Real Estate

  • September 04, 2024

    Warren Urges IRS To Look At Possible REIT Tax Break Abuse

    The Internal Revenue Service should increase its scrutiny of real estate investment trusts to determine whether companies are benefiting from REIT tax benefits while flouting rules, including those that limit the level of a REIT's ownership in a company, Sen. Elizabeth Warren told the agency's commissioner.

  • September 04, 2024

    SEC Fines Investor Over $7.5M In Undisclosed Affiliate Fees

    The U.S. Securities and Exchange Commission has fined Florida-based investor Digital Bridge for failing to properly disclose about $7.5 million worth of payments to affiliates for services provided to a group of funds the firm manages.

  • September 04, 2024

    Former Michelin Tire Factory Site Worth $30M, NJ Jurors Told

    The owner of a 22-acre former Michelin Tire factory in Milltown, New Jersey, told jurors Wednesday it should be paid at least $30 million by a borough redevelopment agency to acquire the property through eminent domain for the construction of a 350-unit mixed-use residential development.

  • September 04, 2024

    Insurer Must Cover Woman's Fire Claim, Wash. Panel Says

    An insurer must cover a woman's claim for damage to her former home after she was assaulted and set on fire by her ex-husband, a Washington state appeals court ruled, finding that a domestic abuse exception to the policy's intentional loss exclusion applies.

  • September 04, 2024

    McElroy Deutsch's Former CFO Fights Bid To Sink Ch. 11 Case

    The currently incarcerated former chief financial officer for McElroy Deutsch Mulvaney & Carpenter LLP denied that his Chapter 11 filing was a bad faith maneuver meant to stall ongoing civil litigation, claiming instead that the bankruptcy will allow for the liquidation of property for the benefit of creditors.

  • September 04, 2024

    Mass. Tax Panel OKs Nix Of Value Cut On Renovated Housing

    The owner of a Massachusetts apartment building that contains a commercial space was unable to have the property's valuation reduced because its evidence of comparable sales didn't account for differences in the properties, the state Appellate Tax Board affirmed.

  • September 04, 2024

    Simpson Thacher-Led Blackstone Inks $16.2B AirTrunk Deal

    Simpson Thacher & Bartlett LLP-led Blackstone Inc. said Wednesday it has agreed to acquire AirTrunk, an Australia-based data center platform focused on the Asia-Pacific region, from Macquarie Asset Management and the Public Sector Pension Investment Board at an implied enterprise value of over AU$24 billion ($16.2 billion).

  • September 03, 2024

    5th Circ. Panel Pushes Plaintiff Groups In Oil Terminal Row

    A Fifth Circuit panel seemed wary of a claim by several groups who argued they hadn't forfeited arguments relating to vessel traffic on Texas' Gulf Coast, saying during oral arguments last week that the group's brief didn't include anything about forfeiture.

  • September 03, 2024

    7th Circ. Upholds Arbitration In Menards Hidden Fees Suit

    The Seventh Circuit on Tuesday upheld a decision to compel arbitration in a proposed class action claiming that home improvement retailer Menards used a hidden pickup service fee to manipulate its prices, saying the company provided "reasonably conspicuous" notice of its terms on the page where the lead plaintiff completed her online order.

  • September 03, 2024

    Insurance Intermediary Can't Revive Biz Interference Claims

    Liberty Mutual and two of its adjusters had no obligation to work with an intermediary that helps contractors secure coverage, an Ohio appeals court ruled, rejecting the intermediary's claims that Liberty and the adjusters tortiously interfered with the intermediary's business relationships by refusing to communicate with it.

  • September 03, 2024

    Ga. Minor Says Hotel Knew About Trafficking But Didn't Help

    An Atlanta-based hotel and its management company were hit with a lawsuit in Georgia federal court for allegedly doing nothing to stop the sex trafficking of a 17-year-old girl despite managers' and hotel employees' knowledge of the situation.

  • September 03, 2024

    Colo. AG Says Tenants Can Sue Blackstone Over Lease Terms

    Colorado Attorney General Phil Weiser urged the state's Supreme Court on Friday to find that tenants can sue a group of Blackstone subsidiaries for deceptive trade practices over lease agreements that allegedly misrepresent the rights of tenants.

  • September 03, 2024

    9th Circ. Rejects Tax Lien Pro Rata Share In Bankruptcy Sale

    The bankruptcy court is not authorized to use the pro rata method to allocate proceeds between the IRS and an estate with a tax lien for unpaid taxes and penalties, the Ninth Circuit ruled Tuesday, saying there is nothing in bankruptcy law that explicitly allows this approach.

  • September 03, 2024

    Ex-Miami Atty's Countersuit Tossed Due To Litigation Privilege

    A Florida state judge has tossed an ex-Miami city attorney's countersuit against a constituent, saying her suit fighting real estate fraud allegations that she says led to her termination is barred by the state's litigation privilege doctrine in which absolute immunity protects certain statements made in court proceedings.

  • September 03, 2024

    Former Partner Of Bankrupt NC Firm Settles With Trustee

    A former member of bankrupt North Carolina-based real estate law firm Washburn Law PLLC, which is being investigated by the FBI for millions of dollars in pilfered client money, has reached a settlement agreement with a court-appointed bankruptcy trustee.

  • September 03, 2024

    Catching Up With Delaware's Chancery Court

    Last week in Delaware's court of equity, an iconic rock band got a new member, former President Donald Trump's social media company escaped a contempt ruling, and litigation grew over Illumina Inc.'s $8 billion reacquisition of cancer-testing company Grail Inc. New cases touched on intellectual property, mergers, share transfers and dump trucks. In case you missed it, here's the latest from Delaware's Court of Chancery.

