Residential
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June 19, 2024
CBRE Economist Sees 'Extend And Pretend' Through 2025
Despite a real estate environment heavy with affordability issues, high interest rates and sluggish movement, CBRE global chief economist Richard Barkham at this week's National Association of Real Estate Editors conference in Austin forecasted a relatively soft landing.
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June 18, 2024
Judge Skeptical Of Houston Developer's $2M DIP Bid In Ch. 11
The insolvent developer of an almost-finished apartment building in Houston hit a hiccup Tuesday during its first-day hearing in a Texas bankruptcy court, where a judge indicated the company did not present enough evidence to support a nearly $2 million debtor-in-possession package from an affiliate of its subordinate lender.
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June 18, 2024
With New Tax Break, NYC Developers Eye Office Conversions
Converting empty New York City office buildings into housing, in practice, is more than a little complicated, but a city-run "concierge" program for would-be developers, as well as new tax exemptions at the state level, aim to make such conversions more feasible.
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June 18, 2024
Condo's Historic Location Doesn't Bar Bombing Coverage
The insurer for a Nashville, Tennessee, condominium owners association cannot use a historic structures exclusion to dodge covering the repair costs associated with damage caused by a bombing on Christmas Day 2020, a federal court ruled Tuesday.
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June 18, 2024
CFPB Tags Reverse-Mortgage Servicers With Permanent Bans
The Consumer Financial Protection Bureau announced on Tuesday it had permanently banned Sutherland Global and NOVAD Management Consultant from reverse-mortgage servicing activities and hit Sutherland with $16.5 million in fines.
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June 18, 2024
Home Builders Sued For Non-FHA-Compliant Apartments
A group of home building and financing companies including the Toll Brothers were sued by Manhattan federal prosecutors Tuesday for allegedly violating the Fair Housing Act by building residential units that weren't accessible to people with physical disabilities.
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June 18, 2024
Split Pa. High Court Finds Rental Registry Suit Moot
The Pennsylvania Supreme Court tossed out landlords' appeal of Pittsburgh's 2015 ordinance requiring them to list their rental units in a public registry, because it had been replaced by a newer, narrower law, but two justices said they should have ruled on the case anyway to settle whether other governments could pass similar measures.
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June 18, 2024
Sterling Bank Ex-CEO Won't Face Charges Over Loan Program
The founder and former CEO of Sterling Bank and Trust, who has been investigated in connection with a fraud-plagued loan program, will not face criminal charges from the U.S. Department of Justice, according to Michigan federal court documents filed Monday.
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June 18, 2024
Blue States And Enviro Groups Back DOE Furnace Rule
Several blue states and environmental and consumer groups have thrown their support behind the U.S. Department of Energy's tighter energy efficiency standards for furnaces and water heaters, telling the D.C. Circuit that challenges to the new rules are meritless.
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June 18, 2024
Oak Row Pays $39M For Downtown Miami Site
Oak Row Equities bought a site in downtown Miami for $38.5 million for its upcoming 70,000-square-foot luxury multifamily housing project, the real estate developer announced Tuesday.
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June 18, 2024
NY High Court Backs Manhattan Housing On Garden Site
A proposed seven-story, mixed-use, 123-unit affordable housing project in Manhattan's Nolita neighborhood shouldn't be blocked from development after New York City's government "rationally determined" that it won't negatively impact the environment in a significant way, the New York Court of Appeals ruled Tuesday.
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June 18, 2024
DOJ Says DC Circ. Shouldn't Rethink Realtor Antitrust Probe
The U.S. Department of Justice has told the D.C. Circuit that its April decision allowing it to reopen an investigation into the National Association of Realtors doesn't conflict with any U.S. Supreme Court or circuit court decisions and that the NAR's rehearing petition should be denied.
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June 18, 2024
NYC Board Votes To Raise Rents For 1M Households
New York City's Rent Guidelines Board has voted to increase rents for the nearly 1 million households living in rent-stabilized units by 2.75% for one-year leases and by 5.25% for two-year leases.
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June 18, 2024
NYC Real Estate Week In Review
Katten Muchin, Wachtel Missry and Rosenberg & Estis are among the law firms that landed work on the largest New York City real estate deals to hit public records last week, a slow period that saw only four transactions north of $10 million become public.
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June 18, 2024
McElroy Deutsch Says Exec Embezzled Money For Home
McElroy Deutsch Mulvaney & Carpenter LLP has doubled down on its bid for a constructive trust on the home of two former executives accused of stealing from the firm.
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June 18, 2024
Mich. AG To Pursue Deadlocked Charges In Carhartt Atty Case
Prosecutors will continue pursuing embezzlement charges against a Michigan attorney accused of stealing from his client, a former leader of the Carhartt workwear company, after a Wayne County jury couldn't reach a decision on those claims but acquitted the attorney on other charges.
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June 18, 2024
Ariz. Developer Stuck With $467K Bill For City's Builder Tax
An Arizona developer who built 22 homes qualifies as an "owner-builder" for purposes of Phoenix's speculative builder tax and is liable for $467,000 in tax, interest and penalties, the state's tax court said.
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June 18, 2024
Allen Matkins Attys Break Down CEQA Reform Blueprint
The Little Hoover Commission, a nonpartisan oversight agency, delivered lawmakers a set of recommendations last month for finally addressing a series of persistent complaints with the California Environmental Quality Act, the state's keystone environmental law.
