Real Estate RSS

  • April 18, 2014

    Scholars Sue NYC To Stop Library Renovation

    A citizen advocacy coalition on Thursday sued the city of New York in state court, seeking to stop a proposed renovation of the main branch of the New York Public Library that was approved by ex-Mayor Michael Bloomberg, saying the plan would “mutilate” the historic building and the environmental review had been rubber-stamped.

  • April 18, 2014

    RE Rumor Mill: Airbnb, Miami Transit, Chicago Hospital Deal

    Airbnb has now raised more than $800 million in preferred equity fundraising, the City of Miami Beach may be preparing to build a transit hub in South Beach, and a major Chicago hospital has purchased a 28-story office tower in the city for nearly $80 million.

  • April 18, 2014

    Evanston Insurance Denies Coverage For $5M RE Scheme

    Evanston Insurance Co. filed suit on Thursday in Virginia federal court alleging it has no duty to defend a title company in an underlying suit claiming its agents misappropriated more than $5 million in escrow funds as part of a real estate scheme.

  • April 18, 2014

    Justices Asked To Hear Race Bias Claims Over Ala. Tax Law

    A group of Alabama schoolchildren claiming that the state's property tax laws are unconstitutional and racist recently asked the U.S. Supreme Court to reconsider a January ruling by the Eleventh Circuit that they lacked standing to sue.

  • April 18, 2014

    NJ Court Revives Suit Over Enviro Agency's Property Taking

    A New Jersey appeals court on Friday revived an inverse condemnation suit against the state's Department of Environmental Protection, ruling a trial judge's dismissal of a realty company's suit relied too heavily on a prior appellate decision rather than the complaint.

  • April 18, 2014

    Chicago Spire Floats New Ch. 11 Plan With Lender Related

    Following last month’s $135 million deal for the developer of the on-hold Chicago Spire to exit bankruptcy, Garrett Kelleher's Shelbourne North Water Street LP and lender The Related Cos. submitted a plan Thursday for Kelleher’s company to pay its creditors and recommence construction.

  • April 18, 2014

    NYC Tenants, CWCapital Nail $30M Deal In Housing Row

    The Stuyvesant Town-Peter Cooper Village Tenants Association reached a deal with CWCapital Asset Management LLC potentially worth $30 million Thursday, in a dispute over tax hikes related to recently approved improvements to the massive housing complex.

  • April 18, 2014

    Judge Trims German Bank's $160M MBS Suit Against UBS

    A New York state judge on Thursday largely trimmed a suit brought by Germany's fourth-largest bank against UBS AG and its subsidiaries over $160 million worth of mortgage-backed securities, leaving intact two fraud claims against them.

  • April 18, 2014

    Rising Star: Cravath's David J. Perkins

    David J. Perkins has swiftly become a key member of the real estate practice at Cravath Swaine & Moore LLP, handling deals worth hundreds of millions of dollars for major clients such as Westbrook Partners, O'Connor Capital Partners and The Dermot Co., and earning him recognition as one of Law360's top real estate attorneys under 40.

  • April 18, 2014

    $48.5M Enviro Deal Reached For Hawaii's Turtle Bay Resort

    Owners of the Turtle Bay Resort in Hawaii have struck a $48.5 million deal with state officials to preserve the environmental integrity of 665.8 acres of beachfront land and not move forward with planned development, according to a Thursday announcement.

  • April 18, 2014

    Banks Say Senate Housing Bill Could Duplicate Regulations

    A banking industry group on Friday came out in favor of sweeping Senate legislation aimed at reshaping the U.S. housing finance market and eliminating Fannie Mae and Freddie Mac, but said the bill as constructed risked creating regulatory confusion and duplication among other concerns.

  • April 18, 2014

    JJ Gumberg Gets $165M From Retail Property Refinancing

    Real estate investment manager J.J. Gumberg Co. has secured $165 million in loans against four of its retail properties in Pennsylvania and Ohio, Holliday Fenoglio Fowler LP, which arranged the financing, announced Thursday.

  • April 18, 2014

    Pineapple Hospitality Continues Deal Spree With $70M Hotel

    Just days after making a California hotel purchase, three-year old hotel management firm Pineapple Hospitality Co. told Law360 on Friday that it is also planning a new $70 million hotel development in Seattle.

  • April 18, 2014

    Sumitomo Unit Enters Chicago Market With Office Tower Buy

    Sumitomo Corp. of Americas has acquired a 581,100-square-foot office building in east Chicago, marking the New York-headquartered investment company's first foray into the Midwest city, it said Friday.

  • April 18, 2014

    NY Engineering Firm Not Responsible For Defective Seawall

    The New York Supreme Court, Appellate Division on Thursday upheld the dismissal of a homebuyer's lawsuit against AKRF Engineering PC, saying that the buyer was aware of a Staten Island property's faults before going into the deal.

  • April 17, 2014

    Lodging REIT Growth Slowing, Report Says

    Following a banner year in 2013, the lodging real estate investment trust sector has continued to post solid gains this year, although the industry has lagged behind a broader REIT index and slowed from a year earlier, according to a report released Thursday by mortgage-backed securities and commercial research firm Trepp LLC.

  • April 17, 2014

    2nd Circ. To Test Flexibility Of FINRA Arbitration Rule

    A Connecticut hedge fund faces an uphill battle in the Second Circuit next week in a bid to overturn a district court's narrow definition of "customer" under the Financial Industry Regulatory Authority’s arbitration rules despite FINRA's open-ended interpretation of the term, attorneys say.

