Residential
-
August 14, 2024
DC Tax Relief Can Aid Office Projects, But It's No 'Silver Bullet'
While tax relief programs may help a handful of office conversion projects in Washington, D.C., and make financial sense, much more needs to happen to bring the city's struggling downtown back to life again, real estate experts say.
-
August 14, 2024
SEC Says Ga. Firm's Ponzi Scheme Fueled 'Lavish' Lifestyle
An Atlanta-area firm that promised investors lucrative returns on real estate deals was in reality running a "classic Ponzi scheme" by funneling portions of the $300 million it received into buying a yacht and a luxury condo for its founder, the U.S. Securities and Exchange Commission said Wednesday.
-
August 13, 2024
CFPB Says Predatory Lenders Targeting Muslim Homebuyers
The Consumer Financial Protection Bureau said Tuesday it found that an often predatory form of home financing, known as contracts for deed, has become increasingly prevalent in Muslim communities.
-
August 13, 2024
NYC Developer Lands $72M For Luxury Condo Project
The developer behind a 117-unit luxury condominium development under construction in Queens, New York, secured $72 million in construction financing from Naftali Credit Partners and Axos Bank.
-
August 13, 2024
New Realtor Complaint Challenges NAR's Membership Rule
The National Association of Realtors is facing a new proposed class action, this time from Michigan real estate brokers and agents challenging state and local requirements that they be members of local and national Realtor organizations to use the association's multiple listing services.
-
August 13, 2024
Fried Frank Guides Howard Hughes' $40M Air Rights Deal
Howard Hughes Corp. has purchased $40 million worth of air rights from New York City for two Manhattan properties in a deal guided by Fried Frank, as the real estate company presses forward with the redevelopment of a Seaport lot.
-
August 13, 2024
Goetz Fitzpatrick Adds New Partner To Roster Ahead Of Merger
As it prepares to merge with a Northeastern law firm at the start of next year, New York-based construction and real estate firm Goetz Fitzpatrick LLP announced the addition of a name partner from another Empire State firm Sahn Ward Braff Koblenz Coschignano PLLC.
-
August 13, 2024
SCALE Lending Inks $75M Loan For NJ Multifamily Project
A New Jersey developer will wrap up construction of a 294-unit apartment community and begin leasing after SCALE Lending provided $75 million in bridge financing, refinancing its earlier construction loan, the lender has announced.
-
August 13, 2024
Connecticut Justices Restore City's Lien On Burned Building
The city of Hartford can place a lien on an apartment building that was heavily damaged in an arson fire to make sure that it recoups the funds that paid for 39 families to relocate, the Connecticut Supreme Court ruled in overturning a trial court's decision to discharge the lien.
-
August 12, 2024
New York Appeals Court Revives NYU's Zoning Suit
A New York appeals court revived and remanded New York University's suit against the city over an amended zoning law that the university claimed would wrongfully restrict it from building dorms and classrooms in a rezoned area of Manhattan.
-
August 12, 2024
Claims Trimmed In Goldman Family's NYC Property Battle
A New York state judge has tossed several claims that inheritors of the late Sol Goldman's real estate empire filed in a dispute over control of the family business, while keeping mismanagement claims against the deceased billionaire's daughter alive.
-
August 12, 2024
Construction Co. Says Tribe Can't Escape $1.9M Wage Suit
A New York construction company is fighting a bid by an entity created by the Mashpee Wampanoag Tribe to dismiss a $1.9 million wage dispute for work done on an $11.75 million Cape Cod, Massachusetts, housing project, arguing that sovereign immunity can't protect it from the litigation.
-
August 12, 2024
Co. Says Title Insurer Acted In Bad Faith Over Deed Dispute
An owner of two adjacent parcels of land in Philadelphia accused its title insurer in Pennsylvania state court of ignoring its repeated requests to settle an underlying deed dispute and basing its coverage position on an "obviously nonsensical and unsupportable" appraisal.
-
August 12, 2024
2nd Circ. Nixes 'Excessive' $5M Award For Housing Nonprofit
The Second Circuit on Monday overturned a $5 million award to a nonprofit that faced pushback from a Connecticut town while trying to open a group home for individuals with disabilities, finding that it was unconstitutionally excessive, but at the same time castigated the municipality's officials for "highly reprehensible" conduct.
-
August 12, 2024
Ind. Tax Board Reverses Valuation Of Rental Property
An Indiana tax board must reconsider the use of a single-family property that is rented out by its corporate owner, since the local assessor valued the home like an owner-occupied residence, the state's tax court said.
-
August 12, 2024
'Survivor' Winner Is True Owner In Property Dispute, US Says
The winner of the first "Survivor" television season is the true owner of disputed property that should be sold to pay down his $3.3 million in tax liabilities, the government told a Rhode Island federal court, rejecting claims that his sister is the owner.
-
August 12, 2024
Trump Co.'s Condo Tower Project Advances In Florida
Doral, Florida, officials on Wednesday advanced a revised request from a company owned by former President Donald Trump to build a series of condo towers with high-end retail after the city signed off on a zoning change for the project last year.
-
August 09, 2024
Fed. Circ.'s Eviction Ban Ruling A Big Win For Landlords
Attorneys believe the Federal Circuit's Aug. 7 decision to reverse a ruling on the COVID-19 federal eviction moratorium is part of a growing trend to consider whether landlord-tenant regulations are a physical taking, and it could change the way federal agencies weigh new programs.
-
August 09, 2024
Cos. Say Insurer Owes Coverage For Penn. Building Collapse
A Philadelphia residential building owner and its affiliate accused Trisura Specialty Insurance Co. on Friday of wrongfully denying coverage after part of the property collapsed in September 2022.
