Commercial
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December 05, 2024
2 Firms Guide Ground Lease For $780M NYC Soccer Stadium
A New York professional soccer team began construction on its $780 million, 500,000-square-foot Queens stadium and secured a 49-year ground lease, in a deal guided by Venable LLP and Paul Hastings LLP, according to several official announcements.
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December 05, 2024
Macy's, Bank And Parking Garage Settle $2.7M Repair Fight
Macy's Retail Holdings has resolved litigation against it by a bank and a parking lot operator over $2.7 million in repairs and maintenance fees needed at a nearby parking garage, according to a Thursday court filing.
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December 05, 2024
GSA To Sell 8 Federal Buildings, Saving Up To $475M
The U.S. General Services Administration has announced plans to offload eight federally owned properties, a move that could potentially save the federal government $475 million over 10 years.
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December 05, 2024
Ariz. Parcel's Improvements Have No Value, Tax Court Says
The improvements to an industrial parcel in Arizona have no value, the state tax court ruled, agreeing with the owner that a county assessor's valuation of the property was excessive.
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December 04, 2024
RXR Realty Faces Foreclosure Suit On $670M NYC Office Loan
A lender has moved to foreclose on a $670 million Manhattan office loan, more than a year after borrower RXR Realty defaulted on the loan following a major tenant's decision not to renew a lease at the property, per a filing in New York state court.
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December 04, 2024
Lowenstein Sandler Adds Real Estate, Capital Markets Attys
Lowenstein Sandler LLP has hired partners for its business litigation and capital markets and securities teams in New York City, the firm announced Wednesday.
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December 04, 2024
Valley Sells $925M In Loans As Banks Shed CRE Loans
Lenders, especially banks under pressure from regulators, are now taking big steps to distance themselves from commercial real estate. Those strategies include selling even performing loan portfolios at a discount, as well as starting foreclosures to draw buyers.
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December 04, 2024
Treasury Finalizes Broad Energy Investment Tax Credit Regs
The U.S. Treasury Department released final regulations Wednesday for the clean energy investment tax credit, which includes notable changes to the proposed energy property definition to include functional components in calculating the incentive's value, such as a biogas facility's upgrading equipment.
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December 04, 2024
Real Estate Pro Joins Flaster Greenberg In Philly
An attorney with more than 10 years of experience as in-house counsel at Philadelphia-area real estate development firms has moved his practice to Flaster Greenberg PC to grow his client base with complex projects, the firm said Tuesday.
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December 03, 2024
Ex-Braves Blast Tax Court's 'Disregard' In Easement Fight
Two former Atlanta Braves players penalized for allegedly overstating the value of a conservation easement donation urged the Eleventh Circuit to toss the costly ruling against them, saying the U.S. Tax Court's decision showed "blatant disregard" for the appeal court's precedent in deciding the matter.
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December 03, 2024
Mich. Seat Co. On Hook For €4.1M German Lease, Suit Says
A German property owner has said in a new complaint that a Michigan-based automotive seat manufacturer is on the hook for a €4.1 million ($4.3 million at current exchange rates) lease after its European entity defaulted on payments and entered insolvency proceedings.
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December 03, 2024
Insurance Execs Charged With $250M Fake Policy Scheme
An insurance company and two executives issued bogus insurance policies purporting to offer over $250 million in coverage to companies and homeowners, according to an indictment announced by the Manhattan district attorney Tuesday.
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December 03, 2024
Gov't Properties REIT Buys NC School System Campus
Real estate investment trust Easterly Government Properties Inc. announced Tuesday it acquired a three-property campus of commercial properties in Cary, North Carolina, which are leased primarily to a local public school system.
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December 03, 2024
Insurer Says No Coverage For Fishery's $2M Water Damage
An insurer told an Arizona federal court it owed no coverage to a seafood company embroiled in underlying litigation over more than $2 million in water damage, saying the fishmonger's splashing at its rental property wasn't accidental and its polices weren't in effect at the time.
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December 03, 2024
Pastor Wants Judge DQ'd Over Attorney Turnover Comment
A Michigan pastor said Monday that a federal judge should be disqualified from overseeing his lawsuit alleging a township's zoning ordinance discriminates against religious entities because of a comment the judge made about the pastor having "issues" with attorney turnover.
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December 03, 2024
California Tribe Says Feds Didn't Consult On Casino Project
A California tribe is looking to block the U.S. Department of Interior from approving a casino project on its historic homelands, arguing that the federal government failed to consult it on the endeavor that will irreparably harm its sovereignty and its rights over sacred objects located on the site.
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December 03, 2024
JV Nabs NYC Waterfront Property, $85M Construction Loan
A joint venture of Joyland Group and Prospect Development purchased an undeveloped Brooklyn, New York, waterfront property for $48.25 million, simultaneously securing an $85 million construction loan, according to a Tuesday statement from JLL, which arranged both deals.
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December 03, 2024
Timeshare Co. Argues Jury Never Should've Seen Fraud Suit
A company selling timeshares in Atlantic City, New Jersey, told a state appeals court Tuesday that a consumer fraud suit never should have reached a jury, arguing that an evidence rule bars the claims.
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December 03, 2024
4 Firms Guide KKR JV's £900M Hotel Portfolio Buy
A joint venture between global investment firm KKR and investment manager The Baupost Group acquired a £900 million ($1.14 billion) portfolio of 33 U.K. Marriott International hotels from a subsidiary of the Abu Dhabi Investment Authority in a deal guided by four law firms, KKR announced.
