Real Estate

  • July 21, 2017

    Mich. Residents Challenge State's Tax Sales At High Court

    A group of Michigan taxpayers fighting to get some of the proceeds from tax foreclosures on their property appealed to the Supreme Court last week, arguing that Michigan law allows the state to get an unconstitutional windfall from tax sales.

  • July 21, 2017

    Miami Land Sale For Beckham Soccer Stadium Challenged

    A lawsuit filed Thursday is challenging Miami-Dade County officials' recent approval of a $9 million, no-bid deal to sell former soccer star David Beckham a parcel of land to complete his plans for a new soccer stadium needed to land Miami an expansion Major League Soccer franchise.

  • July 21, 2017

    5th Circ. Won't Revive $10M Warehouse Fire Coverage Suit

    The Fifth Circuit on Thursday shot down a Florida warehouse owner’s claim that Alterra American Insurance Co. owed it $10 million for underinsuring its warehouse, saying the owner's legal claims did not pass muster in multiple states.

  • July 21, 2017

    Miami-Area HOA Emerges From Ch. 11 After $11M Deal

    A Florida bankruptcy judge signed off Friday on a Chapter 11 reorganization plan for a Miami Gardens homeowners association that satisfies all creditor obligations after an $11 million deal with developer D.R. Horton Inc. over allegedly shady business practices.

  • July 21, 2017

    Deals Rumor Mill: China Unicom, Bombardier, RLJ Lodging

    The group of big-name Chinese companies looking to back telecom firm China Unicom continues to grow, Bombardier and Siemens are in the final stages of talks about combining their rail businesses, and Blackstone is pursuing RLJ Lodging.

  • July 21, 2017

    'Wife' A Job Title At Billionaire's News Co., UN Jury Hears

    A billionaire Chinese real estate boss accused of bribing United Nations officials pumped millions of dollars into his New York news outfit, using it to make fat payments to hangers-on including the wife of late General Assembly President John Ashe, an accountant testified on Friday.

  • July 21, 2017

    Christie Rejects 'Airbnb' Tax, Citing Cost To Tourists

    New Jersey Governor Chris Christie on Friday vetoed a bill that would have levied a tax on short-term online rental accommodations such as Airbnb and FlipKey, saying the proposed tax would hurt New Jersey’s economy.

  • July 21, 2017

    Taxation With Representation: Bracewell, Baker, Cleary

    In this week’s Taxation With Representation, Ontario’s partially privatized electricity provider agrees to buy U.S.-based Avista Corp. in a $5.3 billion deal, U.K.-based Reckitt Benckiser inks a $4.2 billion sale of its food business to McCormick, and water-service provider Select Energy Services enters into a stock-for-stock merger deal with Rockwater Energy Solutions.

  • July 21, 2017

    Hersha Snags Philly Westin For $135M

    Philadelphia-based Hersha Hospitality Trust announced Thursday that it had spent $135 million to acquire the Westin Philadelphia hotel, after selling three suburban West Coast hotels.

  • July 21, 2017

    Calif. Realtors Want To Expand Transferable Property Tax Cap

    The California Association of Realtors wants to expand the state’s rule, currently limited by age and county, that allows homeowners to take property tax caps pegged to their house and transfer them to new homes, and the group proposed three different ways to do that Thursday.

  • July 21, 2017

    Tenn. Law Firm Wants Fla. Timeshare Fraud Suit Nixed

    A Tennessee law firm and one of its attorneys argued Friday that a Florida country club and timeshare seller accusing it of fooling timeshare owners into paying for undelivered legal services didn't establish citizenship for all the parties to show a Florida federal court should handle the case.

  • July 21, 2017

    Real Estate Rumors: Sephora, Liberty, Starwood

    Sephora is reportedly leasing roughly 18,000 square feet in Times Square from Vornado Realty Trust, Liberty Property Trust is said to have sold a parking lot and vacant land in Florida for $10.32 million and Starwood Mortgage Capital has reportedly loaned $105 million for a New York property that's being converted into retail space.

  • July 21, 2017

    KeyBank Loans $142M To Nonprofit Harmony Housing

    Nonprofit Harmony Housing has scored a $142.4 million loan from KeyBank Real Estate Capital, most of which is for a portfolio of affordable rental properties in Florida, Texas and elsewhere, according to an announcement on Thursday from KeyBank.

  • July 21, 2017

    KKR Joins Venture To Invest $117M In Spanish Real Estate

    KKR & Co. LP, Altamar Capital Partners and Deutsche Finance Group have joined forces with residential real estate firm Elix to create an investment platform that will inject €100 million ($116.7 million) in Spain's residential real estate market, according to an announcement from the firms on Friday.

  • July 21, 2017

    CFPB Calls Ocwen’s Constitutional Challenge A ‘Strawman’

    The Consumer Financial Protection Bureau on Thursday urged a Florida federal court to reject mortgage servicer Ocwen Financial Corp.’s constitutional challenge to the bureau’s structure, saying that the company was attacking a “strawman” to get out from a lawsuit over problematic servicing practices.

  • July 21, 2017

    CORRECTED: Ocwen Reaches $56M Deal In Investors' Suit

    Ocwen Financial Corp. announced in a filing with the U.S. Securities and Exchange Commission on Thursday that it has reached a $56 million settlement to resolve a stock-drop suit stemming from the company’s problematic servicing operations. Correction: An earlier version of this story incorrectly identified the case Ocwen was settling. The error has been corrected.

