Real Estate

  • February 11, 2010

    Commercial Real Estate On Cusp Of Crisis: Report

    Close on the heels of the residential real estate mortgage market meltdown, an impending crisis in commercial real estate could bleed as much as $300 billion from banks and trigger hundreds of failures without swift action by federal officials, according to a congressional report released Thursday.

  • February 10, 2010

    Downturn Sends 4 CitiApartments Affiliates Into Ch. 11

    Gutted by the housing downturn and unable to make payments on $132 million of debt, four affiliates of CitiApartments Inc., San Francisco’s largest apartment owner, have sought shelter in Chapter 11 bankruptcy protection.

  • February 10, 2010

    Developer Off Hook For Lead Payments At $47M Site

    A federal appeals court has upheld a judgment for Mermart LLC in a suit brought by investors in its $47.3 million redevelopment project alleging breach of contract for failing to disclose payment deductions in connection with lead paint contamination of the site.

  • February 9, 2010

    Steptoe & Johnson LLP Partner Joins Seyfarth Shaw

    Former Steptoe & Johnson LLP partner Greg Yates has joined the bankruptcy practice at Seyfarth Shaw LLP, where he'll continue a national practice specializing in distressed commercial real estate transactions.

  • February 9, 2010

    Snell, Atty Reach $3M Deal In SWX Malpractice Suit

    Snell & Wilmer LLP and a partner in its Las Vegas office have struck a $3.1 million settlement to resolve a breach of contract and malpractice suit over their alleged role in the collapse of Southwest Exchange Inc., an intermediary that held real estate investors' profits to help them delay paying taxes.

  • February 9, 2010

    Securities Plaintiffs Oppose TMST Sale Notice

    The lead plaintiffs in a consolidated securities class action against bankrupt real estate investment firm TMST Inc., formerly known as Thornburg Mortgage Inc., have objected to a notice of sale, claiming it needs to include a provision that the purchaser has a duty to preserve documents that may be relevant to the pending securities case.

  • February 9, 2010

    Class Action Over Defective Home Trim Gets Certified

    A judge has certified a class action accusing Louisiana-Pacific Corp. and ABT Building Products Corp. of making and marketing exterior trim for houses that rapidly deteriorates.

  • February 9, 2010

    Judge Approves Champion Enterprises Auction

    Homebuilder Champion Enterprises Inc. has received approval from a U.S. bankruptcy court to move forward with its plans to auction off all its assets.

  • February 5, 2010

    6th Circ. Upholds CIC Win In Beazer Coverage Spat

    An appellate court has upheld a finding for The Cincinnati Insurance Co. in a $20 million coverage dispute over repairs to defective homes in a subdivision in Lexington, Ky., holding that the damage at issue was not “property damage” caused by an “occurrence” as defined in the home builder's insurance policies with CIC.

  • February 5, 2010

    Centex Managers Lose Bid For Class Status In OT Suit

    A federal court has rejected a bid for conditional certification of a nationwide class of field managers in an overtime wage suit against Centex Homes Inc., agreeing with the conclusions of a magistrate judge that the proposed class would be “unmanageable.”

  • February 5, 2010

    LandAmerica Unit Sues UnitedTech For Contract Breach

    A bankrupt subsidiary of insurer LandAmerica Financial Group Inc. that recently sold its assets to UnitedTech Lender Services Inc. has lodged an adversary complaint that accuses UnitedTech of using funds from the deal for items outside its contractual scope, such as prepetition liabilities.

  • February 5, 2010

    Johnson Controls Slammed With Cleanup Delay Suit

    A Michigan property developer has sued auto parts maker Johnson Controls Inc. for its alleged foot-dragging on cleaning up a heavily contaminated site that is slated to be turned into condominiums.

  • February 4, 2010

    Mandatory Energy Benchmarking Coming Into Vogue

    As climate change legislation takes center stage, benchmarking is gaining traction among lawmakers, environmentalists and landlords as a viable first step toward systematically reducing energy use in buildings.

  • February 4, 2010

    Developer Sues Inscorp Over WTC Tort Defense

    Manhattan real estate developer Lionshead 110 Development LLC has filed suit in New York state court to force The Insurance Corporation of New York, currently in liquidation, to fund its defense against a host of tort claims over respiratory injuries allegedly sustained as a result of removing debris near the World Trade Center site.

  • February 2, 2010

    Starwood Buys Tousa's Fla. Lots For $81M

    It took a hefty increase from its stalking horse bid, but Starwood Land Ventures LLC gained court approval to purchase nearly 5,500 Florida real estate lots from bankrupt homebuilder Tousa Inc. once its $81 million offer proved the highest bid at auction.

  • February 2, 2010

    Zell Buys 3 NYC Buildings From Macklowe For $475M

    Real estate mogul Sam Zell's Equity Residential has sealed a $475 million deal to acquire three Manhattan high-rise apartment buildings from developer Harry Macklowe.

  • February 2, 2010

    Class Cert. Sought In PHH Captive Insurer Scheme

    Homebuyers are seeking class certification in a suit accusing mortgage lender PHH Corp. of working with its captive reinsurer Atrium Insurance Corp. to receive an unlawful cut of the premiums its borrowers paid for private mortgage insurance.

  • February 2, 2010

    Commercial Real Estate Threatens Recovery: Congress

    A bipartisan coalition of U.S. House of Representatives lawmakers is urging federal regulators to take swift action to stem the deterioration of the $6.7 trillion commercial real estate market, warning that failure to do so could seriously imperil the country's economic recovery.

  • February 1, 2010

    Crescent Resources Files Plan To Cut $1B In Debt

    Bankrupt real estate development company Crescent Resources LLC, which expects to emerge from Chapter 11 early in the second quarter of 2010, has filed a restructuring plan that it says would slash its outstanding secured debt by about $1 billion.

  • January 29, 2010

    Jury Kills $8.5M St. Croix Demolition Row

    Bennington Foods LLC’s multimillion-dollar breach of contract suit against the owner of an industrial park in St. Croix ended with a whimper Wednesday when a jury found that defendant St. Croix Renaissance Group LLLP did not violate a contract for Bennington’s demolition of an old Alcoa Inc. refinery.