Commercial
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May 31, 2024
9th Circ. Says LA's COVID-19 Eviction Ban Was No Taking
The Ninth Circuit on Friday declined to reinstate a Los Angeles landlord's $100 million suit challenging the city's pandemic-era eviction ban, finding it didn't constitute a physical taking since the landlord "voluntarily opened" his property to tenants, and that loss of rental income itself doesn't establish a governmental taking.
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May 31, 2024
Healthcare REIT Closes $120M Loan For 8-Property Portfolio
Diversified Healthcare Trust has finalized a deal for a 10-year, interest-only $120 million mortgage loan that's secured by eight of its properties located in seven states, the healthcare-focused real estate investment trust announced.
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May 31, 2024
IRS Can Seek Tax Beyond Bankruptcy Deal, 11th Circ. Affirms
A deal between the IRS and an Alabama real estate developer to settle his tax debt for $2 million during Chapter 11 bankruptcy proceedings wasn't final, and the agency can demand additional taxes from him, the Eleventh Circuit affirmed Friday.
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May 31, 2024
Kirkland Guides Town Lane To $1.25B Debut Real Estate Fund
Kirkland & Ellis LLP advised the close of an inaugural, $1.25 billion fund for Town Lane, a real estate firm founded by a brother-sister duo with decades of combined experience at Blackstone and Sycamore Partners, according to a Friday news release.
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May 31, 2024
Contractor, Insurers Settle NYC Four Seasons Coverage Row
A New York federal judge dismissed a general contractor's suit seeking coverage from two insurers for an underlying $1 million action over damage to a Four Seasons hotel in midtown Manhattan, saying the parties have reached a proposed settlement.
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May 31, 2024
Atty Gets 2nd Suspension Over Sale Of $1.6M Painting
The Florida Supreme Court approved a one-year suspension for a New Jersey-based attorney and real estate developer this week who pled guilty to smuggling a $1.6 million painting out of his house in 2013 to avoid an asset sale.
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May 31, 2024
Phoenix Office Activity Down Annually In Q1, CBRE Says
The Phoenix area's office market notched negative absorption again in the first quarter of 2024, with vacancy rates remaining high and total leasing activity down on an annual basis, according to a CBRE report.
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May 31, 2024
WeWork's Winding Road Through Bankruptcy Court
Office space provider WeWork won approval for its $4 billion Chapter 11 reorganization plan Thursday, overcoming opposition from landlords, unsecured creditors and its own founder to emerge debt-free under new equity ownership.
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May 30, 2024
Only One Landlord Allowed To Duck DC RealPage Suit
One of several landlords that stands accused by the District of Columbia of using property management platform RealPage to fix the price of rentals has managed to convince a D.C. Superior Court judge to kibosh the claims against the real estate investment trust permanently.
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May 30, 2024
Defendant Dropped From Calif. Broker Commissions Case
A California federal judge has dismissed a multiple listing service from a proposed antitrust class action that accused the service and several real estate brokerages of engaging in a conspiracy to artificially inflate buyer broker commissions on home sales.
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May 30, 2024
Curaçao Expropriation Suit Tossed Over Sovereign Immunity
A D.C. federal judge on Thursday tossed an Iranian American women's rights activist's $110 million suit accusing Curaçao's banking regulator of unlawfully seizing her stake in a $700 million investment company, saying the regulator has sovereign immunity and that, in any case, no expropriation had taken place.
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May 30, 2024
Only $100K Owed For NJ Theater's Virus Losses, Judge Says
A Zurich unit owed a theater only $100,000 for its COVID-19-related losses under its policy's communicable disease coverage provision, a New Jersey federal court ruled, rejecting the theater's arguments that each public health order constituted a separate occurrence and that a "blanket" $1.9 million limit was applicable.
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May 30, 2024
Judge Finds US Owns Fla. Island In Long-Running Dispute
A federal judge ruled that the government owns a vacant island off the harbor of Key West, Florida, in rejecting a developer's long-running claim to title, finding that the U.S. Navy has used the site as a buffer from forces such as hurricanes and private development.
