Commercial
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July 10, 2024
The Real Estate Bankruptcies Making Headlines This Year
The real estate industry is no stranger to distress, but recent market headwinds have made it even harder for certain companies to chart the course to calmer seas. Catch up on the major real estate bankruptcy developments that have made headlines so far this year.
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July 10, 2024
Real Estate Fundraising Charts Slow Recovery
Private real estate fundraising remains fairly weak at the midpoint of the year, though investors have been building more of an appetite for the property industry that should lift prospects in the coming months.
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July 10, 2024
Tarter Krinsky Advises $178M NYC Office Tower Buy
Tarter Krinsky & Drogin LLP guided Sovereign Partners' $178 million purchase of a 50-story office building at 780 Third Ave. in Manhattan.
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July 10, 2024
Pa. Developer's Heirs, Foundation Can't Appeal Fee Denial
The Supreme Court of Pennsylvania won't take up a fee dispute stemming from a disagreement over the control of a foundation established by Pittsburgh developer Jack Buncher.
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July 10, 2024
Sheppard Mullin Adds Winston & Strawn Real Estate Duo
Sheppard Mullin Richter & Hampton LLP has strengthened its real estate, energy, land use and environmental practice with two partners in Houston who joined from Winston & Strawn LLP.
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July 10, 2024
5 Airport Building Projects That Scored Federal Grants
Five U.S. airports are receiving federal funding for building projects as airports look to upgrade their terminals and baggage systems.
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July 10, 2024
Cushman's Retail Leader Talks Malls' Evolution
What do a pickleball court, a beer garden, a boxing ring and a hospital have in common? Depending on where you are in the U.S., you may come across any one of these at your local shopping mall, said Cushman & Wakefield's retail practice group leader.
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July 09, 2024
NY Judge In Trump Case OKs Narrow Subpoena For Atty
An attorney who told reporters he held an impromptu hallway conversation with a New York state judge in the lead-up to February's $464.6 million civil fraud judgment against Donald Trump must turn over any communications he had with the court regarding the underlying action, according to a Tuesday ruling.
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July 09, 2024
Indicted Ex-Conn. Official Drops Greece Vacation Plan
Ex-Connecticut budget official Konstantinos "Kosta" Diamantis on Tuesday dropped his request for a federal judge's permission to travel to Greece while he is under indictment, withdrawing his motion one day after prosecutors objected.
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July 09, 2024
Philly EB-5 Investors Can Seek Visa Outside Court, Panel Says
The D.C. Circuit on Tuesday found three Chinese EB-5 investors who sought to fast-track a visa by putting their money into a Philadelphia transit project can still do so without litigation in a decision backing a trial court ruling dismissing their case.
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July 09, 2024
Mich. Property Tax Elimination Fails To Get On 2024 Ballot
A constitutional amendment that would have eliminated Michigan's property taxes will not appear on the 2024 state ballot after its backers failed to submit the signatures needed to qualify, the secretary of state's office confirmed Tuesday.
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July 09, 2024
Dentons Advises $115M For Stalking Horse Hotel Buy
Dentons guided the financing for a bankruptcy sale of Brooklyn, New York's, William Vale hotel to EOS Hospitality for $177 million in a stalking horse bid approved by a bankruptcy judge in May.
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July 09, 2024
House Dems Seek Info From DOI Over Alleged Shale Cartel
House Democrats sitting on the House Natural Resources Committee penned a letter Tuesday seeking information from the U.S. Department of the Interior concerning eight oil companies accused of colluding with the Organization of Petroleum Exporting Companies to artificially inflate gas prices.
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July 09, 2024
Hospital Operator Leads 2 IPOs Ready To Raise $465M Total
Hospital operator Ardent Health and insurance distributor TWFG Inc. unveiled price ranges this week on initial public offerings that are expected to raise about $465 million combined under guidance by four law firms, adding life to the summer IPO market.
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July 09, 2024
Alston & Bird Brings In Sidley Trio To Launch New Offices
Alston & Bird LLP announced on Tuesday that it has opened two new offices in Chicago and Century City with the addition of three lateral partners from Sidley Austin LLP, a move the firm said will strengthen its corporate, healthcare and real estate practices.
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July 09, 2024
RMR Group Provides $40M For Boston Hotel Refi Loan
RMR Group affiliate Tremont Realty Capital said it has provided $40 million to refinance a Boston-area hotel.
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July 09, 2024
Procopio Advises $430M Refi For Luxury Austin Hotel
In a deal guided by Procopio Cory Hargreaves & Savitch LLP, Manchester Financial Group has secured a $430 million refinancing with a commercial mortgage-backed securities loan from Goldman Sachs for the luxury Fairmont Austin hotel, according to broker JLL.
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July 09, 2024
Fla. Agrees To Stronger CWA Protections For Piney Point Site
Conservation groups said they've reached an agreement with the Florida Department of Environmental Protection to settle litigation over a phosphogypsum facility in Manatee County, with state regulators agreeing to a draft Clean Water Act permit for the site.
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July 09, 2024
BP Unit Slams 'Farfetched' $300M Franchise Termination Suit
The trio of companies that sued a BP subsidiary for terminating their truck stop franchise agreement have no claim to make, the BP unit has told an Ohio federal court, arguing that by their own admission the companies failed to hold up their end of the agreement at issue.
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July 09, 2024
NJ Power Broker, Firm CEO Deny Racketeering Charges
Powerful New Jersey businessman George E. Norcross III, his prominent attorney brother and others on Tuesday denied that they schemed to acquire waterfront property in the distressed city of Camden by threatening to ruin the business reputations and finances of key stakeholders.
