Real Estate

  • October 21, 2014

    Agency Impasse Leaves NJ Affordable Housing Rules In Flux

    New Jersey's failure to adopt new affordable housing regulations is a win for critics who say the proposal lowballs housing needs, but it also puts the state on a collision course with a court-ordered deadline and may ultimately require legislative reforms, experts said Tuesday.

  • October 21, 2014

    ‘Consent-To-Settle’ Insurance Issue Sent To Ga. High Court

    The Eleventh Circuit asked Georgia’s high court on Tuesday for help resolving a real estate trust’s appeal claiming XL Specialty Insurance Co. must pay a $4.9 million shareholder-suit settlement, including a key question involving “consent to settle” clauses in insurance agreements.

  • October 21, 2014

    Haynes And Boone Steers Schulte Roth's NYC Lease Renewal

    Schulte Roth & Zabel LLP has renewed its lease for the firm's 283,894-square-foot New York headquarters, signing a 15-year renewal with New York-based real estate investment trust SL Green Realty Corp., Schulte Roth and SL Green, the latter represented by Haynes and Boone LLP, said Tuesday.

  • October 21, 2014

    Astros, Nats Stadium Plan Gets $108M Boost From Fla. County

    The Palm Beach County Commission on Tuesday agreed to allocate $108 million in bed taxes for a new shared spring training facility for the Houston Astros and the Washington Nationals despite the teams' lack of a site for the proposed $135 million stadium.

  • October 21, 2014

    Griffin-American Puts Up $135M For Medical Office Portfolio

    California-based Griffin-American Healthcare REIT III Inc. said Tuesday it will pay $135 million for five medical office buildings in New York, New Jersey, Massachusetts and Kentucky, in a move intended to bolster the real estate investment trust’s health care holdings in growing urban markets.

  • October 21, 2014

    Mass. Gaming Officials Slam Caesars' Casino Bid Appeal

    Two top officials from Massachusetts' gaming regulator hit back Monday at Caesars Entertainment Corp.'s attempt to revive a suit accusing them of discriminating against the company's bid for a $1 billion casino project near Boston, telling the First Circuit the claims are barred by sovereign immunity.

  • October 21, 2014

    Risk Retention Rule Stokes Concerns Over CFPB's Reach

    A top Federal Deposit Insurance Corp. official on Tuesday said the Consumer Financial Protection Bureau had too much say in the writing of risk retention rules when it was not formally involved in the effort, raising new questions about how much deference banking agencies are paying to the bureau.

  • October 21, 2014

    Enbridge Settles Suit Over 2010 Michigan Oil Spill

    A Michigan federal judge on Tuesday signed off on a settlement between Enbridge Energy Partners LP and a developer that sought damages for a 2010 oil spill that dumped more than 20,000 barrels of crude oil into the Kalamazoo River, putting the brakes on an upcoming jury trial.

  • October 21, 2014

    3 Things RE Attys Need To Know About Acute Care Facilities

    An uptick in development and leasing of post-acute health care facilities across the nation means real estate lawyers who work on such deals must get up to speed on regulatory and licensing matters that don’t typically accompany their traditional commercial real estate transactions. Here, Law360 looks at three aspects of post-acute care facility transactions real estate lawyers need to keep in mind as they help their clients navigate such deals.

  • October 21, 2014

    NY Claims Ocwen Backdated Letters On Mortgage Loans

    The New York State Department of Financial Services on Tuesday slammed Ocwen Financial Corp. for allegedly sending backdated letters regarding its mortgage loans, saying hundreds of thousands of borrowers may have been hurt by the practice.

  • October 21, 2014

    Magna Hospitality Nets $135M In Sale Of 2 NYC Hotels

    Magna Hospitality Group has sold two Midtown Manhattan hotels for a combined $135 million, according to New York public records filed on Monday.

  • October 21, 2014

    Squire Patton Boggs Snags Infrastructure Pro In London

    Squire Patton Boggs has recruited a Nabarro LLP partner, with expertise in infrastructure and projects in health, energy and other industries, and two associates to bolster its expanding global projects group and real estate practice in London, the firm announced recently.

  • October 21, 2014

    Family Moves To Ax Lien Priority At Iran-Owned NYC Building

    The family of a U.S. diplomat killed by Iranian terrorists in 1984 asked a New York federal court on Tuesday to deny their rival plaintiffs' lien priority motion in a dispute over the Iran-backed ownership of 650 Fifth Ave. in Manhattan, alleging they failed to show they hold liens on the properties.

  • October 21, 2014

    REIT Sinks $144M Into JPMorgan Wind Projects

    Hannon Armstrong Sustainable Infrastructure Capital Inc. said Monday that it's invested $144 million in a portfolio of 10 wind farms owned by a JPMorgan & Chase Co. affiliate, the latest clean energy acquisition by the Maryland-based real estate investment trust.

  • October 21, 2014

    $64M Zillow Shareholder Action Nixed By Judge

    A Washington federal court on Monday dismissed a $64 million shareholder class action against online real estate marketer Zillow Inc. and its top brass, saying that the company’s feel-good statements about its new subscription pricing and financial results were “nonactionable corporate optimism” and would not mislead the typical investor.