  • April 17, 2014

    RE Rumor Mill: Mobil Building, SL Green, CT's Gold Coast

    The so-called Mobil building on East 42nd St. in Manhattan is reportedly in contract to New York investor David Werner for $900 million, SL Green Realty Corp. is looking to sell a development site on Third Avenue near East 59th Street, and home sales on Connecticut's Gold Coast are breaking records — one just closed for $120 million.

  • April 17, 2014

    Praedium Spends $49M In Near-Record Colo. Apartment Deal

    The Praedium Group has acquired 364-unit Bella Springs Apartments in Colorado Springs near the U.S. Air Force Academy for $48.5 million, according to HFF LP, which secured $31.5 million in financing for the deal.

  • April 17, 2014

    NJ Man Guilty Of $200M Ponzi Scheme Faces New Charges

    Federal prosecutors on Wednesday charged a Facebook Inc. initial public offering fraud scheme against a New Jersey man recently sentenced to 22 years in prison for running a real estate investment Ponzi scheme that bilked Orthodox Jewish community members and others out of $200 million.

Expert Analysis

  • When Cooperative Agreement Is Really Procurement Contract

    Carlos Aksel Valdivia

    The Federal Circuit recently ruled that the Department of Housing and Urban Development could not sidestep federal competition requirements by using cooperative agreements, instead of procurement contracts, to outsource its contract administration services. Federal contractors should remain vigilant and determine whether their agencies’ use of cooperative agreements gives rise to a potential protest, say Carlos Aksel Valdivia and Gunjan Talati of Reed Smith LLP.

  • 1st Circ. Provides Precedent On Post-Petition Interest

    Hugh McCullough

    The First Circuit’s decision in In re SW Boston Hotel Venture is significant for lenders because it demonstrates that a lender’s right to post-petition interest may change during the course of a bankruptcy case. Importantly, it provides a precedent for lenders to obtain post-petition interest, even when they happen to be undersecured on the date of the filing of the petition, say Hugh McCullough and Bradley Duncan of Davis Wright Tremaine LLP.

  • The Future Of Law Firm PR: The Good, Bad And Ugly

    Paul Webb

    There has been a dramatic change in how public relations professionals interact with the news media to promote or protect a law firm’s brand and reputation. But content is queen and has a bright future in law firm PR — it all begins with a plan that should include goals, performance indicators and a system of assessment, say Paul Webb, director of marketing at Young Conaway Stargatt & Taylor LLP, and Kathy O'Brien, senior vice president at Jaffe PR.

  • Light On The Horizon For 'Bad Boy' Guarantors

    Janice Mac Avoy

    In keeping with commercial real estate guarantors’ expectations of what it means to sign a “bad boy” guaranty, the Southern District of New York’s ruling in CP III Rincon Towers v. Cohen has turned the tide against recent decisions that purport to apply “plain language” in a way that causes commercially unreasonable and absurd results, say Janice Mac Avoy and Gregg Weiner of Fried Frank Harris Shriver & Jacobson LLP.

  • The 6 Most Important Changes To Russian Pledge Rules

    Alexey Kukharev

    Among the most significant changes being made to the Russian Civil Code is the introduction of the security trustee concept, which will strengthen syndicated lending and asset-backed security structures involving Russian collateral, and will bring the Russian legal system into harmony with the most developed legal systems in the world in this area, says Alexey Kukharev of Orrick Herrington & Sutcliffe LLP.

  • Beware 'Jewel' Risks In Lateral Partner Hiring

    Pamela Phillips

    Jewel litigation has been filed after every major law firm bankruptcy in the past 10 years, including Lyon & Lyon, Brobeck, Coudert, Thelen, Heller and Howrey. These lawsuits have produced years of litigation, with similar suits expected in the Dewey bankruptcy. Despite the legal uncertainties surrounding such claims, hiring firms can take steps now to minimize their Jewel risk for any lateral hire, say attorneys with Arnold & Porter LLP.

  • Calif.'s Small Step Toward 'Redevelopment 2.0'?

    Laurie N. Gustafson

    More than two years after Gov. Jerry Brown and the California Legislature dissolved the state's 400-plus redevelopment agencies, the governor has begun addressing their replacement by proposing to revise and expand the use of infrastructure financing districts. The proposal, however, appears to be only a small step toward “Redevelopment 2.0,” with many expressing concerns that the new tax-increment financing tools may not be as effective as redevelopment, says Laurie Gustafson of Sedgwick LLP.

  • Heartbleed Rains On The Legal Cloud Parade

    David Houlihan

    While the actual breaches are unknown, Heartbleed has the potential to expose all of a lawyer's files stored or transmitted online. The bug raises professional responsibility questions and offers confirmation of the greatest anxieties that the legal industry has about online practice. In fact, the timing is poor for many legal tech providers, following a general industry warming to cloud offerings, says David Houlihan of Blue Hill Research Inc.

  • The 363 Vs. 365 Battle Will Continue

    Kate Doorley

    The outcome of any conflict between Sections 363 and 365 of the Bankruptcy Code would likely turn on the approach adopted by the bankruptcy court. Although in the Spanish Peaks Holdings II matter the court appeared to side with cases holding that Section 363 trumps 365, the facts were unique enough that most courts applying a similar fact-intensive framework might decide that the 365 rights of a lessee or a licensee should be preserved instead, says Kate Doorley of Weil Gotshal & Manges LLP.

  • DC Court Applies Common-Sense Limits To Davis-Bacon Act

    Eric Leonard

    A D.C. federal court recently rejected the U.S. Department of Labor's novel application of the Davis-Bacon Act to a privately funded construction project. The ruling sets an important limitation as government agencies become increasingly creative in putting surplus real estate to use and private companies similarly look for more creative infill development opportunities, say Eric Leonard and Craig Smith of Wiley Rein LLP