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Real Estate

  • October 23, 2018

    Sheppard Mullin Steers $163M NYC Hotel Buy

    Sheppard Mullin Richter & Hampton LLP represented MRR Development LLC in its $162.5 million purchase of a Manhattan hotel, while Marans Weisz & Newman LLC counseled lender Mishmeret Trust Co. Ltd., which provided roughly $73.7 million in financing for the buyer, according to records made public in New York on Tuesday.

  • October 23, 2018

    Calif. Firm Fights Malpractice Suit Over $30M Trial Loss

    A Beverly Hills law firm asked a Los Angeles judge Tuesday to release it from a couple's lawsuit blaming the firm for a $30 million trial loss over predatory mortgage lending, arguing that their lawyer — who had worked as a contractor for the firm — handled the couple's case independently.

  • October 23, 2018

    CBRE Can Arbitrate Claims Of Terminated Whistleblower

    A Texas appellate panel sided with commercial real estate and investment firm CBRE Inc. and reversed a trial court's ruling that an arbitration agreement between it and an ex-employee alleging she was fired for reporting sexual harassment was "illusory," holding that the claims belong in arbitration.

  • October 23, 2018

    Fried Frank Guides Blackstone's $432M NYC Tower Loan

    Fried Frank Harris Shriver & Jacobson LLP represented a Blackstone Real Estate Debt Strategies entity in connection with a roughly $432.1 million loan it issued for a condo tower property on Murray Street in Manhattan, according to records made public in New York on Tuesday.

  • October 23, 2018

    Mayer Brown Lands Mortgage Banking, Financial Services Pro

    Mayer Brown LLP has hired a partner with significant experience in the mortgage and consumer financial services industries, handling compliance, licensing, regulatory examination and enforcement defense work, the firm recently announced.

  • October 22, 2018

    Avenatti On Hook For $4.9M Owed To Former Law Partner

    A Los Angeles judge on Monday ruled that Michael Avenatti, the attorney representing adult film actress Stormy Daniels, must make good on the $4.85 million he owes to his former law partner, ruling that Avenatti has failed to pay off the debt.

  • October 22, 2018

    Real Estate Rumors: AvalonBay, Kramer, Commerz Real

    Real estate investment trust AvalonBay Communities has reportedly paid nearly $103 million for two Florida apartment buildings, Broadway producer Terry Allen Kramer is said to be seeking $135 million for her Florida mansion, and a Commerz Real venture is reportedly in talks to pay nearly $200 million for a Chicago building.

  • October 22, 2018

    Chicago Short-Rental Regs Unconstitutional, 7th Circ. Hears

    Chicago’s rules imposing fees and registration requirements on short-term rentals through sites like Airbnb unconstitutionally compel speech on the part of hosts, an advocacy group told the Seventh Circuit on Monday.

  • October 22, 2018

    Madison Realty Lands $258M Financing For NJ Developments

    New York-based real estate investment firm Madison Realty Capital said on Monday that it has closed a $258 million loan facility for a 1,161-unit multifamily development portfolio to be used at three sites in New Jersey.

  • October 22, 2018

    NYC Real Estate Week In Review

    Belkin Burden Wenig & Goldman LLP, Paul Weiss Rifkind Wharton & Garrison LLP, Morrison Cohen LLP and Deutsch & Lipner were among the more than half a dozen law firms that landed work on the largest New York City deals for which deeds were filed last week.

  • October 22, 2018

    Brown Rudnick, Ernst & Young Guide $54M DC Marriott Buy

    London-based Queensgate Investments LLP said on Monday that it has acquired the 97,000-square-foot Courtyard by Marriott International in Washington, D.C., for $54.1 million in a deal that was guided by Brown Rudnick LLP and Ernst & Young.

  • October 22, 2018

    Liberty Mutual Loses Rebuttal Bid Against Texas Contractor

    A Texas magistrate judge threw out Liberty Mutual Insurance Co.’s claim that Hunt Construction Group Inc. failed to properly oversee a subcontractor’s work in a $36 million lawsuit related to the construction of the Fairmont Hotel in Austin, saying Hunt correctly argued that the insurer cannot sue it for breach of contract.

  • October 22, 2018

    2 Insurers Exit $1.3M Construction Defect Coverage Row

    A Florida federal judge on Monday dismissed American Home Assurance Co. and Illinois National Insurance Co. from a lawsuit alleging they failed to indemnify the general contractor in a condominium association's construction defects suit that led to it paying a $1.3 million settlement, after the insurers reached a deal with the condo association.

  • October 19, 2018

    Bank Must Face Claim Of Stalling Wall Street Condo Sale

    A Manhattan trial judge ruled Friday that real estate firm Bleckner PC can sue Signature Bank for refusing to let the firm put a $14 million down payment on a building in the heart of New York’s Financial District because the bank believes the building’s seller is blacklisted by the U.S. Treasury.

  • October 19, 2018

    Couple Sues Accounting Firm Over Woodbridge Ponzi Losses

    An Oklahoma couple claim they lost $335,000, which they invested in the alleged Ponzi scheme run by now-bankrupt Woodbridge Group LLC just before the company collapsed, on the word of an unlicensed investment adviser working for their accounting firm.

