A New York City developer should have brought its breach of contract claims against the owners of Sky Lofts LLC and S&Y Enterprises LLC in the companies' bankruptcy proceedings, a state judge ruled Monday, dismissing a $50 million suit against the companies with prejudice.
A New York City realty group claimed on Tuesday that it is owed more than $16 million in commission fees after being shouldered out of a lease transaction at a Midtown South office building in violation of a 25-year-old brokerage agreement.
Architecture firm HKS Inc.'s current landlord sued the company Thursday in Texas state court to block it from taking a giant courtyard sculpture to its planned new digs when it moves out after 15 years at its current location.
Massachusetts Gov. Deval Patrick on Tuesday reportedly OK’d the construction of a $500 million mixed-use complex near Fenway Park in Boston, seven months after a state appeals court affirmed the dismissal of a related complaint from a neighboring property owner.
Lloyd's of London underwriters on Monday pushed for a quick victory in a fight with a Los Angeles law firm over defense coverage for malpractice claims stemming from a $7 million award against an alleged ex-client in a property dispute.
The New York office of Goulston & Storrs PC has nabbed a new director for its real estate practice, with a particularly deep breadth of experience in leasing and financing deals, from the partner ranks of Willkie Farr & Gallagher LLP, the firm announced Monday.
A Morgan Stanley attorney told a New York state judge on Tuesday that investors were overreaching by trying to force it to undo a mortgage-backed securities deal that allegedly cost them $145 million, saying their only remedy was repurchase of defective loans.
A New Jersey Assembly panel on Monday approved three measures meant to redevelop shorelines damaged by Hurricane Sandy, prioritize shore protection projects, and help property owners rebuild at higher elevations to protect against future storm surges.
Quarles & Brady LLP has expanded its Naples, Fla., real estate practice with the addition of a former Wilson & Johnson partner with expertise in luxury properties, the firm announced Tuesday.
A local Queens community board gave its seal of approval Monday night to the $3 billion plan to turn the contaminated Willets Point site into a 5-million-square-foot mixed-use neighborhood developed by Sterling Equities Inc. and Related Cos., a community board representative said Tuesday.
The Washington, D.C., office of Holland & Knight LLP has picked up a real estate partner from Mulrenin & Associates who specializes in air rights and condominium deals in the hot real estate markets of the metropolitan area, the firm said Monday.
A New Jersey appeals court on Tuesday reversed a $3.9 million judgment awarded to a condominium association in its dispute with developer Portofino Waterfront Urban Renewal LLC over a condominium conversion project, saying the lower court improperly suppressed the developer’s pleadings.
Two real estate services businesses filed a $10 million suit against the law firm Monday alleging it stiffed them on as much as $760,000 of work done at DLA Piper's Chicago office and improperly gave proprietary information to a competitor.
Vanguard Law Group LLP, a boutique firm focused on real estate transactions and related tax matters, launched a trademark infringement suit against personal injury firm Florida Vanguard Attorneys in Florida federal court on Tuesday, alleging Florida Vanguard is ripping off its "Vanguard" trademark.
A New York state appeals court on Tuesday tossed ACA Financial Guaranty Corp.'s $120 million action targeting Goldman Sachs over a mortgage-backed securities transaction gone sour, finding Goldman never guaranteed that an outside hedge fund was taking an equity position favorable to ACA.
A German bank can press ahead with allegations Bank of America Corp.'s Merrill Lynch lied about the role hedge fund Magnetar Capital LLC had in shaping a $60 million mortgage-backed transaction, a New York state judge ruled Tuesday.
Cozen O’Connor has landed two partners from Klehr Harrison Harvey Branzburg LLP and McCarter & English LLP who specialize in private equity, mergers and acquisitions, real estate and commercial financing to join its Philadelphia office, the firm announced Monday.
A New Jersey appeals court on Monday blocked the state from taking some $140 million from municipal affordable housing trust funds after fair housing advocates argued the measure would siphon money from the state’s low-income and disabled residents and Hurricane Sandy victims.
