Residential
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July 12, 2024
Property Plays: Brookfield, Bally's, Kushner Cos.
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.
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July 12, 2024
Conn. Justices Avoid Entanglement Issues In Rabbi Land Row
The Connecticut Supreme Court on Friday agreed that a property dispute between the Chabad Lubavitch of Western and Southern New England Inc. and a Stamford rabbi belongs before a private religious panel, settling the case on arbitration principles and declining to analyze broader entanglement questions.
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July 12, 2024
Behind Ex-McElroy Deutsch CFO's Ch. 11
McElroy Deutsch Mulvaney & Carpenter's former chief financial officer, who has admitted to skimming off $1.5 million from his firm, has filed for bankruptcy in New Jersey as he faces both a civil suit and criminal charges over the embezzlement.
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July 12, 2024
DC To Offer 15-Year Tax Freeze For Office Conversion Projects
Washington, D.C., plans to offer a 15-year property tax freeze for projects that aim to reposition an office building for a different commercial use, building on the city's larger effort to enliven its downtown, according to an announcement by Mayor Muriel Bowser.
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July 12, 2024
Loan Guarantor Can't Dodge Citibank's Foreclosure Bid
A New York federal judge refused to dismiss a loan guarantor from Citibank's mortgage loan foreclosure suit accusing the owner of a Brooklyn apartment building of defaulting on a $15 million commercial mortgage loan.
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July 11, 2024
Biden's FDIC Pick Hangs Tough Amid GOP Doubts On Record
President Joe Biden's candidate for Federal Deposit Insurance Corp. chair faced scrutiny Thursday as Republican senators at her nomination hearing expressed their skepticism about her readiness to lead the agency, but her critics nevertheless appeared unlikely to derail her prospects for confirmation outright.
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July 11, 2024
Allstate Must Face Deflated Payments Suit, Judge Rules
Allstate cannot escape a proposed class action accusing the insurer of wrongfully depreciating labor costs as part of actual cash value payments to insureds for property damage, an Arizona federal judge ruled, finding that the named plaintiff didn't lack standing and that her claims weren't time-barred.
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July 11, 2024
Ross Steps Down At Related Cos. To Run Florida-Based Firm
Stephen M. Ross, a giant in the real estate development world, is stepping away from his leadership role as chairman of Related Cos., which he founded in 1972, to focus on the South Florida market as the head of a new firm.
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July 11, 2024
Condo Owner Can Sue Over Icy Sidewalk, Mich. Justices Rule
A condominium owners' association can be sued by a member who slipped on ice in a common area, the Michigan Supreme Court ruled Thursday, finding an association has a duty to exercise reasonable care to protect condo owners in shared spaces.
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July 11, 2024
Lender Seeks Receivership Of Goldman Sachs SF Properties
A lender affiliated with the Royal Bank of Canada claimed in California state court that a company affiliated with Goldman Sachs and a property owner defaulted on a $162 million loan and urged the court to place the company's property portfolio into receivership.
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July 11, 2024
CLO Holder Can't Duck Portfolio Manager's Feud Just Yet
A New York federal court has refused to finalize a February decision dismissing all claims against an investment scheme created to hold collateralized loan obligations whose liquidation is at the center of a sprawling dispute.
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July 11, 2024
Pa. Lawmakers OK Pittsburgh Homeowner Tax Break Program
Pennsylvania would authorize Pittsburgh to adopt a property tax relief program that would let longtime homeowners claim tax breaks related to rising real estate taxes under a bill that narrowly passed the state House and next goes to Democratic Gov. Josh Shapiro.
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July 11, 2024
7th Circ. Says Indiana City's Property Seizure Was Rational
The Seventh Circuit sided with an Indiana city and its eminent domain seizure of local property owned by a fireworks business, ruling that the city's takeover of the property was rational.
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July 10, 2024
NJ Property Developer Files Ch. 11 With Up To $50M Liabilities
Real estate developer JGA Development LLC, which owns and operates 84 units and has been developing dozens more, filed for Chapter 11 protection in New Jersey on Tuesday with up to $50 million each of assets and liabilities.
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July 10, 2024
LA Sues To Block Short-Term Rental Operation
The City of Los Angeles accused a Ukrainian business owner and his cohorts in California state court of illegally advertising and booking unregistered short-term rentals "thousands upon thousands of times" and raking in millions of dollars.
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July 10, 2024
NJ Panel Says Tax Amendment Challenge Had No Real Claim
A New Jersey state appeals court on Wednesday tossed a challenge to an amendment blocking certain appeals from being litigated in the state's tax court, reasoning that parties can still fight tax matters in trial court.
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July 10, 2024
NJ Justices OK Class Waivers Sans Arbitration Mandates
Class action waivers don't require a mandatory arbitration provision to be enforceable, the New Jersey Supreme Court ruled Wednesday, while also warning that waivers deemed unconscionable for other reasons may be invalidated.
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July 10, 2024
Property Owners, Developers End $34M Apartment Sale Suit
A real estate investor, a pair of property sellers and First American Title Insurance Co. have agreed to permanently drop claims involving the $34 million sale of two Ann Arbor, Michigan, student apartment buildings, according to a federal judge's order.
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July 10, 2024
Federal Claims Tossed In Colo. Short-Term Rental Row
A Colorado federal judge partially dismissed and remanded a suit filed by a nonprofit representing vacation rental owners who claim that a resort town's laws governing short-term rental licenses are overly restrictive.
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July 10, 2024
Mich. County Fights To Keep $217M Edenville Dam Repair Tax
Homeowners attacking a localized tax to fund the reconstruction of four dams have already had a chance to contest the assessment and shouldn't get a second one, a Michigan county told a federal judge Tuesday.