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December 03, 2024
Duo Launch $1B Office-To-Resi Conversion Venture
Dune Real Estate Partners LP and developer TF Cornerstone announced Tuesday that the pair have launched Alta Residential, a $1 billion venture that will complete office-to-residential conversions in major metropolitan areas nationwide.
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December 02, 2024
Manhattan Office Space Leases Decline As Demand Goes Up
The monthly leasing volume of Manhattan, New York, office space decreased by 12.4% in November but still topped prior years, with demand set to be the strongest since the pandemic, according to a Colliers report released Monday.
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December 02, 2024
Kirkland Adds 2 Real Estate Partners To NYC Office
Kirkland & Ellis LLP has hired ex-Fried Frank partner Matthew Bettinger and former Schulte Roth & Zabel LLP partner Seth R. Henslovitz as new partners for its real estate team in New York City, the firm announced on Monday.
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December 02, 2024
Deal Struck In Discount Chain Plan, No Sanctions In J&J Case
Holders of notes issued by 99 Cents Only will take a $297 million haircut, Beasley Allen dodged discovery sanctions in Johnson & Johnson's latest spinoff bankruptcy and a Mexican industrial equipment leasing group sought U.S. recognition for its reorganization. This is the week in bankruptcy.
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December 02, 2024
Cargo Facility Merits Property Tax Break, Mass. Justices Told
A property leased from the Massachusetts Port Authority to a for-profit cargo enterprise is exempt from property tax because the facility serves a public purpose, the lessee told the state's highest court Monday, urging reversal of a tax board decision.
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December 02, 2024
EB-5 Visa Scam Suit Against Fla. Immigration Atty Ends
A Florida federal judge on Monday dismissed with prejudice a lawsuit against an immigration attorney over a $500,000 visa scam after the two parties filed a stipulation of dismissal.
What Real Estate Pros Learned About Office Sector In 2024
While the long-term story of the office sector post-pandemic is still yet to be told, 2024 offered some clues as to what may be in store for that asset class going forward.
Real Estate Lawyers On The Move
Nixon Peabody, Dorsey & Whitney and Baker McKenzie are among the law firms that have made recent real estate or construction hires.
Partnership Offers Proptech Players Range Of Legal Expertise
Goodwin Procter LLP and the Center for Real Estate Technology and Innovation have teamed up to try to help proptech companies capitalize on a potential upswing. Law360 Real Estate Authority recently spoke with the founder and co-leader of Goodwin's proptech group and the founder of CRETI about what they think they can provide to help companies succeed.
Expert Analysis
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Corporate Liability Issues To Watch In High Court TM Case
The U.S. Supreme Court will hear arguments in a trademark dispute between Dewberry Group and Dewberry Engineers next week, presenting an opportunity for the court to drastically alter the fundamental approach to piercing the corporate veil, or adopt a more limited approach and preserve existing norms, say attorneys at Bracewell.
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Plugging Gov't Leaks Is Challenging, But Not A Pipe Dream
As shown by ongoing legal battles involving New York City Mayor Eric Adams and Sean “Diddy” Combs, it’s challenging for defendants to obtain relief when they believe the government leaked sensitive information to the media, but defense counsel can take certain steps to mitigate the harm, says Kenneth Notter at MoloLamken.
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Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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A Legal Perspective On NYC's Retail Real Estate Evolution
As New York City's retail market begins to show signs of resilience after the challenges of recent years, landlords must be cognizant of legal implications from shifting trends toward shorter-term leases and pop-up stores, says Andrea Gendel at Pryor Cashman.
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What Interest Rate Cuts Mean For Housing Markets
The Federal Reserve's recent reduction of interest rates may provide limited immediate relief for real estate sectors, but offers potential opportunities for commercial real estate investors and construction firms, which now face an environment ripe for new projects, say attorneys at Cozen O'Connor.
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How CFIUS' Updated Framework Affects Global Investors
The recent change to the monitoring and enforcement regulations governing the Committee on Foreign Investment in the United States will broaden administrative practices around nonnotified transaction investigations, increase the scope of information demands from the committee and accelerate its ability to impose mitigation on parties, say attorneys at Simpson Thacher.
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Flying Makes Me A Better Lawyer
Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.
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Circus Arts Make Me A Better Lawyer
Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.
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Foreclosing Lenders Still Floating In Murky Legal Waters In NY
The New York foreclosure landscape remains in disarray after the state's highest court last month declined to weigh in on whether legal changes from 2022 that severely curtailed lenders' ability to bring successive foreclosure cases were retroactive, says Brian Rich at Barclay Damon.
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Being A Navy Reservist Makes Me A Better Lawyer
Serving this country in uniform has not only been one of the greatest honors of my life, but it has also provided me with opportunities to broaden my legal acumen and interpersonal skills in ways that have indelibly contributed to my civilian practice, says Phillip Smith at Weinberg Wheeler.
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Notable Q3 Updates In Insurance Class Actions
Total loss valuation cases and labor depreciation cases dominated the past quarter of insurance class actions, with courts continuing to reject challenges to condition adjustments in the former, and a pro-insured trend persisting in the latter, say attorneys at BakerHostetler.
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Playing Ultimate Makes Us Better Lawyers
In addition to being fun, ultimate Frisbee has improved our legal careers by emphasizing the importance of professionalism, teamwork, perseverance, enthusiasm and vulnerability, say Arunabha Bhoumik and Adam Bernstein at Regeneron.
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NYC Hotel Licensing Law's Costs May Outweigh Its Benefits
A hotel licensing bill recently approved by New York's City Council could lead to the loss of many nonunionized hotels that cannot afford to comply, says Stuart Saft at Holland & Knight.