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Real Estate

  • 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.

  • December 10, 2018

    Long Island Mortgage Co. Exec Gets 2 Years For $9M Fraud

    A former executive of Long Island mortgage lender Vanguard Funding LLC was sentenced to two years after pleading guilty to lying to banks in order to obtain $8.9 million in short-term loans, the U.S. Department of Justice said on Monday.

  • December 10, 2018

    NJ Autism Nonprofit Protected By Bias Law, Court Says

    A New Jersey appeals court ruled in a published decision Monday that the state’s discrimination law protections extend to buyers of homes in which members of a protected class will live, handing a victory to the operator of a planned group residence for autistic individuals.

  • December 10, 2018

    Xenia Drops $53.5M On Rebranded Waldorf Astoria In Atlanta

    Real estate investment trust Xenia Hotels & Resorts has acquired the former Mandarin Oriental Hotel in Atlanta for $53.5 million, rebranding it as the Waldorf Astoria Atlanta Buckhead, the company said Monday.

  • December 10, 2018

    New York Life Entity Loans $72M For Wash. Apartments

    Sparc Homes LLC has landed $72 million in financing from a New York Life Insurance Co. lending arm for its recent purchase of an apartment complex in Bellevue, Washington, according to an announcement from New York Life on Monday.

  • December 10, 2018

    Real Estate Rumors: BankUnited, Oppenheimer, Landmark

    BankUnited has reportedly loaned $26.5 million for the purchase of a Florida building, Oppenheimer & Co. is said to be taking 13,055 square feet on Third Avenue in Manhattan, and Landmark Development has reportedly paid $30 million for a Florida development site where it may build residential, retail and office space.

  • December 10, 2018

    NYC Real Estate Week In Review

    Sidley Austin LLP, Day Pitney LLP, Goodwin Procter LLP and Arnold & Porter were among more than a dozen law firms that assisted with the largest New York City deals for which deeds became public during the week of Dec. 3, a busy period that saw 12 transactions above $20 million.

  • December 10, 2018

    Tishman, Lehman Wins Upheld In Archstone Buyout Row

    Lehman Brothers and Tishman Speyer are off the hook yet again in a sprawling lawsuit sparked by their ill-fated purchase of real estate investment trust Archstone-Smith for $22 billion, after the Tenth Circuit affirmed a lower court's order that shut down the 10-year-long investor class action.

  • December 10, 2018

    Couple Seeks 9th Circ. Redo On $35M EB-5 Fraud Judgment

    The Ninth Circuit should rehear a case in which a panel affirmed a nearly $35 million judgment against a husband and wife who bilked investors out of millions in an EB-5 visa scheme related to a cancer treatment center they never built, as the court did not properly consider inflation and the value of a green card, the couple argued Friday.

  • December 10, 2018

    JPMorgan Unit Collects $1.3B For European Real Estate Fund

    A unit of JPMorgan Chase & Co.’s private equity and asset management branch has clinched its latest European opportunistic property fund after raising $1.3 billion, the company said Monday, with plans to target investments and joint ventures in office, retail, industrial and residential real estate.

Expert Analysis

  • High Court Unlikely To Solve ESA Issues In Frog Habitat Case

    Angela Levin

    After U.S. Supreme Court oral arguments last week in Weyerhaeuser Co. v. U.S. Fish and Wildlife Service — questioning whether the FWS can designate land currently unoccupied by the dusky gopher frog as critical habitat under the Endangered Species Act — it seems the decision is primed for a 4-4 split, say Angela Levin and Andrea Wortzel of Troutman Sanders LLP.

  • Opinion

    Trump Family Tax History: A Professional Evaluation

    Steve Moskowitz

    From his perspective as a tax defense attorney for the past 30 years, Steve Moskowitz of Moskowitz LLP weighs in on the allegations of past tax impropriety by the Trump family.

  • Identifying Investment Contracts, From Chinchillas To Crypto

    Rikard Lundberg

    Because of the broad reach of the Howey test, investment contracts can arise in essentially any circumstance. Three recent enforcement actions illustrate the pitfalls of failing to identify an investment venture as involving the sale of securities, say attorneys with Brownstein Hyatt Farber Schreck LLP.

  • 11 New Insurance Laws After California Wildfires

    Samuel Sorich

    The 2017-2018 California wildfires and mudslides spurred the introduction and passage of multiple broad-based proposals that will require California homeowners insurers to change their contacts, their disclosures, and their claims and underwriting practices, say Samuel Sorich and Larry Golub of Hinshaw & Culbertson LLP.

  • How New Prop 65 Amendments Impact Calif. Businesses

    Lotus Fung

    Amendments to California's Proposition 65 which came into effect in August change the law's safe harbor warning requirements and create tailored warnings for specific chemical exposures and products. Businesses must keep in mind that even an exposure below legally defined threshold levels can open them to liability, say Lotus Fung and Manuel Fishman of Buchalter PC.

  • Opinion

    Skip The New 'Civility Courses' And Think Like A Lawyer

    Alex Dimitrief

    As we watch what passes for political discourse in our nation’s capital, it’s understandable that universities are launching programs on how to cope with ideological disputes. But our country needs fewer people who profess to be open-minded and more people who engage in and honor the conclusions of reasoned debates, says Alex Dimitrief of General Electric Co.

  • Pros And Cons Of Office Sharing Agreements

    Excerpt from Lexis Practice Advisor
    Daniel Suckerman

    As coworking spaces grow in popularity, real estate attorneys are frequently called upon to help clients understand the advantages and disadvantages of shared space agreements, as well as potential pitfalls to avoid, say Daniel Suckerman and Stacey Tyler of Lowenstein Sandler LLP.

  • Why Law Firms Should Monitor The Dark Web

    Anju Chopra

    Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.

  • Does Rule 45 Protect Nonparties From Undue Burden?

    Matthew Hamilton

    Interpretations of Rule 45 protections vary but what's clear is that "undue burden" does not mean no burden at all. To avoid the costs of compliance with a subpoena, a nonparty should be ready to demonstrate its disinterest in the litigation and the anticipated cost and burden of compliance, say attorneys at Pepper Hamilton LLP.

  • 6th Circ. Encourages Insureds To Be Open With Insurers

    Matthew Beato

    The Sixth Circuit's recent decision in First Horizon v. Houston reinforces the importance of providing timely and complete notice to insurance carriers, and will discourage insureds from disguising crucial facts about claims, says Matthew Beato of Wiley Rein LLP.