Residential
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August 07, 2024
4 Firms Drive $1B Blackstone Residential Property Sale
Four firms guided Equity Residential's nearly $1 billion purchase of 11 properties from Blackstone Real Estate, a deal that added 3,572 new units within three metro markets to the real estate investment trust's portfolio, per a statement from the seller.
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August 07, 2024
Shumaker Construction Pro Jumps To Carlton Fields In Fla.
Florida's real estate market and construction law practices are continuing their boom after the height of the pandemic, and Carlton Fields has bolstered its expertise in those areas by adding a former construction law partner from Shumaker Loop & Kendrick LLP.
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August 07, 2024
Eyeing Electrification, Governments Reroute Post-Berkeley
Before it was struck down by the Ninth Circuit, Berkeley, California's 2019 ban on natural gas hookups in new construction paved the way for municipalities seeking to decarbonize their buildings. Now, municipalities keen on clean construction are walking a delicate line around federal preemption.
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August 06, 2024
Ex-Mayor's Fight With Law Firm No RICO Case, 5th Circ. Told
Counsel for convicted fraudster and former Texas Mayor Laura Maczka-Jordan said it's significant that a law firm accusing her and her husband of racketeering represented itself during oral arguments before the Fifth Circuit Tuesday, arguing that the case deals with a lease dispute rather than a racketeering scheme.
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August 06, 2024
Appraisal Co. Drops Manager Tied To Freddie, Fannie Probes
BBG Real Estate Services announced that managing director Jon DiPietra has left the appraisal company, following reports that Freddie Mac stopped doing business with DiPietra and BBG while it looks into the company's appraisals.
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August 06, 2024
11th Circ. Won't Let Chubb Unit Ax $13.8M Appraisal Award
A Florida condo association's insurer waived its ability to challenge an over $13.8 million storm damage appraisal award by only arguing in court that the association's appraiser had a conflict of interest, the Eleventh Circuit affirmed Tuesday, finding the insurer could've lodged a challenge during the appraisal process itself.
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August 06, 2024
NC Panel OKs Short-Term Rentals In Luxury Home Community
A North Carolina state appeals court on Tuesday upheld a ruling that an Asheville-area neighborhood's ban on short-term rentals is unreasonable, finding the community's covenants don't explicitly outlaw that type of real estate arrangement.
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August 06, 2024
Finance Co. EasyKnock Scams Poor Homeowners, Suit Says
Home finance company EasyKnock Inc. has been sued on allegations it targeted a low-income Philadelphia resident in an "equity-theft" scheme designed to dupe homeowners with an upfront cash payment for a gradual sale of their home that secretly transfers the title to the company.
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August 06, 2024
Calif. Hoteliers Denied Tax Break On Property Sale
The owners of a California hotel were correctly assessed taxes on the gains from sale of a property, the state Office of Tax Appeals said, finding the owners did not demonstrate they qualified for a tax deferral.
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August 06, 2024
Big Brokers Predict Capital Markets Rebound In Late '24
Commercial real estate's largest brokers, in announcing second-quarter earnings, said they are expecting capital markets activity to rebound in the second half of the year, in a turn Cushman & Wakefield's CEO called a "waterfall effect."
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August 06, 2024
Dentons Names Real Estate Atty As Vancouver Office Leader
Dentons promoted Canadian real estate partner Scott Wilson to an office managing partner role in its Vancouver office, the firm announced.
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August 06, 2024
More Training Needed On SF Encampment Rule, Judge Says
A California federal magistrate judge has partially sided with homelessness advocates and San Francisco residents accusing the city and county of violating the U.S. and state constitutions by destroying homeless residents' self-made encampments and forcing them out of the city with citations, fines and arrests.
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August 05, 2024
Salt Lake City Multifamily Deliveries Slowed In Q2, CBRE Says
Deliveries of multifamily properties in Utah's capital of Salt Lake City declined by 37% in 2024's second quarter compared to deliveries in the first quarter, according to a CBRE report.
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August 05, 2024
Rimon Brings On BakerHostetler, Wick Phillips Litigators
Rimon PC is expanding its team with the addition of two new litigation partners and an investigations associate, who have worked at BakerHostetler, Wick Phillips Gould & Martin LLP and the San Francisco Department of Police Accountability, the firm has said.
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August 05, 2024
5th NYC Housing Worker Gets Prison In Anti-Corruption Bust
A Manhattan federal judge hit a retired public housing worker with 20 months in prison on Monday for taking over $83,000 of bribes, showing that prison is the most likely outcome for those convicted of felonies in the anti-bribery sweep.
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August 05, 2024
Dems Unearth Another Thomas Trip Paid For By Harlan Crow
U.S. Supreme Court Justice Clarence Thomas took a previously undisclosed trip between Hawaii and New Zealand on a billionaire Republican donor's private jet in 2010, lawmakers revealed in a letter Monday that offered the donor a "final opportunity" to explain how that trip and others don't constitute a tax fraud scheme.
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August 05, 2024
Developers Nab $1B For 2-Tower NYC Resi Project
Atlas Capital Group LLC and Zeckendorf Development LLC secured nearly $1 billion in financing from Cale Street Partners LLP and Farallon Capital Management LLC for a two-tower project underway in Lower Manhattan, New York, per property records and Gibson Dunn & Crutcher LLP.