  • October 19, 2018

    Opportunity Zone Regs Could Still Leave Openings For Abuse

    Guidance released Friday by the U.S. Department of the Treasury on the deferral of taxable gains under the opportunity zone program leaves potential avenues for abuse by investors, who may be able to take advantage of uncertainty over the treatment of largely vacant lots, as one example.

  • October 19, 2018

    Worker Fired For Telling AG About Cooked Books, Suit Says

    A Chicago-based property management company retaliated against and fired an employee after he reported the company to both state and in-house officials for allegedly cooking its books to inflate its performance and lure more clients, according to a lawsuit filed Thursday.

  • October 19, 2018

    Ex-Tribe Head's Testimony Shows Lack Of Reservation: Mich.

    Michigan told a federal court to deny a bid from The Little Traverse Bay Bands of Odawa Indians to trim claims in a suit seeking recognition of its boundaries, saying testimony from the former tribe chairman supports that a 1994 law was not intended to reaffirm the borders of the reservation prior to the 1870s.

  • October 19, 2018

    High Court Urged Not To Review 9th Circ. Preemption Ruling

    The California homeowner behind a proposed class action over Bank of America's alleged violation of a California state mortgage escrow interest law has urged the U.S. Supreme Court not to review a Ninth Circuit decision that held the state law isn’t preempted by the National Bank Act.

  • October 19, 2018

    Blackstone Real Estate Arm Buys Hawaiian Ritz-Carlton Hotel

    The Ritz-Carlton Kapalua, a luxury oceanfront hotel on a 49-acre property in Maui, Hawaii, has sold for an undisclosed price to Blackstone Real Estate Partners, according to joint venture partners Ares Management LLC, SMW Hospitality LLC and Trinity Real Estate Investments LLC.

Expert Analysis

  • Opinion

    A Decade After Financial Crisis, Misconceptions Remain

    Edward Stringham

    Following the 2008 economic downturn, many observers blasted mortgage-backed securities and collateralized debt obligations. Today, we're hobbled with numerous regulations that stem from a fundamental misunderstanding of what these instruments were designed to do, says Edward Stringham of the American Institute for Economic Research.

  • A Step Toward Modernizing The Community Reinvestment Act

    David Freeman

    The Office of the Comptroller of the Currency recently addressed a number of significant concerns about the Community Reinvestment Act that have been raised in recent years. Attorneys with Arnold & Porter discuss the core aspects of the existing CRA framework, the apparent priorities of the OCC in updating this framework, and next steps for industry participants.

  • Past Due Rent May Not Support A Claim For Eviction

    Jason Hirsh

    Lawyers counseling clients with respect to commercial real estate should be alarmed by 1002 E. 87th Street v. Midway, in which the Illinois Appellate Court recently held that a buyer of real estate cannot sue for rent owed prior to the real estate acquisition and that a claim for past due rent is not assignable, say Jason Hirsh and Jamie Burns of Levenfeld Pearlstein LLC.

  • 10 Questions For Upcoming Opportunity Zone Guidance

    Marc Schultz

    Last year's tax overhaul created an incentive program to encourage the investment of private capital in certain "opportunity zones" throughout the United States. The IRS is expected to issue guidance for interpreting many of the opportunity zone provisions in short order. However, the success of this program could depend upon the IRS' answers to these 10 questions, says Marc Schultz of Snell & Wilmer LLP.

  • High Court Could Settle Preemption Questions For Banks

    Jesse Tyner Moore

    Courts are still defining the power of federal financial regulators to exempt federally regulated institutions from state laws. The U.S. Supreme Court could help clarify important constitutional issues if it reviews Lusnak v. Bank of America, which is being appealed from the Ninth Circuit, says Jesse Tyner Moore of Dykema Gossett PLLC.

  • Why Escobar Materiality Rule Applies To California FCA

    Carolyn Pearce

    While California state courts have yet to directly address the issue, it is likely that the U.S. Supreme Court's Escobar standard for False Claims Act claims will — and indeed should — guide the materiality analysis under the California FCA as well, says Carolyn Pearce of Arnold & Porter.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • New Pass-Through Deduction Will Pass Over Many Lawyers

    Evan Morgan

    A few weeks ago, the IRS proposed regulations related to the Tax Cuts and Jobs Act's 20 percent deduction on qualified business income for pass-through entities. The guidance offers long-awaited clarity, but is mostly bad news for many law firms, says Evan Morgan of Kaufman Rossin PA.

  • The REIT Take-Private Process: Trends And Considerations

    Spencer Johnson

    Current market conditions have set the stage for a wave of real estate investment trust public-to-private transactions. While there is no one-size-fits-all process, attorneys with King & Spalding LLP look at some common ways these deals are being initiated and negotiated today.

  • How Reckless Judicial Impeachments Threaten Rule Of Law

    Jan van Zyl Smit

    Judicial impeachment fever seems to be spreading through the states, with West Virginia legislators recently voting to remove their state's entire Supreme Court, and lawmakers in Pennsylvania and North Carolina threatening the same. These actions are a serious threat to judicial independence, says Jan van Zyl Smit of the Bingham Centre for the Rule of Law.