Real Estate

  • 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.

  • January 29, 2010

    3 Ch. 11 Plans Advance In Fremont Bankruptcy

    A judge has approved a trio of disclosure statements in the bankruptcy of mortgage lender Fremont General Corp., setting the stage for a showdown among various restructuring proposals, including those pitched by unsecured creditors, equity holders and investor Ranch Capital LLC.

  • January 29, 2010

    Sunwest CEO Agrees To Pay Investors $4.2M

    Jon Michael Harder, the embattled CEO of Sunwest Management Inc. — once one of the largest senior living communities in the nation — has reached an agreement with Oregon regulators to pay $4.2 million in fines to a fund that will benefit investors he allegedly defrauded through a Ponzi scheme.

  • January 29, 2010

    Unitrin Unit Wants Off Hook In Water Leakage Suits

    A subsidiary of insurance giant Unitrin Inc. is seeking a declaration that it has no duty to defend or indemnify an Austin, Texas-based nonprofit public facility corporation in three underlying lawsuits over water leakage and noise at a condominium complex.

  • January 28, 2010

    Florida Condo Loses Appeal Of Adjuster Fee Ruling

    A Florida condominium development that suffered more than $127 million in hurricane losses has failed to overturn a ruling requiring it to pay insurance adjuster’s fees, despite arguments that the adjuster breached its contract and contributed to the losses.

  • January 28, 2010

    Developer Sues Citizens Bank For $8B Breach

    A Philadelphia-area commercial real estate developer has sued Citizens Bank of Pennsylvania and Citizens Financial Group Inc. for $8 billion in damages for allegedly going back on their financing for major brownfield redevelopment projects, for which the bank has secured several multimillion-dollar judgments against the developer.

  • January 28, 2010

    Class In Lender-Placed Insurance Suit Could Hit 625K

    The plaintiff in a purported class action accusing American Security Insurance Co. of unfair business practices and fraud in connection with force-placed homeowners insurance is seeking to certify a class of up to 625,000 people in California.

  • January 28, 2010

    Thornburg Officers Dismissed From Subprime Suit

    Several officers and directors of bankrupt lender Thornburg Mortgage Inc. have been dismissed from a proposed class action accusing them of misleading investors in the run-up to the company's collapse.

  • January 28, 2010

    Madoff Trustee, Levys Strike $220M Clawback Deal

    The liquidating trustee for Bernard L. Madoff's erstwhile securities firm has settled for $220 million clawback claims against the family of a real estate mogul who invested in the Ponzi scheme for 30 years.

  • January 27, 2010

    Icahn Picks Up Fontainebleau Las Vegas For $150M

    A company controlled by billionaire investor Carl Icahn has won a judge's approval to purchase the partially built Fontainebleau Las Vegas casino resort development from its bankrupt owner for $150 million, which includes debtor-in-possession financing already extended in the case.

  • January 26, 2010

    Developers Of Dallas Logistics Hub File For Ch. 11

    The developers of Dallas Logistics Hub, a 6,000-acre industrial development in Dallas, have filed for Chapter 11 to restructure their balance sheet in the wake of the collapse of the U.S. real estate and capital markets.

  • January 26, 2010

    No Relief For Contractor Seeking $7M In Hotel Ch. 11

    A bankruptcy judge has denied Walsh Construction Co. relief from an automatic stay as the Illinois general contractor seeks $7 million it claims it is owed for construction projects it performed for a Chicago hotel in the River Road Hotel Partners LLC Chapter 11 case.

  • January 26, 2010

    Mills Ex-Exec Fights $203M Securities Deal

    The former chief operating officer of Mills Corp. is challenging a $202.75 million settlement the shopping and entertainment center developer has reached with shareholders in a securities class action, arguing that the deal strips him of his rights to pursue claims against other parties.