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July 10, 2024
NY City Adopts 'Good Cause' Eviction Protections Once More
Poughkeepsie, New York, became the third city to opt in to "good cause" eviction protections since the state Legislature adopted the renter safeguards via the fiscal year 2025 budget, years after a local version of the regulation was struck down in court.
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July 10, 2024
7th Circ. Says Foreclosure Limits Man's Fire Coverage Claim
A homeowner did not have an insurable interest in the full value of a home that burned down while in foreclosure, the Seventh Circuit ruled, affirming that recovery was limited to the value of his temporary right to possess the property until 30 days after its judicial sale was confirmed.
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July 10, 2024
Former McElroy Deutsch CFO Hits Ch. 11 Amid Theft Cases
McElroy Deutsch Mulvaney & Carpenter's former chief financial officer filed for bankruptcy in New Jersey this week as he awaits sentencing for embezzling over $1.5 million from the firm over a period of years via fraudulent bonuses.
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July 10, 2024
Real Estate Fundraising Charts Slow Recovery
Private real estate fundraising remains fairly weak at the midpoint of the year, though investors have been building more of an appetite for the property industry that should lift prospects in the coming months.
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July 10, 2024
Insurer, Property Cos. Settle Lead Poisoning Coverage Suit
An insurer for a Detroit property owner and manager told a Michigan federal court they have settled their coverage dispute over a woman's claims that her 2-year-old girl suffered lead poisoning at the property, which she said was left in a state of disrepair.
FHFA Unveils New Protections For Multifamily Tenants
Fannie Mae and Freddie Mac will institute new tenant protections for multifamily properties financed by both enterprises, the Federal Housing Finance Agency announced Friday.
Pa. Condo Owner Group Takes Inner-Tower Conflict To Court
The residents association of a downtown Pittsburgh condo building sued the building's commercial association in state court, alleging they have been improperly denied access to commercial sections of the building needed to complete HVAC repair work.
The Real Estate Bankruptcies Making Headlines This Year
The real estate industry is no stranger to distress, but recent market headwinds have made it even harder for certain companies to chart the course to calmer seas. Catch up on the major real estate bankruptcy developments that have made headlines so far this year.
Expert Analysis
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7th Circ Joins Trend Of No CGL Coverage For Structural Flaws
The Seventh Circuit, which recently held potential structural instability did not count as property damage under a construction company's commercial general liability policy, joins a growing consensus that faulty work does not implicate coverage without tangible and present damage to the project, say Sarah Abrams at Baleen Specialty, and Elan Kandel and James Talbert at Bailey Cavalieri.
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In The CFPB Playbook: Making Good On Bold Promises
The U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's funding structure in the second quarter cleared the way for the bureau to resume a number of high-priority initiatives, and it appears poised to charge ahead in working toward its aggressive preelection agenda, say Andrew Arculin and Paula Vigo Marqués at Blank Rome.
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FBI Raid Signals Growing Criminal Enforcement Of Algorithms
The U.S. Department of Justice Antitrust Division's increased willingness to pursue the use of algorithmic pricing as a potential criminal violation means that companies need to understand the software solutions they employ and stay abreast of antitrust best practices when contracting with providers, say attorneys at Rule Garza.
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State Licensing Pitfalls Mortgage Servicers Must Beware
A recent enforcement action from the Washington Department of Financial Institutions demonstrates how subtle distinctions in state mortgage servicer licensing laws may come as a surprise to some companies, even if they never directly receive payments or interact with borrowers, says Clayton Swears at Hudson Cook.
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Keys To Strong Parking, Storage Contracts For NYC Buildings
Drafting and enforcing unambiguous parking and storage unit license agreements are essential tasks for co-op and condo boards in New York City, with recent cases highlighting how prudent terms can minimize potential headaches, says Matthew Eiben at Rosenberg & Estis.
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Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Realtor Settlement May Create New Antitrust Pitfalls
Following a recent antitrust settlement between the National Association of Realtors and home sellers, practices are set to change and the increased competition may benefit both brokers and homebuyers, but the loss of the customary method of buyer broker compensation could lead to new antitrust concerns, says Colin Ahler at Snell & Wilmer.
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What Fla. Ruling Means For Insurer Managed Repair Programs
A recent Florida state court ruling in Fraga v. Citizens Property Insurance, holding that the insurer could not seek to add additional terms in its managed repair program consent form, should promote clear written contract terms that clarify the relationship between insurers, policyholders and contractors, says Chip Merlin at Merlin Law Group.
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Preparing For CFPB 'Junk Fee' Push Into Mortgage Industry
As the Consumer Financial Protection Bureau considers expanding its "junk fee" initiative into mortgage closing costs, mortgage lenders and third parties must develop plans now that anticipate potential rulemaking or enforcement activity in this space, say attorneys at Morgan Lewis.
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After Chevron: Opportunities For Change In FHFA Practices
The U.S. Supreme Court's overturning of the Chevron doctrine should lead to better cooperation between the Federal Housing Finance Agency and Congress, and may give the FHFA a chance to embrace transparency and innovation and promote sustainable housing practices, says Mehdi Sinaki at Michelman & Robinson.
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NC Banking Brief: All The Notable Legal Updates In Q2
After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.
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Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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What NYC's Green Fast Track Means For Affordable Housing
New York City's Green Fast Track for Housing initiative, which went into effect last month, aims to speed up the environmental review process for modest residential developments and could potentially pave the way for similar initiatives in other cities, say Vivien Krieger and Rachel Scall at Cozen O'Connor.