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June 18, 2024
Short-Term Rental Laws And The Litigation They've Sparked
Short-term rentals are a contentious topic in the U.S., disrupting the hospitality industry and sometimes the neighborhoods where they’re located. Here, Law360 Real Estate Authority rounds up the state and local policies involving short-term rentals and the ongoing cases challenging them.
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June 17, 2024
Fla. Condo Board Says Group Wrongly Accused It Of Crimes
A Florida condominium association has brought a Miami-Dade County state court lawsuit against a residents group over defamation, accusing the group of luring tenants into a WhatsApp chat to disseminate false statements, including that board members committed crimes.
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June 17, 2024
Pastor Tied To NYC Mayor Gets 9 Years For Fraud Conviction
A clergyman and self-described mentee of New York City Mayor Eric Adams on Monday was sentenced to nine years in federal prison following his conviction at trial for a series of fraudulent real estate and business loans, among other misdeeds.
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June 17, 2024
PennyMac 'Shocked' Investors With Post-Libor Fix, Suit Says
PennyMac's mortgage investment arm has been hit in California federal court with a proposed class action accusing it of using last year's discontinuation of Libor to unfairly and unlawfully lock in a lower dividend for some of its preferred stock, stiffing investors out of millions.
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June 17, 2024
Wash. Property Manager Hit With Suit Over Extra Fee
A proposed class of former tenants accused a Bellevue, Washington, property management company of violating state law by charging a $100 security deposit disposition fee when tenants move out.
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June 17, 2024
HUD Freed From Pa. Pot Patients' Suit Over Housing Rebuff
Unless the U.S. Department of Housing and Urban Development fulfills its threat to withhold a Pennsylvania county housing agency's funding for complying with a state court order to admit licensed medical marijuana patients, a lawsuit by the county agency and two potential tenants is premature, a federal judge ruled Monday.
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June 17, 2024
Ginnie Mae, HUD Want Bank's Loan Lien Suit Sent To Dallas
The U.S. Department of Housing and Urban Development and Ginnie Mae pushed for the transfer of Texas Capital Bank's suit in Texas federal court over a vacated loan lien, arguing that the bank is contractually required to file its suit in a different division within the same district.
Expert Analysis
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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.
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Prepping Your Business Ahead Of Affirmative Action Ruling
The U.S. Supreme Court's upcoming ruling on whether race should play a role in college admissions could potentially end affirmative action, and companies will need a considered approach to these circumstances that protects their brand power and future profits, and be prepared to answer tough questions, say Nadine Blackburn at United Minds and Eric Blankenbaker at Weber Shandwick.
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Tackling Judge-Shopping Concerns While Honoring Localism
As the debate continues over judge-shopping and case assignments in federal court, policymakers should look to a hybrid model that preserves the benefits of localism for those cases that warrant it, while preventing the appearance of judge-shopping for cases of a more national or widespread character, says Joshua Sohn at the U.S. Department of Justice.
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How Attorneys Can Help Combat Anti-Asian Hate
Amid an exponential increase in violence against Asian American and Pacific Islander communities, unique obstacles stand in the way of accountability and justice — but lawyers can effect powerful change by raising awareness, offering legal representation, advocating for victims’ rights and more, say attorneys at Gibson Dunn.
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Congress Needs To Enact A Federal Anti-SLAPP Statute
Although many states have passed statutes meant to prevent individuals or entities from filing strategic lawsuits against public participation, other states have not, so it's time for Congress to enact a federal statute to ensure that free speech and petitioning rights are uniformly protected nationwide in federal court, say attorneys at Skadden.
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Banking Tips For Lending To Calif. Homeowners Associations
With current financial markets and recent changes to California law putting a brighter spotlight on lending, banks should understand the special considerations involved in lending to homeowners associations and the various possible remedies in the event of a default, says Alex Grigorians at Hanson Bridgett.
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Some Client Speculations On AI And The Law Firm Biz Model
Generative artificial intelligence technologies will put pressure on the business of law as it is structured currently, but clients may end up with more price certainty for legal services, and lawyers may spend more time being lawyers, says Jonathan Cole at Melody Capital.
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How Rent Proposals May Affect Most Populous Md. County
Of the various legislative changes concerning rent controls and property taxes that are being considered in Montgomery County, Maryland, comparatively milder controls are likely to prevail, but even these lenient measures may make it more difficult for the county to fulfill its needs for new housing, says Michael Murray at Greysteel.
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A Lawyer's Guide To Approaching Digital Assets In Discovery
The booming growth of cryptocurrency and non-fungible tokens has made digital assets relevant in many legal disputes but also poses several challenges for discovery, so lawyers must garner an understanding of the technology behind these assets, the way they function, and how they're held, says Brett Sager at Ehrenstein Sager.
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High Court's Ethics Statement Places Justices Above The Law
The U.S. Supreme Court justices' disappointing statement on the court's ethics principles and practices reveals that not only are they satisfied with a status quo in which they are bound by fewer ethics rules than other federal judges, but also that they've twisted the few rules that do apply to them, says David Janovsky at the Project on Government Oversight.
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Texas Justices' PNC Opinion Clarifies Subrogation Questions
Thanks to the sorely needed clarification provided by the Texas Supreme Court in PNC Mortgage v. Howard, a home equity lender now has a better understanding of what it can do when its own lien is constitutionally invalid but is either equitably or contractually subrogated to a prior lien, say Daron Janis and Dave Foster at Locke Lord.