-
August 09, 2024
Home Sellers Get Approved For $250M HomeServices Deal
A Missouri federal judge granted preliminary approval for a $250 million class action settlement to end an antitrust suit filed by home sellers who accused the National Association of Realtors, HomeServices of America Inc. and other companies of conspiring to artificially inflate broker commission fees.
-
August 09, 2024
Restoration Worker Can't Shake Employment Deal Claims
North Carolina's Business Court has pared down a lawsuit between a restoration company and a former employee centered on allegations of breaking employment agreements and misusing licenses, with the court ruling most of the worker's claims had to be tossed, while some of the company's accusations can head toward trial.
-
August 09, 2024
Colony Ridge Mortgage Co. Says It Was 'Office Geek' For Site
A Texas mortgage company pushed Friday to be released from a lawsuit accusing a Houston-area real estate developer and lender of predatory lending practices, telling a federal judge that it never met with the Hispanic consumers allegedly preyed on through the scheme and that the company was "just doing paperwork."
-
August 09, 2024
Property Plays: Blackstone, Stack Infrastructure, Vornado
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
-
August 09, 2024
Colo. Judge Rejects Hedge Fund's Bid To Toss Developer Suit
A Colorado state judge has denied a hedge fund owner's attempt to toss claims in a lawsuit accusing it and related entities of violating a term sheet for a commercial housing project, finding a real estate development company's breach of contract and fraud claims were specific enough to survive dismissal.
-
August 09, 2024
Phillips Lytle Adds Ex-Benderson Development In-House Atty
An attorney who started his career at Phillips Lytle LLP has returned to the firm as special counsel on its real estate industry team in New York state after five years as in-house counsel at Benderson Development.
Expert Analysis
-
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
-
DOJ Comments Reveal Road Ahead For Mortgage Redlining
Comments from two U.S. Department of Justice representatives at a recent fair lending conference show that the DOJ is prioritizing investigations and enforcement against redlining risks, and highlight important compliance steps for lenders, say Lori Sommerfield and Chris Willis at Troutman Pepper.
-
DOJ's RealPage Notice Signals Focus On Pricing Algorithms
The U.S. Department of Justice's Antitrust Division recently filed a statement of interest in the Realpage multidistrict litigation to stake out its position that price-fixing algorithms pose a great anti-competitive threat, which suggests that the DOJ and private parties may continue to bring similar actions in the future, say attorneys at Simpson Thacher.
-
4 Key Types Of Coming FHLBank Reforms To Watch
Though the Federal Housing Finance Agency's recent report on the Federal Home Loan Bank System has received relatively little attention, the regulatory and legislative changes it proposes in four categories herald the start of a significant effort by the agency to reform the system’s structure and operations and overhaul requirements for member banks, say attorneys at Mayer Brown.
-
Property Owner Considerations Around Electric Vehicle Bans
In light of a property management company's recent ban on electric vehicles in Canada, it's worth considering how similar bans might fare in Florida and other U.S. states, and the legal ramifications that could potentially arise, say Gerardo Ortega and Gary Kaleita at Lowndes.
-
Trump NY Fraud Trial Shows Civil, Criminal Case Differences
Former President Donald Trump’s civil fraud trial currently unfolding in New York provides a reminder that civil bench trials can be just as damaging, if not more so, than criminal prosecutions, due to several key elements of civil litigation procedure, says retired attorney David Moskowitz.
-
Why NYC Building Owners Shouldn't Ignore Emissions Rule
New rules from the New York City Department of Buildings clarify the previously vague good faith efforts that building owners may make to mitigate penalties for not complying with a major carbon emission law that takes effect in January, and should discourage owners from simply paying the fines instead of decarbonizing, says William McCracken at Moritt Hock.
-
What NJ's Green Remediation Guidance Means For Cleanups
Recent guidance from the New Jersey Department of Environmental Protection promoting greener approaches to restoring contaminated sites demonstrates the state's commitment to sustainability and environmental justice — but could also entail more complexity, higher costs and longer remediation timelines, say J. Michael Showalter and Bradley Rochlen at ArentFox Schiff.
-
A New Path Forward For Surplus Land Owners In Calif.
A new California law signed last month enables some religious institutions and nonprofit colleges to build affordable housing on surplus land, and its requirements — which are more manageable than they may appear — will support long-term benefits including good housing and the survival of worthy institutions, says Stephen Wilson at Withers.
-
Inside Bank Regulators' Community Lending Law Overhaul
The federal banking agencies' recently finalized changes to the Community Reinvestment Act not only account for the gradual shift to an environment where lending and deposit-taking are primarily conducted online, but also implement other updates such as diversity initiatives and a new series of lending tests, say attorneys at Norton Rose.
-
A Bird's Eye View Of NYC's New Parapet Inspection Law
Building owners in New York City should be ready for the city's new parapet inspection requirements going into effect in January, which will likely necessitate additional construction work for countless buildings not previously subject to formal inspections, says Benjamin Fox Tracy at Braverman Greenspun.
-
AI Isn't The Wild West, So Prepare Now For Bias Risks
In addition to President Joe Biden's recent historic executive order on safe, secure and trustworthy artificial intelligence, there are existing federal and state laws prohibiting fraud, defamation and even discrimination, so companies considering using or developing AI should take steps to minimize legal and business risks, says civil rights attorney Farhana Khera.
-
AI's Baked-In Bias: What To Watch Out For
The federal AI executive order is a direct acknowledgment of the perils of inherent bias in artificial intelligence systems, and highlights the need for legal professionals to thoroughly vet AI systems, including data and sources, algorithms and AI training methods, and more, say Jonathan Hummel and Jonathan Talcott at Ballard Spahr.