Real Estate

  • June 05, 2020

    COVID-19 Release For DBSI's Ex-GC In Prison Bureau's Hands

    DBSI's 71-year-old former corporate general counsel serving a five-year prison sentence for his role in a Ponzi scheme disguised as a real estate company will have to wait and see if the Bureau of Prisons finalizes its agreement to release him to home confinement amid the pandemic, a federal judge in Idaho said Thursday.

  • June 05, 2020

    HUD Agrees To Produce Docs On 'Devastating' Rent Aid Rule

    The U.S. Department of Housing and Urban Development agreed to hand over internal agency documents to the Legal Aid Society, which had sought the information related to a proposal to cut housing assistance for certain immigrant families.

  • June 05, 2020

    Nonprofit Says HUD Lied About Loan Policy For Dreamers

    Democracy Forward called Friday for an investigation into the U.S. Department of Housing and Urban Development after records allegedly revealed the agency lied about implementing a policy to deny DACA recipients federally backed housing loans, as the country awaits the fate of the immigration program.

  • June 05, 2020

    Texas Justices Will Consider Unused Days Lease Dispute

    The Texas Supreme Court agreed Friday to consider whether an operator of an oil and gas lease in Howard County can extend the timeline for drilling a new well enough to prevent its rights from being terminated in favor of the landowner.

  • June 05, 2020

    Developers Say Mich. Tribe Must Face Casino Contract Suit

    Two development companies suing the gaming authority of the Sault Ste. Marie Tribe of Chippewa Indians over the planned construction of new casinos told a Michigan federal court to ignore arguments from the tribe that it has sovereign immunity from the companies' claims for about $9 million, plus for future revenue from the projects.

  • June 05, 2020

    Chicago Developer Must Pay For Missed Deadline In $50M Suit

    An Illinois federal judge on Friday sanctioned the owners of a failed Chicago real estate project $18,000 for their "flagrant disregard" of a deadline to show how they spent $49.5 million from Chinese investors who claim they were ripped off.

  • June 05, 2020

    3 Lingering Opportunity Zone Questions Amid The Pandemic

    The COVID-19 pandemic has severely slowed the commercial real estate market as investors are skittish and banks are reluctant to loan, and while the IRS on Thursday provided important relief for investors in opportunity zone projects, questions and hurdles for such deals still remain. Here, Law360 looks at several.

  • June 05, 2020

    Principal Life Loans $90M For Queens Mixed-Use Building

    Principal Life Insurance has loaned $90 million to a Werner Management entity for various commercial and residential condo units at a property in the Jackson Heights neighborhood of Queens, according to records made public in New York on Friday.

  • June 05, 2020

    Real Estate Rumors: Acento, 24 Hour Fitness, Time Equities

    Acento Real Estate Partners has reportedly landed $114 million in financing for three Baltimore-area multifamily properties, 24 Hour Fitness is said to be seeking a buyer ahead of a planned bankruptcy filing, and a Time Equities venture has reportedly halted construction of a Chicago condo tower over coronavirus concerns.

  • June 05, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen a Chinese billionaire dissident launch another legal fight with UBS AG, a demolition company lodge a negligence claim against Hiscox and an asbestos solutions provider and an airport sim card seller target telecommunications giant Vodafone. Here, Law360 looks at those and other new claims in the U.K.

  • June 04, 2020

    CFPB Tackles Libor Transition In New Guidance, Reg Proposal

    The Consumer Financial Protection Bureau on Thursday moved to address the Libor transition's implications for certain consumer credit regulatory requirements, issuing compliance guidance and floating rules changes to help smooth creditors' paths away from the benchmark for their variable-rate products.

  • June 04, 2020

    Home Seller Says House Flipper Paid In 'Worthless' Crypto

    A Georgia house-flipper bilked a California woman out of $37,500 by paying for part of an all-cash deal for her Georgia property with a "worthless" cryptocurrency called Troptions.Gold, according to a suit filed in Georgia federal court Wednesday.

  • June 04, 2020

    NJ Appeals Court Denies Higher Tax Value For Office Complex

    A New Jersey appeals court on Thursday affirmed a state Tax Court ruling that lowered the property tax valuation for a multiple-use property that included office buildings, warehouses and a residence, rejecting a borough's challenge seeking a higher valuation.

