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Real Estate

  • December 12, 2018

    UBS Balks At Whistleblower Case's $3.2M In Attys' Fees

    UBS Securities asked a New York federal judge Tuesday to reject a “jaw-dropping” and “excessive” $3.2 million in attorneys' fees requested by a former analyst who won a $1 million verdict in his whistleblower trial under representation by Herbst Law PLLC and Broach & Stulberg LLP.

  • December 12, 2018

    Ex-NFLer Fights 'Frivolous' Sanctions Bid In Home Build Suit

    A former New England Patriots linebacker urged a Massachusetts federal court Tuesday to ditch a bid for sanctions against him and his wife by a company accused of failing to build his dream house, saying the motion is a "frivolous" attempt to block testimony from key players in the breach-of-contract and copyright case.

  • December 12, 2018

    Cayuga Nation Secures Win In NY Property Tax Row

    A New York federal court judge sided with the Cayuga Indian Nation Tuesday in a long-running dispute with Seneca County over the collection of property taxes on land owned by the tribe, finding that the tribe’s sovereign immunity protects it from the suit.

  • December 12, 2018

    Deals Rumor Mill: Uber, Warburg Pincus, Luckin Coffee

    Morgan Stanley will lead the IPO of Uber, which could value the ride-hailing giant at up to $120 billion, Warburg Pincus is launching a $1 billion joint venture that will invest in Chinese real estate, and China's Luckin Coffee has received a $200 million capital injection from private investors.

  • December 12, 2018

    DOJ Urges Prison For Convicted Wilmington Trust Execs

    Federal prosecutors in Delaware recommended prison terms between five and eight years for four convicted Wilmington Trust Corp. executives at the center of a more than $200 million years-long cover-up of bad commercial loans, saying the deception led to huge investor losses and tarnishing of trust in financial industry safeguards.

  • December 12, 2018

    Real Estate Rumors: Mill Creek, Deutsche Bank, WeWork

    Mill Creek Residential Trust has reportedly paid $27.1 million for a Seattle site where it plans a seven-story tower, Deutsche Bank and Societe Generale are said to have provided $265 million in securitized financing for a St. Louis mall, and WeWork is reportedly opening a second location in Coral Gables, Florida.

  • December 12, 2018

    Gaw-Goldman Venture Drops $1.5B On 12 Hong Kong Malls

    A venture led by Hong Kong private equity shop Gaw Capital Partners that includes Goldman Sachs Group Inc. is buying 12 Hong Kong shopping centers from Link REIT for HK$12.01 billion ($1.54 billion), according to announcements on Wednesday from Gaw Capital and Link REIT.

  • December 12, 2018

    Allen & Overy, Linklaters Lead €770M Sale Of Universities

    Laureate Education Inc., a network of higher education institutes, has agreed to sell its institutions in Spain and Portugal to an affiliate of European private equity firm Permira for €770 million ($875 million), the companies said Wednesday, in a deal guided by Allen & Overy LLP and Linklaters LLP.

  • December 11, 2018

    Ill. Appeals Court Revives Bank's Legal Malpractice Suit

    A bank that claimed its lawyers knowingly misled it down a path of fruitless litigation after voluntarily dismissing its last viable foreclosure action should have been given a chance to plead around its attorneys’ statute of limitations defense, an Illinois appeals court held Friday.

  • December 11, 2018

    2nd Circ. Gives Goldman 2nd Shot At Class Cert. Appeal

    The Second Circuit on Tuesday granted Goldman Sachs' petition — for a second time — to appeal a New York federal judge's decision to grant class certification to investors claiming the Wall Street giant lied about its ethical compliance efforts just before losing $1 billion in securities known as collateralized debt obligations.

  • December 11, 2018

    NJ, Jersey City Sued Over 'Unconstitutional' Payroll Tax

    The state of New Jersey and Jersey City officials have been slapped with a lawsuit by Mack-Cali Realty Corp. and others claiming the town’s new measure imposing a payroll tax on non-resident employees in order to help offset public education costs is illegal “special legislation” that violates the state constitution.

  • December 11, 2018

    Five Guys Blasts Architects' Move To 'Short-Circuit' IP Suit

    Burger chain Five Guys has urged an Illinois federal judge not to discard the company's argument that its restaurant design agreement with an architecture firm allowed the eatery to share design plans with others, saying a dismissal bid by the architect is untimely and "borderline frivolous."

  • December 11, 2018

    Airbnb Settles With Miami Apt. Complex Owners, Averts Trial

    Airbnb Inc. averted a trial Tuesday by settling a suit brought by the owner of several Miami-area apartment buildings that claimed the home-sharing platform supports and encourages unauthorized short-term rentals.

  • December 11, 2018

    Real Estate Rumors: 3650 REIT, Butters, Freshwater

    3650 REIT and Quadrant Capital have reportedly provided $36 million in financing, some of which is commercial-backed securities debt, for a Las Vegas grocery-anchored retail property; Butters Construction & Development is said to have paid $15 million for a Florida site; and Freshwater Group has reportedly bought various Miami apartment and condo units for $12.1 million.

  • December 11, 2018

    Ex-SUNY Prez Gets 3.5 Years For 'Buffalo Billion' Bid-Rigging

    Manhattan U.S. District Judge Valerie E. Caproni hit former State University of New York Polytechnic Institute President Alain Kaloyeros with three and a half years in prison Tuesday for rigging bids, but allowed the nuclear scientist credited with a revitalization of the upstate school to stay free while he appeals.

