Residential
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July 18, 2024
Judge With Lake Property Exits $217M Dam Repair Tax Suit
A Michigan federal judge said he would step aside in a fight over a $217 million tax assessment to fund dam reconstruction because he's part of the assessment district, though he warned that hundreds of plaintiffs could have their own conflicts.
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July 18, 2024
Property Co. Settles Ex-Manager's Race Bias Suit
A Black former apartment complex manager who accused her ex-employer of putting her in charge of a struggling development because of her race and then firing her for complaining about the situation told a Pennsylvania federal court that her claims had been settled.
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July 17, 2024
Top Florida Real Estate News In 2024 So Far
Catch up on the hottest real estate news out of Florida so far this year, from alleged zoning abuse and bankruptcy to a brewing condo crisis and a seven-figure highway expansion.
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July 17, 2024
Gallagher & Kennedy Welcomes CRE, Telecom Expert
Gallagher & Kennedy PA announced that the company has added a commercial real estate and telecommunications expert from Goehring Rutter & Boehm to the firm's real estate practice group.
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July 17, 2024
Silicon Valley Sees $71M Affordable Housing Complex Sale
Marcus & Millichap announced Wednesday that the commercial real estate brokerage arranged the $71 million sale of a 160-unit affordable housing complex in San Jose, California.
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July 17, 2024
Fried Frank Guides Blackstone HQ Expansion In Manhattan
Blackstone will expand its Midtown Manhattan office headquarters and extend its lease in an agreement guided by Fried Frank, the building's property manager announced Wednesday.
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July 17, 2024
Rocket Mortgage Says Results Refute Investors' Fraud Claims
Rocket Mortgage is arguing that the company didn't mislead its shareholders when Rocket's former CEO claimed the company could grow its lending business in a rising interest rate environment because the firm's actual financial performance ended up proving that prediction true.
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July 17, 2024
Mo. Property Owners' Tax Challenge Time-Barred, Court Says
A group of Missouri property owners can't proceed with their appeal of assessments they claimed were unconstitutional taxes, a state appeals court ruled, finding the challenge was time-barred as an appeal of a special assessment.
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July 17, 2024
Fed. Gov't Can't Slip Suit Over Affordable Housing Loan
A U.S. Court of Federal Claims judge has refused to dismiss a company's suit alleging the federal government violated a loan agreement and now owes the company for the taking of its property.
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July 17, 2024
Tech Hub Looks To Capitalize On S. Fla.'s Climate Expertise
When the U.S. Economic Development Administration launched its Tech Hubs program across the country in October, South Florida's climate- and resilience-focused entry was one of 31 selected from more than 200 applications, and it made the cut again earlier this month, receiving $19.5 million when an initial funding round of $504 million was awarded to 12 of those hubs.
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July 17, 2024
U. Miami Climate Leader Sees Chance For Innovation
With Miami often called the "ground zero" of the climate change crisis, the University of Miami in 2022 launched a Climate Resilience Academy to coordinate an interdisciplinary response. Nearly a year into his tenure, its leader reflects on the opportunity for midsize city innovation in infrastructure in the face of climate challenges.
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July 17, 2024
Arizona Evictions Judge: Invitation Homes Should Apologize
As the largest owner of single-family rental properties in the Phoenix area, Invitation Homes continues to outpace the county average on eviction filings. In one case, a judge admonished the Wall Street landlord and said it should apologize for the “sleepless nights” it had caused two of its tenants.
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July 17, 2024
Phoenix Developers Nab $51M For Build-To-Rent Construction
Tower Capital arranged $51 million in construction financing for a 190-unit rental community under development in Phoenix's West Valley, after the developer received final approval for a requested rezoning from the city's Planning Commission.
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July 17, 2024
Do Real Estate Attorneys Ever Take Vacations?
Real estate attorneys looking to take a vacation must do a lot of legwork to ensure that their deals or cases sail smoothly in their absence. But things don't always go as planned.
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July 17, 2024
NYC Real Estate Week In Review
Fried Frank and Tarter Krinsky are among the law firms that guided the largest New York City real estate deals that hit public records last week, a period that saw three transactions north of the $100 million mark become public.
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July 17, 2024
Woman Can't Escape Suit Over Partner's $1.1M FBAR Debt
A woman whose late romantic partner owed $1.1 million in reporting penalties on hidden financial accounts in France and Switzerland can't stop the government from pursuing a suit against her for half the value of her home, a New York federal court ruled.
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July 16, 2024
Rocket Cos. Investors Drop CEO Retweet Claims From Suit
Investors in mortgage lender Rocket Companies have dropped certain proposed class action claims against the company's CEO, telling a Michigan federal judge that they would no longer accuse the executive of securities fraud over a March 2021 retweet.
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July 16, 2024
Cox Castle Guides $300M Gowanus Development Financing
Cox Castle & Nicholson LLP advised on $300 million in construction financing from Kennedy Wilson Capital, Affinius Capital and TYKO Capital for Tavros Capital's and Charney Cos.' major residential development in Brooklyn, New York, per county property records and a statement from the parties.
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July 16, 2024
'Excuse Me?': Judge Vexed By Defamation Claim In Ch. 7 Row
A Connecticut bankruptcy judge on Tuesday appeared skeptical of defamation and tortious interference claims New York-based real estate investor EasyKnock Inc. filed against a trustee handling the Chapter 7 estate of a onetime homeowner, forcing company attorneys to at times to admit they cited no authority to support their case.