  • June 04, 2020

    Feds, Guam Reach Deal In Suit Over Chamorro Housing Law

    The U.S. Department of Justice said Thursday it reached a deal with Guam to settle the government's suit claiming the territory's restriction of certain residential leases to "native Chamorros" violated federal housing law.

  • June 04, 2020

    Bankrupt JC Penney Is Last Holdout On Pa. Mall's Ch. 11 Plan

    Approval of a Chapter 11 reorganization and redevelopment plan for the Century III Mall outside Pittsburgh was delayed again Thursday to work out a deal with J.C. Penney Co., the last retailer at the mall and the last objector to the plan, as the company goes through its own bankruptcy.

  • June 04, 2020

    NJ Assembly OKs $5B In Bonding Amid Debate On Tax Trigger

    The New Jersey Assembly passed a $5 billion bonding bill for pandemic relief Thursday after debate concentrated on how realistic it was that a clause in the legislation could trigger a statewide property tax if borrowing couldn't be repaid.

  • June 04, 2020

    JPMorgan Seeks Dismissal Of Escrow Interest Suit

    JPMorgan Chase urged a New York federal judge to toss a proposed class action accusing it of failing to pay interest on mortgage escrow accounts under state law, arguing Wednesday that the Empire State law is preempted by federal banking laws.

  • June 04, 2020

    Real Estate Rumors: Brookfield, 312 Food Corp., Klovern

    Brookfield Asset Management has reportedly dropped $64 million on two California industrial properties, 312 Food Corp. is said to have leased 7,500 square feet of New York office and retail space, and a Klovern venture has reportedly landed $100 million in bond financing for a Manhattan property.

  • June 04, 2020

    Texas Court Orders New Trial In $740M Appraisal IP Fight

    A Texas appellate court reversed a record-setting $740 million trade secrets theft and fraud judgment for real estate analytics company HouseCanary against rival Amrock, holding flawed jury instructions require a new trial.

  • June 03, 2020

    Court Urged Not To End Suit Over Atty's 'Greed And Betrayal'

    An attorney who engaged in "greed and betrayal" should not be able to escape a $15.8 million malpractice lawsuit from a former client who contends he was swindled in a related real estate deal, the ex-client told an Illinois federal court on Tuesday.

  • June 03, 2020

    Fla. Panel Won't Advance Airbnb Tax Row To State High Court

    A Florida state appeals court declined Wednesday to recommend that its decision finding Airbnb and Tripadvisor weren't required to collect and remit county taxes on short-term rental bookings be reviewed by the state Supreme Court.

  • June 03, 2020

    Owners Of Failed Dam Accused Of 'Despicable' Safety Record

    A Michigan homeowner accusing the owners of the Edenville Dam of a "despicable disregard" for safety has asked to represent a proposed class of 11,000 residents that suffered property damage and had to flee after the dam's failure sent a flood into homes and businesses.

  • June 03, 2020

    TF Cornerstone Lands $374M Refi For Manhattan Building

    TF Cornerstone has landed $374.4 million in refinancing from the New York State Housing Financing Agency for an apartment building on West 37th Street in Manhattan, according to records made public in New York on Wednesday.

  • June 03, 2020

    Real Estate Rumors: HighBrook, WeWork, Pointe Development

    HighBrook Investors has reportedly scored $29 million in financing for a Washington, D.C.-area office property, WeWork is said to be seeking to call off a lease for a new London building and Pointe Development may pay $10 million for Miami-Dade County land where it could build affordable housing.

  • June 03, 2020

    Israel Discount Bank Loans $35M For Manhattan Building

    Israel Discount Bank of New York has loaned $35 million to a Renaissance Realty Group entity for an apartment building in Manhattan, with a lawyer at financial firm Lynch & Associates working on the deal, according to records made public in New York on Wednesday.

Expert Analysis

  • Law Firms Must Beware Risks In Nontraditional Financing

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    Law firms in today's financial crisis may be looking at nontraditional arrangements such as portfolio funding or factoring to provide liquidity and cash support, but firms must first consider lawsuits brought against Pierce Bainbridge and other recent developments, says Katherine Toomey at Lewis Baach.