  • December 11, 2018

    NY Life Lends $97M For Mack-Cali REIT Boston Project

    New York Life Insurance Co.'s real estate lending arm said Tuesday it will provide $97 million to a subsidiary of real estate investment trust Mack-Cali Realty Corp. to fund a waterfront residential and retail property in the Boston metropolitan area.

  • December 11, 2018

    Consortium Makes Offer For Radisson Valued At $768M

    A consortium led by Chinese state-owned tourism and hospitality company Jin Jiang International Holdings Co. Ltd. has made an offer for Radisson Hospitality AB that values the company at approximately 7 billion Swedish kronor ($767.8 million), the hotelier said Tuesday.

  • December 11, 2018

    EPA, Army Corps Float Replacement Water Rule

    The Trump administration on Tuesday unveiled its replacement of a rule designed to clarify which waterways in the country are subject to Clean Water Act jurisdiction, taking a narrower approach than the Obama administration and delivering on one of the president’s key campaign promises.

  • December 10, 2018

    Architecture Firm To Arbitrate Dispute Over Hotel Plans

    A dispute between an architect and a property management company that allegedly tried to use its plans without paying for them is headed for arbitration after an Illinois federal court ruled Monday that an arbitration agreement in the contested contract is enforceable.

  • December 10, 2018

    Deutsche Bank, Investors Seek Quick Wins In RMBS Suits

    Residential mortgage-backed securities investors have asked a New York federal court for rulings they say will narrow the issues for potential trial in two lawsuits they’ve brought over Deutsche Bank’s alleged failures as trustee for dozens of pre-crisis RMBS trusts, even as the bank says the cases should not be allowed to get that far.

Expert Analysis

  • Recent Trends In Intercreditor Agreements

    Excerpt from Lexis Practice Advisor
    Bruce Cybul

    In the current commercial real estate market, mortgage lenders' cautious approach should continue to provide mezzanine lenders with ample opportunities. By maintaining an important role in transactions, mezzanine lenders can gain more leverage when negotiating intercreditor agreements, say attorneys at Schulte Roth & Zabel LLP.

  • 10 Tips For Law Firms To Drive Revenue Via Sports Tickets

    Matthew Prinn

    Many law firms have tickets or luxury suites at sporting events to host clients and prospects. Matthew Prinn of RFP Advisory Group and Matt Ansis of TicketManager discuss some of the ways that firms can use those tickets effectively.

  • Inside Key ABA Guidance On Attorneys' Cybersecurity Duties

    Joshua Bevitz

    A recent opinion from the American Bar Association provides useful guidance on attorneys’ obligations to guard against cyberattacks, protect electronic client information and respond if an attack occurs, says Joshua Bevitz of Newmeyer & Dillion LLP.

  • Opinion

    Amrock Appeal Of Trade Secret Verdict Is No Surprise

    Thomas Hodge

    Last month, Amrock appealed a curious verdict that awarded contract breach defendant HouseCanary $706 million on a trade secret counterclaim. There are several factors that should cause one to raise an eyebrow over this initial outcome, says Thomas Hodge of Brock and Scott PLLC.

  • Opening Comments: A Key Strategic Decision In Mediation

    Jann Johnson

    Opening comments by parties in mediation that are made with the proper content and tone can diffuse pent-up emotion and pave the way for a successful resolution. But an opening presentation can do more harm than good if delivered the wrong way, say Jann Johnson and William Haddad of ADR Systems LLC.

  • Key Choices For Investors Under New Partnership Audit Rules

    Brad Wagner

    For 2018 returns, partnership tax audit adjustments will be assessed at the partnership — not the partner — level, causing a potentially inequitable result in the typical foreign blocker structure. The IRS has issued favorable, albeit complex, regulations to address this scenario, says Brad Wagner of Wagner Duys & Wood LLP.

  • Shifting Federal Policies Sow Discord In US Real Estate

    Eric Rapkin

    Changes in tariffs, tax law and bank deregulation present a confusing picture of short-term gains and long-term risk for real estate. Eric Rapkin of Akerman LLP takes a look at the industry's "winners" and "losers" following these developments.

  • Negotiating Access To Neighboring Properties In NYC

    Jeffrey Reich

    Due to the requirements of state law and properties' close proximity to one another, the need for well thought-out agreements providing license to access adjoining properties is the rule — not the exception — in New York City, says Jeffrey Reich of Schwartz Sladkus Reich Greenberg Atlas LLP.

  • Applying Blockchain To Commercial Real Estate Transactions

    Jeffrey Lenobel

    Commercial real estate may be one of the greatest beneficiaries of blockchain. There are three areas that can be streamlined through this technology — municipal document recordings, verification of borrower data, and loan and ancillary document trigger events, say Jeffrey Lenobel and Aaron Retter of Schulte Roth & Zabel LLP.

  • Series

    Judging A Book: Ginsburg Reviews 'The Curse Of Bigness'

    Judge Douglas Ginsburg

    When reading Tim Wu’s new book, "The Curse of Bigness: Antitrust in the New Gilded Age," lawyers, economists and historians will find its broad brush maddening, and the generalist reader will simply be misled, says D.C. Circuit Judge Douglas Ginsburg.