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July 16, 2024
White House Proposes Rent Caps For Corporate Landlords
President Joe Biden on Tuesday unveiled a slate of proposals intended to lower housing costs, chief among them being a push for Congress to pass legislation capping corporate landlords' ability to raise rents by more than 5%.
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July 16, 2024
Florida Developer Pays $14M For Land For Gated Community
Florida-based developer and homebuilder 13th Floor Homes bought 270 acres of land in Tamarac, Florida, for $14 million and plans on building a 335-home, single-family luxury gated community, the company announced.
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July 16, 2024
Biden Admin. Awards $325M To Redevelop 'Distressed' Homes
The Biden administration awarded multiple public housing authorities, cities and Miami-Dade County with more than $325 million in grant funding that will be used to "redevelop distressed housing with high-quality mixed-income options," the administration and the U.S. Department of Housing and Urban Development jointly announced Tuesday.
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July 16, 2024
REIT Defends Financials After Reports Of Probe Emerge
Arbor Realty Trust said that it's standing by its accounting practices after a news outlet reported the company is under investigation in the wake of numerous short-seller reports alleging fraud in its books.
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July 16, 2024
County Says Pittsburgh Schools Can't Force Reassessment
As one taxing body out of many in Allegheny County, Pennsylvania, the School District of Pittsburgh lacks standing in its lawsuit seeking to force a countywide reassessment of property values, the county said in its preliminary objections to the suit.
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July 16, 2024
The 2024 Diversity Snapshot: What You Need To Know
Law firms' ongoing initiatives to address diversity challenges have driven another year of progress, with the representation of minority attorneys continuing to improve across the board, albeit at a slower pace than in previous years. Here's our data dive into minority representation at law firms in 2023.
Expert Analysis
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How 2 CFPB Advisory Opinions Affect Reporting Agencies
The Consumer Financial Protection Bureau issued two advisory opinions last month that demonstrate a continued commitment to address inaccuracies in background check reports and consumer file disclosures through broad interpretation of the Fair Credit Reporting Act, expanding on a coordinated federal agency effort, say attorneys at Cooley.
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Algorithmic Pricing Programs Caught In Antitrust Crosshairs
The Justice Department's investigation into software company RealPage follows a host of federal antitrust cases alleging that property owners and casino hotel operators use the same proprietary software programs to fix and maintain pricing, which means algorithmic pricing programs are considered a key price-fixing tool in the digital age, say attorneys at Ballard Spahr.
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A Welcome Turning Of The Page For Residential Real Estate
After one of the most challenging years on record for residential real estate, 2024 will likely be a time of transition to a stabler business climate, as sellers lose some of their excess bargaining power and the pace of sales picks up, says Marty Green at Polunsky Beitel.
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Strict Duty To Indemnify Ruling Bucks Recent Trend
A South Carolina federal court's recent decision that it lacked subject matter jurisdiction to decide an insurer's duty to indemnify prior to the finding of insured liability sharply diverges from the more nuanced or multipronged standards established by multiple circuit courts, says Richard Mason at MasonADR.
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Ill. Insurance Ruling Helps Developers, Community Orgs. Alike
The Illinois Supreme Court's decision in Acuity v. M/I Homes of Chicago, holding that commercial general liability policy exceptions did not prevent coverage for damage caused by faulty workmanship, will bring more potential insurance coverage for real estate developers and, in turn, larger payouts when community organizations sue them, say Howard Dakoff and Suzanne Karbarz Rovner at Levenfeld Pearlstein.
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NJ Foreclosure Law Will Have Multifaceted Impact On Lenders
New Jersey's A.B. 5664 introduces significant reforms to foreclosure proceedings in the state, potentially lessening the burden on lenders and servicers to maintain foreclosed properties, but also brings new limitations and time frames, say Christina Livorsi and Wael Amer at Day Pitney.
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11 Noteworthy CFPB Developments From 2023
Under Rohit Chopra’s leadership, 2023 was an industrious year for the Consumer Financial Protection Bureau, with developments including the release of the proposed personal financial data rights rule, publication of proposed rules involving public registries for nonbanks and the bureau's continuous battle against junk fees, all of which are sure to further progress in 2024, say attorneys at Husch Blackwell.
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Insured Takeaways From 10th Circ. Interrelated Claims Ruling
The Tenth Circuit's recent ruling in American Southwest Mortgage v. Continental Casualty that multiple claims arising from consecutive audit years were interrelated — and thus subject to a per claim limit — creates a concerning precedent for policyholders, so companies should negotiate relevant policy language, says Michael Stockalper at Saxe Doernberger.
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Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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NY Banking Brief: All The Notable Legal Updates In Q4
New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.
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Ill. Justices Set New Standard For Analyzing Defect Claims
The Illinois Supreme Court's recent ruling in Acuity v. M/I Homes of Chicago has effectively changed the landscape for how insurers may respond to construction defect claims in the state, so insurers should carefully focus their coverage analysis on whether the business risk exclusions are applicable, say Bevin Carroll and Julie Klein at Kennedys.
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A Look At Consumer Reporting In 2023, And What's To Come
The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.
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How New Fla. Condo Law Will Affect Owners' Finances
As this December is the deadline for condominiums in Florida to be in compliance with legislation passed after the Champlain Towers collapse, condo owners will need to prepare for both the immediate and long-term financial implications, says Greg Main-Baillie at Colliers.