014

    Lehman To Pay $350M To Settle UK Office Building Claims

    Lehman Brothers Holdings Inc. will pay a total of $350 million to its U.K. landlord and the Canary Wharf management company to settle claims stemming from Lehman’s broken lease for its Bank Street offices in London, according to a New York bankruptcy court filing Monday.

  • September 22, 2014

    Parkway Properties To Pay $475M For Office Portfolio

    Real estate investment trust Parkway Properties Inc. said Monday it will spend $475 million to purchase 22 office properties, including three in Tampa, Florida, and that it will finance the transaction by offering 10 million shares of common stock.

  • September 22, 2014

    RE Rumor Mill: Lenox Hill, Silvercup, Raiffeisen

    Billionaire Ronald Perelman has reportedly spent $120 million on a Lenox Hill residential building, Silvercup Studios is relaunching a $1 billion expansion project in Queens and in Vienna, developer Raiffesian Evolution is set to sell its Promenada shopping center for €150 million.

  • September 22, 2014

    Dealmakers Q&A: Cooley’s Antonio Calabrese

    A seismic shift is occurring in the office market that will impact existing office development and set future trends for all owners, developers, investors and tenants, says Antonio Calabrese, head of Cooley LLP’s real estate practice.

  • September 19, 2014

    Developer Can't Slip Shell's $40M Suit Over Property Cleanup

    A California judge on Friday refused to toss Shell Oil Co.'s suit alleging a developer owned by Dole Food Co. Inc. is liable for $40 million in cleanup costs for land it bought  from Shell decades ago, saying more evidence is needed to parse the contract at issue.

  • September 19, 2014

    Keppel Unit Sells Office Tower Stake To Its REIT For $568M

    A subsidiary of Singapore-based real estate firm Keppel Land Ltd. is selling its stake in a 46-story Singapore office and retail tower to its real estate investment trust, Keppel REIT Management Ltd., for SG$710.1 million ($567.9 million), Keppel Land said Thursday.

  • September 19, 2014

    RE Rumor Mill: Hines, Goldman, Claremont

    St. Thomas Church has gotten $71 million from Hines and Goldman Sachs, while the San Pablo Casino may buy an adjacent hospital and Claremont is turning a Wall Street office building into condos with the help of a $52 million loan.

  • September 19, 2014

    Gov't Derides BofA Challenge Of Mortgage Fraud Verdict

    Bank of America Corp.'s attempt to overturn a New York federal jury's verdict that it defrauded Fannie Mae and Freddie Mac through an expedited mortgage-issuing program — prompting a $1.3 billion fine — defies "the evidence, the law and common sense," the government argued Friday.

  • September 19, 2014

    Pa. Atty Gets Stayed Suspension For Concealing $1M Loss

    The Pennsylvania Supreme Court on Friday approved a 6-month stayed suspension of a Pittsburgh lawyer for concealing about $1 million in shortfalls at various real estate firms caused by employee misconduct.

  • September 19, 2014

    IBRC Can Remarket Blackrock Loans After €24M Sale Fails

    A Delaware bankruptcy judge Friday denied a bid from a shareholder of Ireland's Blackrock Clinic to be declared the purchaser of Irish Bank Resolution Corp. loans secured by shares in the hospital after the €24 million sale failed to close in connection with a dispute with his financial backer.

  • September 19, 2014

    NY Man Arrested For $36M Bailout Loan Fraud Scheme

    New York authorities on Thursday arrested a Westchester County businessman after investigators concluded he had fraudulently obtained more than $36 million in commercial real estate loans from Capital One Financial Corp. and engaged in a decade-long tax evasion scheme.

  • September 19, 2014

    NY Flood Exclusion Case Could Be Hurdle For Sandy Coverage

    A New York state judge on Thursday said insurers can enforce flood exclusion provisions in policies regardless of any other cause or event that contributes to a loss, a ruling with possible implications for homeowners claiming Hurricane Sandy property damage was caused mainly by wind.

  • September 19, 2014

    McCourt Global GC Tells Law360 New JVs Are An 'Art Form'

    Ryan Kirkpatrick, general counsel at McCourt Global, a real estate developer that's active across the country, says he's seeing more complex joint ventures, and more capital players at the table means additional investment opportunities but also added legal challenges. Here, Law360 sits down with the man responsible for structuring the joint ventures for the former Dodgers owner's real estate firm.