  • October 21, 2014

    REITs Still Popping In IPO Market After Record 2013

    Global real estate investment trusts' initial public offering volumes haven't hit their 2013 high water mark of $20 billion, but the market has stayed healthy, with $6.8 billion raised in the first half of 2014 and more on the way, primarily in Europe, according to Ernst & Young's global perspectives study released Tuesday.

  • October 21, 2014

    Medical Properties Trust Pays $897M For 40 Medical Assets

    Real estate investment trust Medical Properties Trust Inc. said Monday it is paying €705 million ($897 million) to buy and lease back 40 real estate assets from German post-acute care provider Median Kliniken Group, part of a deal in which the REIT and Waterland Private Equity will acquire Median.

  • October 21, 2014

    IRS Historic Tax Credit Guidance Leaves Lingering Questions

    The Internal Revenue Service revitalized a wary and stalled historic tax credit industry last winter when it issued guidance clarifying when investors can reap the credits, but its safe harbor rules contain a sensitive spot when it comes to market standards, an expert said Tuesday at an NYU conference.

  • October 21, 2014

    Feds Finalize Risk Retention Rule That Leans On CFPB

    The Federal Deposit Insurance Corp. and two other regulators approved a final rule Tuesday requiring banks to hold a stake in mortgages and other securitizations, and aligning an exception from the rule with the Consumer Financial Protection Bureau's standards for high-quality mortgages.

  • October 21, 2014

    RE Rumor Mill: Tokyo Bank, Co-Op Record, UBS Realty

    A unit of The Bank of Tokyo-Mitsubishi UFJ Ltd. is said to have signed a mega three-floor lease in midtown Manhattan, while a Ukrainian billionaire is reportedly the buyer behind a record $80 million co-op sale in New York City, and a brand-new Florida apartment complex is said to have traded to UBS Realty for $111.5 million.

Expert Analysis

  • The Cayman Way Of Identifying, Enforcing Against Assets

    Christopher Russell

    Identifying Cayman Islands-held assets of a defendant or proposed defendant is something of a mixed bag — straightforward in some respects, but difficult, bordering on the impossible, in other respects, say Christopher Russell and Jane Hale-Smith of Appleby Global Group Services Ltd.

  • Texas Clears Path For Property Damage Calculations

    Bryan D. Rohm

    In Wheeler v. Enbridge Pipelines, the Texas Supreme Court provided guidance to midstream companies on the proper calculation of damages to real property stemming from the breach of a pipeline right-of-way agreement — a decision that has implications well beyond the oil and gas industry, say attorneys with K&L Gates LLP.

  • In Zoning Due Diligence, Creative Interpretation Is Key

    Frank E. Chaney

    It is a given that zoning should be a part of every developer’s due diligence. The question is, though, how much zoning analysis is enough and who should provide it, says Frank Chaney of Rosenberg & Estis PC.

  • What Litigators Can Learn From Novelists

    Michael H. Rubin

    Many legal briefs are written in impenetrable jargon and begin with an introduction telling the court what it already knows, using words that stem from the 18th century, such as “hereinafter.” Instead, we should approach briefs the way novelists approach their writing, says Michael Rubin of McGlinchey Stafford PLLC.

  • When Your General Contractor Files Bankruptcy

    Vicki R. Harding

    All is not lost when a general contractor files bankruptcy — subcontractors may be able to perfect their construction liens post-petition, as in the case of Branch Banking & Trust Co. v. Construction Supervision Services Inc., says Vicki Harding of Pepper Hamilton LLP.

  • Will The New ABS Rules Impact Cell Tower Securitizations?

    Malcolm P. Wattman

    Given the lack of specific discussion of cell tower securitizations in U.S. Securities and Exchange Commission commentary relating to two new rules affecting asset-backed securities, it is uncertain if cell tower securitizations are subject to the new rules, and whether the applicability of the rules depends upon the securitization structure used, say attorneys with Cadwalader Wickersham & Taft LLP.

  • Calif. Case Opens Door To Property Transfer Tax Rise

    Thomas S. Wisialowski

    A significant number of transactions that we normally would not have expected to trigger real property documentary transfer tax in most California cities and counties may now do so thanks to a ruling in 926 North Ardmore Avenue LLC v. County of Los Angeles, say Thomas Wisialowski and Sarah-Jane Hornbeek of Paul Hastings LLP.

  • Information Governance: A Missed Opportunity For Lawyers

    Ann Snyder

    Today, information intersects every practice area, making all lawyers effectively information governance practitioners in one way or another. The issue is whether you will consciously embrace this emerging discipline — and capitalize on it to the benefit of your clients and your practice, says Ann Snyder of the Information Governance Initiative.

  • Battling On The Front Lines Of Service Member Foreclosures

    Meredith L. Minkus

    Although a somewhat sensitive issue for lenders, foreclosing upon the property of a member of the armed forces does not have to be a costly and frustrating process, as often depicted in the media. The difficulties arise when lenders wait until the last minute to determine whether a defendant is, in fact, a service member, say Meredith Minkus and Steven Ferrell of Burr & Forman LLP.

  • NY Court Clarifies When Yellowstone Relief Is Appropriate

    Jesse B. Schneider

    It has long been believed in New York that a Yellowstone injunction is not available in an action stemming from a default based solely upon the nonpayment of rent. However, the recent decision rendered and analysis proffered by a state court in Sagi Restaurant Corp. v. Brusco W. 78th St. LLC serves to debunk this notion, says Jesse Schneider of Davis & Gilbert LLP.