  • Calif. Vapor Intrusion Guidance Promises More Consistency

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    The draft guidance on vapor intrusion released recently by a group of California environmental agencies should help address confusion resulting from varying approaches to vapor investigation and remediation used by different state regulators, says Laurie Berger at Environmental General Counsel.

  • A Creative Strategy For Repaying PPP Loans

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    Although most small businesses cannot meet the Payroll Protection Program's loan forgiveness requirements, using this CARES Act program in conjunction with the Small Business Debtor Reorganization Act could be the solution for companies trying to survive the current pandemic era, says Thomas Lehman at Levine Kellogg.

  • 2 Tested Alternatives To Unavoidable Court Delays

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    Those seeking resolution in commercial disputes that are stuck in an unavoidable but lengthy court backlog due to the pandemic must consider the advantages of arbitration and mediation over court proceedings, says former U.S. District Judge Shira Scheindlin now at Stroock.

  • A Guide To Executing NY Contracts While Working From Home

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    Although relatively informal and commonly taken for granted, electronic signatures — such as typing a name at the end of an electronic message — may lead to a contract that is valid, enforceable and deemed to satisfy New York's Statute of Frauds, say Martin Siegel and Ally Hack at Warshaw Burstein.

  • Opinion

    Minn. Ruling Represents Sensible Stance On Legal Finance

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    The Minnesota Supreme Court's Maslowski v. Prospect Funding Partners decision this week reaffirms that the doctrine of champerty is archaic, impedes important litigation finance activity, and should be abolished in the handful of states where it remains alive, says Andrew Cohen at Burford Capital.

  • Best Practices For A Paperless Law Practice

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    A significant challenge in practicing law remotely is the use and handling of documents without paper, because common digital tools such as email or even secure file transfer applications are problematic, say attorneys at Baker McKenzie.

  • Unpacking CARES Act Tax Breaks For Real Estate Investors

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    Real estate investors should take time to properly understand how the CARES Act has opened the door for significant tax refunds, which could mean the difference between solvency and bankruptcy during the COVID-19 crisis, says Julio Gonzalez at Engineered Tax Services.

  • 5 Ways A Special IG Can Combat Crisis Relief Fraud

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    As companies and their counsel prepare for enforcement by the newly confirmed special inspector general for pandemic recovery responsible for overseeing CARES Act funds, Christy Goldsmith Romero, special inspector general for the Troubled Asset Relief Program, shares how her office has investigated fraud, waste and abuse of federal relief funds following the 2008 financial crisis.

  • Spring Is A Good Time To Revisit Easement Conflict In Mass.

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    A recent Massachusetts Land Court case addressing beach access and other easement rights in residential subdivisions serves as a reminder of the complex issues surrounding easements that real estate companies and developers might consider as summer approaches, says Gordon Orloff at Rackemann Sawyer.

  • Opinion

    Lawyers Must Address Racial Injustice With Radical Candor

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    The legal industry is uniquely positioned, and indeed obligated, to respond to the racial disparities made clear by the recent killings of George Floyd and Breonna Taylor, but lawyers must be willing to be uncomfortable, says Tiffani Lee at Holland & Knight.

  • Mortgage Servicers Will Bear Brunt Of CARES Act Relief

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    The CARES Act provides assistance to some borrowers who do not need help, and requires the wrong entities — mortgage servicers — to finance a large portion of this assistance, says Greg Halm at Berkeley Research Group.

  • How Lawyers Can Network Better, Virtually And In Person

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    The current decrease in formality and increase in common ground due to the work-from-home environment can make it easier to have a networking conversation, says Megan Burke Roudebush at Keepwith.

  • Texas Ruling Challenges Oil And Gas Anti-Washout Provisions

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    The Texas Supreme Court's recent opinion in Yowell v. Granite Operating Co. is the latest indication that the rule against perpetuities presents a unique challenge for overriding royalty interest owners who wish to utilize anti-washout provisions to carry an interest forward to new oil and gas leases, says Michael Reer at Harris Finley.

  • Practical Tips For Presenting Your Case To Litigation Funders

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    One mistake that attorneys commonly make when presenting a case to a third-party funder is focusing almost exclusively on liability and giving short shrift to the damages analysis — resulting in an aspirational damages estimate that falls apart under scrutiny, say Cindy Ahn and Justin Maleson at Longford Capital and Casey Grabenstein at Saul Ewing.

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