A partnership including Citigroup Inc., Wells Fargo & Co., Morgan Stanley and several New York City agencies is poised to invest $350 million in affordable housing for New York residents, Mayor Bill de Blasio announced Wednesday.
Extell Development Co.'s so-called "poor door" — a separate entrance for affordable housing tenants at a development on Riverside Drive — made headlines last week after receiving official approval, but experts say the controversy clouds the reality of balancing private and public housing interests in a city like New York.
Bank of America NA on Wednesday filed a disclosure statement for its proposed Chapter 11 reorganization plan for Security National Properties Funding III LLC on behalf of lenders, saying attempts at consensual resolution have failed as the debtor's properties have underperformed.
McDonald's Corp. has been hit with a lawsuit for allegedly refusing a West Springfield, Massachusetts, shopping center its right to lease part of the property to Starbucks Corp. because of a noncompete clause in the McDonald’s lease, according to documents filed in Massachusetts federal court on Tuesday.
Homeowners in multidistrict litigation over defective Chinese drywall pulled China’s government into the sprawling legal fight on Tuesday, launching a new lawsuit in Louisiana federal court after state-owned drywall manufacturers had deserted U.S. court proceedings in the case.
Former property owners involved in an eminent domain case with the city of Tampa are not entitled to interest on funds the county clerk held during the proceedings because those funds were not considered in their possession while accruing interest, a Florida appeals court ruled Wednesday.
CUNA Mutual Group has agreed to the dismissal of all remaining claims in its MBS suit against RBS Securities Inc., saying it wants to focus on a Seventh Circuit appeal as soon as possible.
The NYU Langone Medical Center will receive $1.13 billion from the Federal Emergency Management Agency for Hurricane Sandy-related repairs and mitigation projects, representing the second-largest award for a single project by FEMA, according to a Tuesday statement from U.S. Sen. Chuck Schumer.
U.S. District Judge Jed S. Rakoff of New York’s Southern District has ordered Bank of America Corp. to pay a nearly $1.3 billion fine for defrauding Fannie Mae and Freddie Mac through a program designed to speed up mortgage issuing, according to an opinion filed Wednesday.
California-based real estate investment trust Macerich Co. is set to invest $106.8 million in a joint venture to redevelop a shopping center in downtown Philadelphia with the mall's owner, Pennsylvania Real Estate Investment Trust, the companies said Tuesday.
Annotation company Genius Media Group Inc. may be moving to 43,000 square feet in Gowanus, Brooklyn, Sharif El-Gamal has taken full control of the Park 51 site in lower Manhattan and geomarketing firm Yext is expanding to 95,000 square feet at One Madison Ave.
Israel-based Clal Insurance Co. has picked up a mixed-use development from the University of Chicago in the city’s Hyde Park neighborhood for $112 million, the school announced on Tuesday.
A group of authors, historians and citizens concerned about a $350 million plan to renovate the New York Public Library asked a state judge on Tuesday to reconsider a June dismissal of their suit, saying the decision was issued erroneously after the library announced that it would revise the plan.
Standard & Poor’s Financial Services LLC on Tuesday told a California federal judge the National Credit Union Administration is withholding documents it has subpoenaed for its defense of the federal government’s $5 billion suit alleging it knowingly inflated ratings on residential mortgage-backed securities.
Office leasing activity in three of Manhattan's top submarkets saw large gains in the second quarter, according to a new report released Tuesday by CBRE Group Inc.
A Third Circuit panel on Tuesday partially revived a putative class action accusing Bank of America NA and Deutsche Bank AG units of charging improper attorneys' fees in foreclosure proceedings, ruling that statutory damages were still possible even though the plaintiff hadn't paid the fees.
Wharton Properties, a New York City development company led by mogul Jeff Sutton, has secured a $95 million construction loan from Natixis Real Estate Capital for a retail project in Harlem, sources told Law360 on Tuesday.
Things are getting better for women in commercial real estate, CREW Network CEO Gail Ayers told Law360, and the reasons may be surprising: Mentorship and networking are helping women move up in the business, but talking candidly about failures has proved to be a vital part of the process as well.
Jackson Lewis PC said on Tuesday it picked up a former partner of Atkinson Andelson Loya Ruud & Romo PLC whose practice has focused on advising, representing and defending employers across a wide array of industries, including health care, insurance, finance, professional services, manufacturing and real estate.
The Ninth Circuit on Tuesday tossed '70s rocker Todd Rundgren's suit contending JPMorgan Chase Bank NA is liable for defunct Washington Mutual Bank FA's allegedly fraudulent handling of his $3 million mortgage, saying the musician failed to exhaust his administrative remedies before suing.
Filing applications for foreign-invested real estate enterprises in China is expected to soon become merely an administrative matter instead of the approval that it currently is — a signal from the Chinese government that restrictions on such investments are being loosened, say attorneys with Paul Hastings LLP.
As a result of the dramatic rise in foreign investment in U.S. real estate and federal income taxes imposed under the Foreign Investment in Real Property Tax Act, foreign investors should once again consider investing synthetically through a total return swap, especially considering a recent IRS ruling, says Jeffrey Rubinger of Bilzin Sumberg Baena Price & Axelrod LLP.
In a departure from Jewel v. Boxer, the decisions in the cases of Thelen LLP and Heller Ehrman LLP reflect a shift in the manner by which courts treat trustees’ claims for post-dissolution fees, say Angelo Savino and Julie Moeller Albright of Cozen O'Connor.
Recent lawsuits brought by municipalities under the Fair Housing Act, which feature a novel theory of damages, have the potential to significantly expand the scope of fair lending liability for mortgage lenders, however whether their claims survive at the appellate level remains to be seen since there is still no coherent judicial view on statutory standing under the FHA, say attorneys at Debevoise & Plimpton LLP.
Lawsuits against large foreclosure law firms over their involvement with affiliated vendors in Colorado are not isolated, rather they seem to be the next front in the regulatory war against the foreclosure industry — a significant development given the pervasive use of affiliates in the industry, say attorneys at Brownstein Hyatt Farber Schreck LLP.
Just when lenders and servicers thought they had seen it all, here comes yet another problem. With literally thousands of Florida condominium units at stake, never has the mail room been so important, say Martha Hartley and Russell Buchanan of Baker Donelson Bearman Caldwell & Berkowitz PC.
It happens all the time. When a dispute arises, two parties find themselves in arbitration, realizing that they might have had more leverage to dictate the terms of the process when they were negotiating the arbitration provision — but missed the opportunity, says Daniel McCloskey of Duane Morris LLP.
Considering a recent Eleventh Circuit ruling in Hillcrest Property v. Pasco County, the ability of a property owner to challenge a municipal regulation in the takings context potentially starts running immediately upon enactment of the statute, regardless of the property owner’s actions, says S. Brendan Lynch of Lowndes Drosdick Doster Kantor & Reed PA.
The Fifth Circuit opinion in Goldsby v. 804 Congress suggests that even where parties agree upon foreclosure-related fees, costs and charges before a bankruptcy, Section 506(b) of the Bankruptcy Code may still trump the provisions of their contract, says Debra McElligott of Weil Gotshal & Manges LLP.
When representing a large tenant at a shopping mall or an office building, remember to consider whether there are competitor leasing and signage restrictions that are required or desired by your client. When representing a landlord, remember to “just say no,” say attorneys with Haynes and Boone LLP.