Residential
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September 27, 2024
NYC Mayor's Zoning Reform Goes Forward Amid Indictment
A zoning reform proposal spearheaded by New York City Mayor Eric Adams was approved Sept. 25 by the City Planning Commission, with the City Council set to consider it next, a development that was marred by an indictment unsealed in Manhattan federal court the following morning accusing Adams of corruption and fraud.
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September 27, 2024
Seward & Kissel Adds Ex-A&O Shearman Counsel In NY
Seward & Kissel LLP announced on Thursday the hiring of a former attorney at Allen Overy Shearman Sterling as special counsel in its real estate group out of New York.
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September 26, 2024
Round Up: Insurance Highlights At Climate Week NYC
The value of insurer climate risk disclosures, strengthening infrastructure and communicating climate risks were among the top issues that insurance industry officials, elected officials, and regulators highlighted at this year's edition of Climate Week in New York City.
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September 26, 2024
Colo. Property Tax Deferral Program Could Balloon, Panel Told
Use of a property tax deferral program in Colorado is expected to rise under a recent legislative change opening it to nearly all property owners, the state's treasurer told a legislative commission Thursday, calling the extent of the program's growth difficult to predict.
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September 26, 2024
Few Investors Say They Factor ESG In Real Estate Strategies
About a quarter of surveyed fund managers and investment professionals said they considered environmental, social and corporate governance standards in real estate investments, a smaller portion than those who factor ESG in private equity strategies, a new study found.
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September 26, 2024
Multifamily Investor Nabs $137M Loan For Boston Apartments
Carmel Partners, a multifamily-focused investment firm, secured $137 million in acquisition financing to buy a 30-story apartment building in Boston, according to a Wednesday announcement by brokerage firm Walker & Dunlop Inc.
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September 26, 2024
Pa. Justices Reject New Tax Hearing For Charter School
The Pennsylvania Commonwealth Court erred in sending a charter school's retroactive property tax appeal back to a county board, because the charter school had failed to exhaust statutory remedies, the state Supreme Court ruled Thursday.
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September 26, 2024
Ga. Judge Halts Election Over Sapelo Island Zoning Change
A Georgia state judge pulled the plug on a special election Gullah Geechee residents of Sapelo Island initiated to try to overturn a McIntosh County zoning change that more than doubled the size of dwellings allowed in their Hogg Hummock community.
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September 26, 2024
US Census, Osage Nation Sign Info Sharing Agreement
The U.S. Census Bureau and the Osage Nation signed an agreement to share the federally recognized Oklahoma tribe's aggregated administrative data in an effort to provide a more accurate picture of Indian Country and its needs.
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September 26, 2024
A. Walker & Co. Raises $50M For Affordable Multifamily
Minority-owned and operated investment manager A. Walker & Co. said it has raised $50 million through its first fund focusing on multifamily deals with an affordable housing component, in a vehicle with an option to raise another $25 million.
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September 26, 2024
4th Circ. Hints Rocket Mortgage Class Cert. Is On Shaky Ground
The Fourth Circuit on Thursday seemed skeptical that all potential class members who accused Rocket Mortgage of inflating their home values could prove they were injured under the U.S. Supreme Court's heightened pleading standard in TransUnion, putting the lower court's certification order on rocky footing.
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September 26, 2024
Conn. Atty's Suit Against Willkie Partner Tossed
A Connecticut state court has dismissed a solo practitioner's lawsuit that alleged a partner at Willkie and his wife abused the court process by suing him over his contribution to an unflattering New York Post story about the couple.
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September 25, 2024
Developer's NorCal Spree Ends With Fraud Claims In Ch. 11
Northern California real estate company LeFever Mattson stockpiled more than $400 million in real estate, including several local landmarks in a small town north of San Francisco. The firm now seeks bankruptcy protection amid claims following an alleged scheme by one executive to pocket millions by selling bunk equity stakes to investors.
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September 25, 2024
3 NJ Attys Charged With Bank Fraud In Short-Sale Scheme
A trio of attorneys and a real estate agent have been criminally indicted on bank fraud charges on allegations they participated in a yearslong scheme to defraud financial institutions in connection with short-sale transactions of residential properties in New Jersey, the U.S. Attorney's Office for the District of New Jersey announced Wednesday.
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September 25, 2024
Suit Over Fla. Law Restricting Foreign Land Buys Paused
A Florida federal judge on Wednesday paused a challenge to a Florida law that restricts land purchases of Chinese citizens and others, saying it was prudent to wait to see what the Eleventh Circuit does with a similar challenge that has already been argued before the appeals court.
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September 25, 2024
Navajo Nation Inks $31M Deal With Bitco For Veteran Housing
The Navajo Nation said it has signed a $31 million contract with tribally owned Bitco Corp. to build 95 homes for Navajo veterans, using funds provided by President Joe Biden's American Rescue Plan Act.
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September 25, 2024
Developer Says Minn. City Made Rule To Block Mosque
A developer and its Muslim founders claimed in federal court that Islamophobia motivated Lino Lakes, Minnesota, and several of its lawmakers to approve a moratorium that blocked the construction of a mixed-use development project that featured a mosque.