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July 08, 2024
Fried Frank Guides $295M Financing For Kushner's NJ Project
Real estate developer and manager Kushner Cos. LLC obtained $295 million in construction financing for the second phase of its 1,723-unit, mixed-use skyscraper project in Jersey City, New Jersey, in a loan deal advised by Fried Frank Harris Shriver & Jacobson LLP, the firm said on Monday.
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July 08, 2024
Real Estate Lender Closes $390M In Senior Housing Deals
Real estate lender Dwight Capital and its real estate investment trust affiliate wrapped up $390.4 million in financing for senior housing across the U.S. in 2024's second quarter, the lender announced Monday.
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July 08, 2024
Feds Aim To Expand Military Site List For Land Deal Reviews
The U.S. Department of the Treasury on Monday proposed putting 59 more military sites on its radar when it reviews real estate deals for national security issues, a move that comes on the heels of the White House's crackdown on a Chinese-owned cryptocurrency mine near a Wyoming air base.
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July 08, 2024
Morrison Cohen Launches Luxury Brands Practice
Morrison Cohen LLP announced Monday the launch of a luxury brands practice designed to offer more holistic counsel to high-end companies like Valentino, Louis Vuitton, Salvatore Ferragamo and more.
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July 08, 2024
Frost Brown Adds Former Solo Land Use Atty In Calif.
Frost Brown Todd LLP has brought on a former solo practitioner and veteran California attorney with expertise in the state's environmental quality act in the firm's San Francisco office, the firm announced Monday.
Expert Analysis
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Post-Ciminelli Predictions On Right-To-Control Convictions
The recent Second Circuit filings in Binday suggest that the government will fight to preserve its right-to-control convictions in the wake of the U.S. Supreme Court's Ciminelli decision, and offer clues about key issues that will drive post-Ciminelli litigation, say attorneys at Debevoise.
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Steps To Success For Senior Associates
Excerpt from Practical Guidance
Adriana Paris at Rissman Barrett discusses the increased responsibilities and opportunities that becoming a senior associate brings and what attorneys in this role should prioritize to flourish in this stressful but rewarding next level in their careers.
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How To Avoid A Zombie Office Building Apocalypse
With national office vacancy rates approaching 20%, policymakers, investors and developers will need to come together in order to prevent this troubling trend from sucking the life out of business districts or contaminating the broader real estate market, say Ryan Sommers and Robyn Minter Smyers at Thompson Hine.
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Legal Profession Must Do More For Lawyers With Disabilities
At the start of Disability Pride month, Rosalyn Richter at Arnold & Porter looks at why lawyers with disabilities are significantly underrepresented in private practice, asserting that law firms and other employers must do more to conquer the implicit bias that deters attorneys from seeking accommodations.
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Appellate Funding Disclosure: No Mandate Is Right Choice
The Advisory Committee on Appellate Rules' recent decision, forgoing a mandatory disclosure rule for litigation funding in federal appeals, is prudent, as third-party funding is only involved in a minuscule number of federal cases, and courts have ample authority to obtain funding information if necessary, says Stewart Ackerly at Statera Capital.
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A Clearer Path To Speedy Guaranty Litigation In NY Courts
Recent cases indicate that New York's Appellate Division, First Department, is shifting its stance regarding when agreements with both monetary and nonmonetary obligations qualify for expedited litigation, and highlight best practices for drafting guarantees and notes, say Joshua Kopelowitz and Bansari Sheth at Fox Rothschild.
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LA's High-Value Real Estate Transfer Tax Should Be Scrapped
Los Angeles’ recently implemented high-value property transfer tax has chilled the real estate market, is failing to meet revenue expectations and raises significant constitutional concerns, making it a flawed piece of legislation that should be invalidated, says attorney Paul Weinberg.
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High Court Ruling Provides New Avenue For Foreign Plaintiffs
The U.S. Supreme Court’s recent ruling in Yegiazaryan v. Smagin offers a new path for foreign plaintiffs attempting to enforce arbitral awards in the U.S., but it also leaves the standard for such attempts under the Racketeer Influenced and Corrupt Organizations Act unsettled, say attorneys at Wiley.
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Justices' Corruption Ruling May Shift DOJ Bank Fraud Tactics
After the U.S. Supreme Court’s decision last month in Ciminelli v. U.S., curtailing a government theory of wire fraud liability, prosecutors may need to reconsider their approach to the bank fraud statute, particularly when it comes to foreign bank enforcement, says Brian Kearney at Ballard Spahr.
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Avoiding Negative Tax Consequences In Loan Modifications
Borrowers who may be caught in the dramatic uptick in nonperforming commercial real estate loans should consider strategies to avoid income and capital gains tax that may be triggered by loan modifications, says Aman Badyal at Glaser Weil.
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How Attys Can Avoid Exposing Their Firms To Cyberattacks
Attorneys are the weakest link in their firms' cyberdefenses because hackers often exploit the gap between individuals’ work and personal cybersecurity habits, but there are some steps lawyers can take to reduce the risks they create for their employers, say Mark Hurley and Carmine Cicalese at Digital Privacy & Protection.
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Foreign Investment In Real Estate Is Getting More Complicated
Increasing federal scrutiny and a proliferation of new state laws targeting foreign investment in real estate may complicate or prevent transactions even by U.S. companies or funds that have shareholders or limited partners from China and other countries of concern, say attorneys at Akin.
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Virginia 'Rocket Docket' Slowdown Is Likely A Blip
After being the fastest or second-fastest federal civil trial court for 14 straight years, the Eastern District of Virginia has slid to 18th place, but the rocket docket’s statistical tumble doesn't mean the district no longer maintains a speedy civil docket, says Robert Tata at Hunton.