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May 30, 2024
AECOM Joins Team For NBA Arena, Resort On Vegas Strip
Developer LVXP said it has tapped AECOM to assist in a planned NBA-ready arena anchoring a 27-acre site with a luxury resort and casino on the Las Vegas Strip.
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May 30, 2024
RFR Execs Face $16M Manhattan Office Loan Suit
The lender behind the senior and junior mezzanine loans tied to a New York City office property filed suit in state court against the two principals of real estate investment firm RFR, saying the pair are on the hook for a combined $16.6 million after the borrower defaulted.
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May 30, 2024
Jersey Shore Motel Loses Condemnation Fight With Town
A New Jersey borough properly used eminent domain to take over a local 50-room motel where it plans to provide parking and electric vehicle charging, a New Jersey appellate panel ruled.
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May 30, 2024
WeWork Gets OK For $4B Chapter 11 Plan
A New Jersey bankruptcy judge on Thursday approved office space provider WeWork's plan to wipe out $4 billion in debt and end its Chapter 11 case after hearing there were no remaining creditor objections.
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May 29, 2024
NC State Is Blocking Probe Of PCBs In Building, Court Told
North Carolina State University is trying to exploit the judicial process in order to destroy evidence of building contamination, a cancer-stricken professor told a state appeals court Tuesday in a bid to advance plans for a carcinogen inspection.
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May 29, 2024
CBRE Wants Would-Be Property Buyer's Suit Trimmed
CBRE Inc. urged an Iowa federal court to toss a professional negligence claim in a real estate investment firm's $10.3 million suit over a failed Iowa property deal, arguing that, as a real estate brokerage, it wasn't obligated to tell the firm about a competing buyer.
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May 29, 2024
Tremont Chicago Hotel Reaches Agreement With Lender
A defunct hotel near Chicago's commercial center has reached an agreement with its senior secured creditor, resolving its request to dismiss the case or lift the Chapter 11 automatic stay while reserving the right to revisit the stay under some circumstances.
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May 29, 2024
2nd Circ. Judge Weighs Sanctioning NYC In Rent Law Case
A Second Circuit judge on Wednesday pressed an attorney for New York City on why the city should not be sanctioned for bringing up a jurisdictional challenge to a landlord's suit over a pandemic-era guaranty law at the "11th hour" of proceedings, after the city had lost in previous rulings.
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May 29, 2024
7 Courthouse Facelifts Funded By The $1.2T Spending Bill
Seven federal courthouses across the U.S. and Puerto Rico are receiving funds for upgrades or construction as part of Congress' latest $1.2 trillion spending package, and security and seismic concerns are top of mind at many of the buildings selected.
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May 29, 2024
Gibson Dunn, Cleary Advise $120M Luxury Retail Buy
A Florida real estate investment firm has closed on $120 million in financing for its discount acquisition of a luxury retail building at 680 Madison Ave. in New York, in a transaction advised by Gibson Dunn & Crutcher LLP and Cleary Gottlieb Steen & Hamilton LLP.
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May 29, 2024
3 Firms Guide Blackstone's $768M Hawaii Resort Deal
Simpson Thacher & Bartlett LLP, Arnold & Porter Kaye Scholer LLP and Cades Schutte LLP guided Blackstone Real Estate's $725 million sale of a Hawaii resort and the simultaneous $43 million sale of an adjacent 65-acre parcel, according to a statement from the seller Wednesday.
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May 29, 2024
Law Firm Says Atty Can't Elude Malpractice Claims In RE Case
Chaitman LLP has urged a New Jersey state court to preserve its malpractice claims against a suspended solo attorney, arguing that discovery so far has shown that the attorney was deeply involved in guiding a case that ended in failure for its clients and exposed Chaitman to its own malpractice suit.
Expert Analysis
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What OneMain Order Says About CFPB's Regulatory Priorities
The Consumer Financial Protection Bureau’s recent action against OneMain Financial Group and others reflect a continuing trend of arguably historic regulatory scrutiny for consumer lenders, and send a strong message that the CFPB is taking a tough stance against deceptive sales practices, say Felix Shipkevich and Jessica Livingston at Shipkevich.