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August 05, 2024
Healthcare REIT Provides $303M For Nursing Properties Buy
CareTrust REIT Inc. extended a $260 million senior mortgage loan and $43 million preferred equity investment for the acquisition of a portfolio of skilled-nursing and senior housing properties, the healthcare real estate investment trust has announced.
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August 05, 2024
NYC Real Estate Week In Review
Breuer Herskowitz and Morici & Morici were among the law firms that handled the largest New York City deals that hit public records last week, with all of the week's deals north of $20 million happening in Manhattan.
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August 05, 2024
Andrews Myers Construction Atty Joins Cozen O'Connor
Cozen O'Connor has hired a construction litigator in California who has more than 14 years of experience representing clients in matters involving infrastructure, industrial and other construction projects, the firm announced Monday.
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August 02, 2024
High Court Urged To Wade Into Alaska Beach Boundary Case
A free-market think tank urged the U.S. Supreme Court to examine an Alaska Supreme Court decision readjusting homeowners' property boundaries, arguing that the ruling ignored high court precedent and undermined property values.
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August 02, 2024
Colo. Court Affirms Residential Tax Rate For Vacant Parcels
Two vacant parcels in Colorado were correctly classified as residential, the Colorado Court of Appeals said, upholding a state assessment board finding that the parcels were used in conjunction with an adjoining residential parcel.
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August 02, 2024
HFZ Capital Cops To $86M Fraud Charges, Blames Ex-Chief
Defunct real estate firm HFZ Capital Group pled guilty in an $86 million criminal case Friday, admitting that its former top executive Nir Meir evaded New York City property taxes and stole funds from commercial and residential building projects.
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August 02, 2024
Judge Sides With NYC Mayor In Housing Voucher Fight
A New York state judge ruled against a proposed class of New Yorkers who want Mayor Eric Adams to implement a set of four laws that aimed to expand the city's housing voucher program.
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August 02, 2024
Prosecutors Back NJ Judicial Privacy Law's Constitutionality
Daniel's Law is a "commonsense" measure necessary to counter the surge in threats and violence against judges and law enforcement officers, and it places only a "modest" burden on commercial data brokers, federal prosecutors told a New Jersey federal court weighing the future of the law.
Expert Analysis
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Bracing For The CFPB's War On Mortgage Fees
As the Consumer Financial Protection Bureau homes in on the legality of certain residential mortgage fees, the industry should consult the bureau's steady stream of consumer lending guidance for hints on its priorities, say Nanci Weissgold and Melissa Malpass at Alston & Bird.
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DOJ Consent Orders Chart Road Map For Lending Compliance
Two recent consent orders issued by the U.S. Department of Justice as part of its efforts to fight mortgage lending discrimination highlight issues that pose fair lending compliance risks, and should be carefully studied by banks to avoid enforcement actions, says Memrie Fortenberry at Jones Walker.
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Reverse Veil-Piercing Ruling Will Help Judgment Creditors
A New York federal court’s recent decision in Citibank v. Aralpa Holdings, finding two corporate entities liable for a judgment issued against a Mexican businessman, shows the value of reverse veil piercing as a remedy for judgment creditors to go after sophisticated debtors who squirrel away assets, says Gabe Bluestone at Omni Bridgeway.
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Calif. Housing Overhaul May Increase Pressure On Landlords
Two recently enacted California laws signal new protections and legal benefits for tenants, but also elevate landlords' financial exposure at a time when they are already facing multiple other hardships, says Laya Dogmetchi at Much Shelist.
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New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.
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Climate Disclosure Mandates Demand A Big-Picture Approach
As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.
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Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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Illinois EV Charging Act Sparks Developer Concerns
A recent state law in Illinois requiring multifamily housing to provide facilities for electric vehicle charging raises significant concerns for developers over existing infrastructure that isn't up to the task, says Max Kanter at Much Shelist.
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What NAR Settlement Means For Agent Commission Rates
If approved, a joint settlement agreement between the National Association of Realtors and a class of home sellers will likely take the onus off home sellers to compensate buyers' agents, affecting considerations for all parties to real estate transactions, say attorneys at Jones Foster.
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Calif. Banking Brief: All The Notable Legal Updates In Q1
The first quarter of the year brought the usual onslaught of new regulatory developments in California — including a crackdown on junk fees imposed by small business lenders, a big step forward for online notarizations and a ban on predatory listing agreements, says Alex Grigorians at Hanson Bridgett.
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2nd Circ. Ruling Clarifies When Demand Letters Are Claims
The Second Circuit’s decision last week in Pine Management v. Colony Insurance, affirming that an insurer had no obligation to defend an insured for claims made before the policy period, provides clarity on when presuit demands for relief constitute claims — an important issue that may be dispositive of coverage, says Bonnie Thompson at Lavin Rindner.
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Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Preparing For Possible Calif. Criminal Antitrust Enforcement
Though a recent announcement that the California Attorney General's Office will resume criminal prosecutions in support of its antitrust enforcement may be mere saber-rattling, companies and their counsel should nevertheless be prepared for interactions with the California AG's Antitrust Section that are not limited to civil liability issues, say Dylan Ballard and Lillian Sun at V&E.