  • July 21, 2017

    No End To Gov't Lease Downsizing, Ex-GSA Commish Says

    The U.S. government will likely continue President Barack Obama's path of downsizing its real estate footprint, and may also look to bring more private capital to its real estate operations, Ballard Spahr LLP's Dave Winstead, who earlier in his career worked at the U.S. General Services Administration, told Law360 in a recent interview.

  • July 20, 2017

    Developers Seek Escape From Leaning Millennium Tower Suit

    The Millennium Tower’s individual and corporate developers and managers asked a San Francisco judge Thursday to end claims against them brought by residents who bought units in the building that is now sinking, saying the residents couldn’t prove marketing materials had defrauded or misled them about the building’s tilting woes.

  • July 20, 2017

    Sterling's Ex-Mistress Can’t Reclaim $2.6M In Gifts

    Donald Sterling’s ex-mistress will have to return over $2.6 million in gifts the former NBA team owner gave her, a California appeals court ruled Thursday, upholding a lower court's decision that the gifts were given without the required permission of the former Clippers owner's wife.

  • July 20, 2017

    Judge Kills Securities Suit Over Kohl's Accounting Errors

    A Wisconsin federal judge shot down a long-pending suit that accused Kohl's Corp. of securities fraud on Thursday, saying the real estate accounting flubs that led the company to restate its financials were so arcane that they couldn't be summarily chalked up to corporate misconduct.

Expert Analysis

  • The Elephant In The Room: Advancing Women To Partnership

    Anusia Gillespie

    Despite more focus and investment, the numbers continue to show little progress in advancing women to the top tiers of firm leadership. Considering the irreversible nature of the transformation of the market for top talent, it is time to start experimenting and innovating from the core, rather than from the periphery, say Anusia Gillespie and Scott Westfahl of Harvard Law School.

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.

  • Ensuring Compliance With Sprinkler Laws In NYC

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    In New York City, Local Law 26/04 requires that owners of buildings above a certain size must install sprinklers on all floors by July 1, 2019. Landlords' counsel should be mindful of whether form leases are updated to address this requirement, and tenants' counsel should be savvy of where issues and costs arising out of the requirement may be lurking in a typical lease, says Daniel Suckerman of Lowenstein Sandler LLP.

  • Is Bankruptcy An Option For Ancillary Marijuana Businesses?

    Patricia Heer

    The director of the U.S. Trustee Program recently proclaimed before a congressional subcommittee that debtors with assets or income derived from marijuana may not proceed through the bankruptcy system. However, this limitation has not been addressed, let alone settled, with respect to businesses that are ancillary to marijuana cultivators and dispensaries, says Patricia Heer of Duane Morris LLP.

  • Looking Ahead For The National Flood Insurance Program

    Michelle Rudd

    The Federal Emergency Management Agency's National Flood Insurance Program will expire if not reauthorized before Sept. 30, 2017, which would have immediate and long-term repercussions for property owners. There is a need to reauthorize the NFIP and improve it in order to align values of a national safety net and self-reliance on both a personal and local community level, says Michelle Rudd of Stoel Rives LLP.

  • Maryland Court Applies Special Standard For Lead Exposure

    F. Ford Loker

    The Maryland Court of Appeals continues to apply its “reasonable probability” standard in proving source exposure and source causation in lead-based negligence cases. But it is unclear what the statutory or policy basis is for carving out a distinct causation standard for lead paint plaintiffs as opposed to other tort plaintiffs, say F. Ford Loker and Katherine Lawler of Miles & Stockbridge PC.

  • Weekly Column

    Innovating For Wise Juries: Matching Experts

    Stephen Susman

    In the penultimate installment of this series, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project answer a question on many legal analysts’ minds: What if both sides’ expert witnesses sat in a hot tub discussing the case while a jury watched?

  • Rebuttal

    The Rise Of Midsize Firms

    Ronald Shechtman

    Recently, this publication featured an op-ed in which one law firm partner contended that midsize firms will be the next casualty of the legal market, due to a supposed inability to compete with BigLaw or boutique firms for business. Though we can expect to see Am Law firms continue to lead the market in megadeals and life-or-death litigations, by all indications midsize is on the rise, says Ronald Shechtman of Pryor Cashman LLP.

  • SEC’s Emerging Enforcement Priorities In The Bond Markets

    Michael Osnato Jr.

    Beginning with the 2013 charges against Jesse Litvak for misrepresentations to counterparties in the market for residential mortgage-backed securities, the U.S. Securities and Exchange Commission has aggressively pursued similar cases against bond traders. Michael Osnato Jr. and Meaghan Kelly of Simpson Thacher & Bartlett LLP survey the impact of the Litvak line of cases and offer insights into where the SEC will next deploy its an... (continued)

  • Texas High Court Ruling Sows Confusion On Mineral Deeds

    Thomas Ciarlone Jr.

    In June, the Texas Supreme Court disturbed long-standing rules for interpreting mineral deeds and conveyances in its decision in Wenske v. Ealy. This ruling has the potential to open the floodgates to a large volume of new litigation challenging the allocations of royalty burdens among mineral lessors, says Thomas Ciarlone Jr. of Kane Russell Coleman Logan PC.