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5 Management Tips To Keep Law Firm Merger Talks Moving
Many law firm mergers that make solid business sense still fall apart due to the costs and frustrations of inefficient negotiations, but firm managers can increase the chance of success by effectively planning and executing merger discussions, say Lisa Smith and Kristin Stark at Fairfax Associates.
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2nd Circ. Reinsurance Ruling Correctly Applied English Law
Contrary to a recent Law360 guest article's argument, the Second Circuit correctly applied English law when it decided in Insurance Company of the State of Pennsylvania v. Equitas that concurrent reinsurance certificates required the reinsurer to cover loss in accordance with the law of the policy's governing jurisdiction, say Peter Chaffetz and Andrew Poplinger at Chaffetz Lindsey.
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Rethinking In-Office Attendance For Associate Retention
The hybrid office attendance model doesn't work for all employees, but it does for many — and balancing these two groups is important for associate retention and maintaining a BigLaw firm culture that supports all attorneys, says Summer Eberhard at Major Lindsey.
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Hospitality Biz Must Prep For Seaweed Damage Coverage
With the Great Atlantic Sargassum Seaweed Belt, a 10-million-ton mass of brown seaweed, potentially about to approach the coasts of the U.S. Southeast, Puerto Rico and the Caribbean, affected policyholders should consider whether their losses are covered by their property insurance policies, say attorneys at Pillsbury.
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Sackett's US Waters Redefinition Is A Boon For Developers
The U.S. Supreme Court's recent landmark ruling in Sackett v. U.S. Environmental Protection Agency should reduce real estate project delays, development costs and potential legal exposures — but developers must remain mindful of how new federal and state regulations governing wetlands could affect their plans, say attorneys at Morris Manning.
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Murdaugh Trials Offer Law Firms Fraud Prevention Reminders
As the fraud case against Alex Murdaugh continues to play out, the evidence and narrative presented at his murder trial earlier this year may provide lessons for law firms on implementing robust internal controls that can detect and prevent similar kinds of fraud, say Travis Casner and Helga Zauner at Weaver and Tidwell.
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For NY Wind And Solar Projects, Some Tax Assessment Clarity
Recent legislation, which moots a challenge to New York’s discounted cash flow method for assessing solar and wind project real property taxes, lifts a cloud of uncertainty and brings new considerations for developers, investors and lenders, say attorneys at Hodgson Russ.
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How Electric Vehicles Will Affect Land Use And Development
The increasing use of electric vehicles will bring significant issues for cities and real estate developers to consider, as cities will require substantially more infrastructure to meet electric vehicles' charging needs, says John Lushis at Norris McLaughlin.
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2nd Circ. Reinsurance Ruling Misconstrues English Law
The Second Circuit's finding in Insurance Company of the State of Pennsylvania v. Equitas Insurance, that London-based reinsurer Equitas owed coverage for losses outside the policy period, stems from that court's misinterpretation of English law on reinsurance policy construction, says Christopher Foster at Holman Fenwick.
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Key Limited Partnership Provisions During Market Downturns
With a recession potentially on the horizon, fund managers should carefully examine their funds' limited partnership agreements for items that may be affected by economic downturns, and assess whether modifications may be appropriate, says Matthew Posthuma at Ropes & Gray.
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Firm Tips For Helping New Lawyers Succeed Post-Pandemic
Ten steps can help firms significantly enhance the experience of attorneys who started their careers in the coronavirus pandemic era, including facilitating opportunities for cross-firm connection, which can ultimately help build momentum for business development, says Lana Manganiello at Equinox Strategy Partners.
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Fla. Foreign Real Estate Law Brings Broad Investment Risks
Last month, Florida became the latest state to enact legislation prohibiting Chinese investors from acquiring certain interests in real property, introducing significant legal uncertainty and consequences for real estate stakeholders and the private equity industry, say attorneys at Simpson Thacher.