Expert Analysis

  • An Attempt To Close A California Tax Loophole

    Philip M. Hanaka

    It has become common practice in California to carve up ownership interests in entities that own real property among multiple parties so that no single party has a majority interest — in order to avoid tax reassessment. However, a proposed law could make the practice increasingly difficult, say Philip Hanaka and David Plantz of Buchanan Ingersoll & Rooney PC.

  • A General Counsel's Top 10 Billing Tips

    Francis M. Drelling

    Nothing makes an in-house counsel feel like they are being nickeled-and-dimed more than receiving a $3.50, stand-alone invoice. Forcing anyone to spend time on a $3.50 invoice is, quite frankly, just not cool, says Francis Drelling, in-house counsel at Specialty Restaurants Corp.

  • Ga. Ruling Will Curtail Systemic Condemnation Abuses

    Monica R. Owens

    The Georgia Supreme Court’s ruling in Dillard Land Investments LLC v. Fulton County will prevent condemnors from using proceedings as tools to test the strength of their position as to the value of a property and will restrict judge-shopping in hopes of getting more favorable awards, says Monica Owens of Pursley Friese Torgrimson LLP.

  • Unraveling The Mysteries Of Mixed-Use Project Dynamics

    L. Andrew Wharton

    In today’s economic environment, with a lack of financing for ground-up construction, the opportunities for investment in mixed-use properties lie in acquisition and operational optimization of existing, substantially developed projects. Meanwhile, developers and owners need to avoid the pitfalls that have plagued so many mixed-use projects, say Andrew Wharton of REH Capital Partners LLC and Michelle Tanzer of GrayRobinson PA.

  • Resurgence Of 'Negligent Loan Servicing' Theory In Calif.

    Luke Sosnicki

    California’s First District Court of Appeal recently doubled-down on its 2013 ruling in Jolley v. Chase Home Finance LLC, again holding that a residential mortgage servicer owed a borrower a duty of care when reviewing a loan-modification application. In doing so, however, the court did not address other — and perhaps more basic — questions, say Luke Sosnicki and Stephanie Yu of Dykema Gossett PLLC.

  • Insurers, Be Ready To Pay Twice In Texas

    David B. Winter

    Recent decisions from the Texas Supreme Court and the Dallas Court of Appeals show that under Texas law, an insurer bears the risk of improper conduct by its insured in depositing a claim payment without obtaining the proper endorsement of all payees, says David Winter of Zelle Hofmann Voelbel & Mason LLP.

  • Minimize Bear Incident Liability In Residential Areas

    Gary M. Kaleita

    With bear sightings reported all over Florida for years, developers should include “bear-wise” community requirements in their subdivision restrictions, which gives the homeowners association a mechanism to enforce them, including the imposition of fines for violations, says Gary Kaleita of Lowndes Drosdick Doster Kantor & Reed PA.

  • OPINION: Pro Bono May Help Diversity Recruiting Efforts

    David A. Lash

    A recent Law360 article about the perennial BigLaw concern over how to recruit and retain female and ethnically diverse attorneys addressed a new approach being taken by some law firms — going beyond traditional mentoring programs by creating a sponsorship relationship. Pro bono can also play a part, say David Lash and Merle Vaughn of the Association of Pro Bono Counsel.

  • How Volcker Rule Affects Subscription Credit Facilities

    Michael C. Mascia

    It is highly unlikely that a subscription facility lender, absent unusual control or profit-sharing mechanics, could be deemed to hold an ownership interest in a private equity fund under the Volcker Rule solely as a result of the typical facility lending relationship, say attorneys with Mayer Brown LLP.

  • How Research Efficiency Impacts Law Firm Profitability

    David Houlihan

    For a law firm, excess time dedicated to legal research generates waste, either in the form of artificially reduced billable hours or, particularly in flat or contingency fee projects, as overhead eroding the profitability of legal work. By measuring five factors, firms will begin to understand their own opportunities for improving profits, says David Houlihan of Blue Hill Research Inc.