Real Estate

  • July 30, 2014

    Citi, Wells Fargo Back $350M NYC Affordable Housing Fund

    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.

  • July 30, 2014

    'Poor Door' A Symptom Of Tough Balancing Act In Housing

    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.

  • July 30, 2014

    BofA Says Its Ch. 11 Plan For Real Estate Group Is Best

    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.

  • July 30, 2014

    McDonald's Sued For Blocking Strip Mall’s Starbucks Lease

    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.

  • July 30, 2014

    Homeowners Target Chinese Gov't Over Defective Drywall

    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.

  • July 30, 2014

    City Can Keep Interest Accrued During Eminent Domain 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.

  • July 30, 2014

    CUNA Mutual Drops RBS Securities Claims To Work On Appeal

    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.

  • July 30, 2014

    NYU Langone Gets $1.1B In Sandy Recovery Aid From FEMA

    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.

  • July 30, 2014

    Rakoff Orders BofA To Pay $1.3B In Mortgage Fraud Case

    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.

  • July 30, 2014

    Macerich Commits $107M To Redeveloping Philadelphia Mall

    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.

  • July 30, 2014

    RE Rumor Mill: Genius, Park 51, Yext

    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.

  • July 30, 2014

    Israel's Clal Buys Chicago Complex For $112M

    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.

  • July 30, 2014

    Library Activists Seek To Reopen NYPL Suit

    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.

  • July 29, 2014

    S&P Slams NCUA Over Discovery In DOJ’s $5B MBS Fraud Suit

    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.

  • July 29, 2014

    Gains Seen Across Manhattan Office Leasing In Q2

    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.

  • July 29, 2014

    Deutsche Bank, BofA Must Face Pa. Foreclosure Class Action

    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.

  • July 29, 2014

    Wharton Secures $95M Loan For Harlem Retail Project

    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.

  • July 29, 2014

    Women Making Strides In CRE, Says CREW Network's Ayers

    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.

  • July 29, 2014

    Jackson Lewis Nabs Ex-Atkinson Employment Partner In Calif.

    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.

  • July 29, 2014

    Chase Beats Rocker Rundgren's Mortgage Suit In 9th Circ.

    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.

Expert Analysis

  • Investing In Chinese Real Estate Will Soon Become Simpler

    David A. Blumenfeld

    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.

  • A Case For Synthetic Investment In US Real Estate

    Jeffrey L. Rubinger

    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.

  • Death Rattle For Unfinished Business Claims?

    Angelo G. Savino

    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.

  • A Novel Suit: Cities Try On The FHA For Size

    Mary B. Hogan

    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.

  • Affiliated Vendors Are Popular Targets For Regulators

    Richard B. Benenson

    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.

  • The Florida Condominium Termination Trap

    Martha A. Hartley

    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.

  • Litigator’s Perspective: 5 Tips On Arbitration Provisions

    Daniel T. McCloskey

    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.

  • Property Owners Must Watch Out For Municipal Ordinances

    S. Brendan Lynch

    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.

  • Code Trumps Contract In The 5th Circ.

    Debra McElligott

    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.

  • The Ins And Outs Of Competitor Restrictions In Leases

    Stuart Mass

    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.