  • September 03, 2024

    Former Aide To NY Gov. Indicted On Foreign Agent Charges

    A former aide to New York Gov. Kathy Hochul and ex-Gov. Andrew Cuomo was arrested Tuesday on allegations of secretly acting as an agent of China's government in a yearslong political conspiracy to promote the interests of the Chinese Communist Party and reap millions of dollars.

  • August 30, 2024

    Chancery Prunes $2.1M From Atty Fee Bid In Sculptor Merger

    Class attorneys who helped secure a 14.4%, or $80.8 million, improvement in proceeds from Sculptor Capital Management's sale to Rithm Capital Corp. — plus a $6.5 million common fund — saw their $5.75 million fee proposal cut to $3.6 million in Delaware's Court of Chancery Friday.

  • August 30, 2024

    Partnership Can't Save Premature Tax Court Appeal, Feds Say

    The IRS is urging the Eleventh Circuit to throw out a Tax Court appeal that a partnership formed by two former Atlanta Braves players filed over a slashed $47.6 million conservation easement deduction, since the appeal was improperly filed before a final decision was entered.

  • August 30, 2024

    Real Estate Recap: RealPage, Vacancies, New Construction

    Catch up on this week's key developments by state from Law360 Real Estate Authority — including interpretation of the RealPage antitrust suit, the latest on U.S. office vacancies and plans for a new Miami tower.

  • August 30, 2024

    New York Code Council, Officials Duck Natural Gas Ban Suit

    A New York federal court dropped the New York Department of State, the New York State Fire Prevention and Building Code Council and several state officials from trade groups' challenge to the state's recent ban on natural gas in new construction.

  • August 30, 2024

    Judge Unsure Warehouse Antitrust Suit Belongs In Fed. Court

    An Illinois federal judge appeared skeptical Friday that a warehouse developer could unravel a municipal contract with several real estate companies accused of violating antitrust laws, questioning if the plaintiff was truly harmed by the deal or a related judgment its rivals later won in state court.

  • August 30, 2024

    Steward Says It Has Deal To Avert Some Hospital Closures

    Bankrupt hospital operator Steward Health Care System has a tentative agreement that would eliminate over $6 billion of claims against it, keep the majority of its 31 hospitals operating while saving three from potential closure and set it on a path to confirm a Chapter 11 plan, attorneys told a Texas bankruptcy judge Friday.

  • August 30, 2024

    Feds Propose Tribal Oversight Of Utah National Monument

    Nearly 2 million acres of public lands within Utah's Grand Staircase-Escalante National Monument will be managed by a co-stewardship of tribal nations, with a focus on conservation and preservation, according to a proposed plan by the U.S. Bureau of Land Management.

  • August 30, 2024

    Condo Board Coverage Suit Over Maui Wildfire Gets Tossed

    A Hawaii federal judge tossed an insurer's suit seeking to avoid representing a condo association and property manager after owners sent a letter blaming the association for illegally having insufficient insurance before the 2023 Maui wildfires decimated Lahaina, concluding matters were best left to Hawaii state court.

Expert Analysis

  • Keys To Strong Parking, Storage Contracts For NYC Buildings

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    Drafting and enforcing unambiguous parking and storage unit license agreements are essential tasks for co-op and condo boards in New York City, with recent cases highlighting how prudent terms can minimize potential headaches, say Matthew Eiben and Adam Lindenbaum at Rosenberg & Estis.

  • Series

    Solving Puzzles Makes Me A Better Lawyer

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    Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.

  • Texas Ethics Opinion Flags Hazards Of Unauthorized Practice

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    The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Realtor Settlement May Create New Antitrust Pitfalls

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    Following a recent antitrust settlement between the National Association of Realtors and home sellers, practices are set to change and the increased competition may benefit both brokers and homebuyers, but the loss of the customary method of buyer broker compensation could lead to new antitrust concerns, says Colin Ahler at Snell & Wilmer.

  • In Memoriam: The Modern Administrative State

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    On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.

  • What Fla. Ruling Means For Insurer Managed Repair Programs

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    A recent Florida state court ruling in Fraga v. Citizens Property Insurance, holding that the insurer could not seek to add additional terms in its managed repair program consent form, should promote clear written contract terms that clarify the relationship between insurers, policyholders and contractors, says Chip Merlin at Merlin Law Group.

  • Preparing For CFPB 'Junk Fee' Push Into Mortgage Industry

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    As the Consumer Financial Protection Bureau considers expanding its "junk fee" initiative into mortgage closing costs, mortgage lenders and third parties must develop plans now that anticipate potential rulemaking or enforcement activity in this space, say attorneys at Morgan Lewis.

  • How To Clean Up Your Generative AI-Produced Legal Drafts

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    As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.

  • Series

    After Chevron: Opportunities For Change In FHFA Practices

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    The U.S. Supreme Court's overturning of the Chevron doctrine should lead to better cooperation between the Federal Housing Finance Agency and Congress, and may give the FHFA a chance to embrace transparency and innovation and promote sustainable housing practices, says Mehdi Sinaki at Michelman & Robinson.

  • Series

    NC Banking Brief: All The Notable Legal Updates In Q2

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    After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.

  • Series

    Boxing Makes Me A Better Lawyer

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    Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.

  • What NYC's Green Fast Track Means For Affordable Housing

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    New York City's Green Fast Track for Housing initiative, which went into effect last month, aims to speed up the environmental review process for modest residential developments and could potentially pave the way for similar initiatives in other cities, say Vivien Krieger and Rachel Scall at Cozen O'Connor.

  • The Often Overlooked NY Foreclosure Notice Requirements

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    As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.

  • Opinion

    Industry Self-Regulation Will Shine Post-Chevron

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    The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.

  • 3 Ways Agencies Will Keep Making Law After Chevron

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    The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.

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