Standard & Poor’s, the target of a U.S. Department of Justice fraud suit over its handling of mortgage-backed bonds before the financial crisis, opposes broad efforts to reform the credit rating industry, the firm’s president said Tuesday at a U.S. Securities and Exchange Commission roundtable.
Residential Capital LLC has reached a deal with Ally Financial Inc. to end potential creditor claims and made significant progress toward a reorganization plan, allowing it to keep an independent examiner's report under seal until later this month, according to statements made Tuesday.
Many financial institutions are trying to figure out ways to invest significant amounts of capital in energy efficiency as government incentives expire for renewable energy. Energy efficiency investments promise attractive financial returns, but potential investors should note the several obstacles to such investments, says James Berger of Chadbourne & Parke LLP.
Charging a tenant for its pro rata share of a property’s operating costs is the most common way for a landlord to protect the profit margin that was carefully calculated into the basic rent set when the lease was executed. While this approach may seem straightforward, very often tenants are surprised when they receive the invoice for their share of operating expenses. Tenants should consider a number of steps to minimize exposure to unduly high increases, says Dena Cohen of Herrick Feinstein LLP.
How do we prepare a witness, a layperson having no training in the art of litigation, to give an effective and memorable performance? A number of tips, when incorporated into your practice of law, will surely strengthen your witness's presentation at deposition and trial and the overall merits of your case, says Erika Ronquillo of Marshall Dennehey Warner Coleman & Goggin PC.
With New York City facing a decline in state and federal funding, increased property taxes continue to be a reliable revenue stream to fund local services. Commercial property owners should be aware that if a challenge to the city's assessment of the amount of tax to be paid on a property is not filed by March 1, the owner loses any right to challenge the assessment for the upcoming tax year, say Eric Olson and Richard Bowers of Akerman Senterfitt LLP.
In Bank of America NA v. Freed et al., the Illinois Appellate Court upheld a “springing guaranty,” providing that an otherwise partial loan guaranty would become full recourse to the guarantors if the borrower opposed the lender’s exercise of certain of its default remedies. With this decision, Illinois continues a nationwide trend enforcing “bad boy carve-outs” in nonrecourse mortgage loans, says R. Jeffrey Smith of Bingham McCutchen LLP.
More than 400 financial institutions have failed since September 2008, causing hundreds of billions of dollars in losses to the Federal Deposit Insurance Fund. The FDIC has filed a total of 41 professional liability lawsuits against former bank directors and officers of failed institutions. These developments warrant close attention from community bankers, since a majority of the complaints have involved small or medium-size banks, say attorneys with BuckleySandler LLP.
The severe weather events of the last two years have called into question the use of hurricane deductibles in the Northeast states. In both Hurricane Irene and Hurricane Sandy, insurers were unable to apply such deductibles, and the insurance industry should continue to monitor this issue by involving the property and casualty insurance trade organizations and discussing the matter at the National Association of Insurance Commissioners level, say attorneys with Wilson Elser Moscowitz Edelman & Dicker LLP.
Until the California Supreme Court formally narrows the scope of Raymond Edwards II v. Arthur Anderson LLP to make clear that it applies only to noncompete clauses contained in employment agreements, one should generally consider noncompete clauses — in merger and acquisition agreements, commercial real property lease agreements and license agreements, for example — to be unenforceable in California, says Adam Bloom of Milbank Tweed Hadley & McCloy LLP.
In recent years, there has been a steady evolution of real estate investment trusts and an increase in entities that have announced their intent to convert to REIT status, as well as an expansion of asset categories that they hold and the corresponding income sources. This progression likely will continue in the future, and new areas to watch include renewable energy assets — such as wind and solar projects — and, in the mortgage REIT sector, excess mortgage servicing rights, say David Levy and Carl Riley of Skadden Arps Slate Meagher & Flom LLP.
Although indemnity for negligence arising out of construction claims in California is a thing of the past, enforcing contracts with strong indemnity agreements is very much a thing of the present. The first step in that process is obtaining a declaration that a duty to defend exists. However, to get there, the developer and contractor must be meticulous from the beginning, says Steven Cvitanovic of Haight Brown & Bonesteel LLP.