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September 25, 2024
Fla. Condo's Irma Suit Dismissed After Settlement With Insurer
A Florida federal court on Wednesday dismissed a lawsuit brought by a Fort Myers Beach condominium association after it settled with an insurance company for an appraisal award that was allegedly owed for damage caused by Hurricane Irma in 2017.
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September 25, 2024
Not Dying After All: Tips For Maneuvering Mall Overhauls
Real estate companies are spending millions to rejuvenate indoor shopping centers in suburban cities across the U.S., but some developers may not know that revamping a mall comes with unique legal challenges.
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September 25, 2024
Fla., Calif. Seek Insurance Cures On Climate Crisis Frontlines
California and Florida may be on opposite coasts, and opposite ends of the political spectrum, but they're facing a common dilemma: how to address the stress that mounting climate risks have imposed on property insurance and real estate within their borders.
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September 25, 2024
Realtors, REITs Spend Big On Calif. Housing Ballot Measures
California voters will face two ballot measures in November that supporters say would give local governments more leeway to address the state's rampant housing crisis. Realtor groups and real estate investment trusts have led the pack in spending to defeat the measures.
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September 25, 2024
Seattle Suburb Settles Biz Group's Suit Over Pro-Tenant Rules
A business group agreed to drop a lawsuit after a Seattle suburb backed off a pair of recently passed rules setting up just cause eviction protections and banning "abusive and deceptive" practices among landlords, even as the city kept other policies favoring tenants in effect.
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September 25, 2024
Julie Chrisley Gets No Slack In Resentencing From Ga. Judge
Julie Chrisley, the former real estate mogul and reality TV star who was convicted of running a yearslong bank fraud scheme with her husband, Todd, was resentenced Wednesday by a Georgia federal judge to the same seven-year prison term she first received nearly two years ago.
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September 25, 2024
NJ Bill Would Hike Threshold For Tax On Property Transfers
New Jersey would raise the threshold for the imposition of a controlling interest transfer tax or an additional fee on transfers of various kinds of real property under a bill introduced in the state Assembly.
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September 24, 2024
Invitation Homes Agrees To $48M Settlement With FTC
The Federal Trade Commission said it has struck a $48 million agreement with Invitation Homes Inc. to settle claims against the nation's largest single-family home landlord, including that it deceived people about leasing costs and junk fees, failed to inspect and repair homes as promised, and unfairly held on to security deposits.
Expert Analysis
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Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Look At New IRS Rules For Domestically Controlled REITs
The Internal Revenue Services' finalized Treasury Regulations addressing whether real estate investment trusts qualify as domestically controlled adopt the basic structure of previous proposals, but certain new and modified rules may mitigate the regulations' impact, say attorneys at Simpson Thacher.
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What CRA Deadline Means For Biden Admin. Rulemaking
With the 2024 election rapidly approaching, the Biden administration must race to finalize proposed agency actions within the next few weeks, or be exposed to the chance that the following Congress will overturn the rules under the Congressional Review Act, say attorneys at Covington.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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2nd Circ. Eminent Domain Ruling Empowers Municipalities
The Second Circuit's recent decision in Brinkmann v. Town of Southold, finding that a pretextual taking does not violate the Fifth Amendment's takings clause, gives municipalities a powerful tool with which to block unwanted development projects, even in bad faith, say James O'Connor and Benjamin Sugarman at Phillips Lytle.
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SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
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8 Fla. Statutes That Construction Cos. Should Prepare For
In this article, Jason Lambert at Hill Ward discusses a number of recent bills out of the Florida Legislature targeting construction companies in the Sunshine State that have been sent to the governor for signature, at least some of which will have broad impacts that affected companies should prepare for ahead of the July 1 effective date.
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Time To Fix NYC's Broken Property Assessment System
A New York appellate court's decision to revive Tax Equity Now New York v. City of New York may force the city to revamp its outdated and unfair real estate tax assessment system, which could be fixed with a couple of simple changes, says Seth Feldman at Romer Debbas.
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Understanding The IRC's Excessive Refund Claim Penalty
Taxpayers considering protective refund claims pending resolution of major questions in tax cases like Moore v. U.S., which is pending before the U.S. Supreme Court, should understand how doing so may also leave them vulnerable to an excessive refund claim penalty under Internal Revenue Code Section 6676, say attorneys at McDermott.
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Bankruptcy Ruling Shifts Lease Rejection Claim Calculation
A New York federal court’s recent ruling in In re: Cortlandt provides guidance on how to calculate a landlord's damages claim when a bankruptcy debtor rejects a lease, changing from an approach that considers the remaining rent due under the lease to one that considers the remaining time, say Bethany Simmons and Noah Weingarten at Loeb & Loeb.
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Do Not Overstate Fla. Condo Termination Ruling's Impact
A close look at the unique language at issue in Avila v. Biscayne, in which a Florida appellate court deemed a condo termination to be invalid, shows that the case is unlikely to significantly affect other potential terminations, say Barry Lapides and Edward Baker at Berger Singerman.
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Takeaways From FDIC's Spring Supervisory Highlights
The Federal Deposit Insurance Corp.'s spring 2024 consumer compliance supervisory report found that relatively few institutions had significant consumer compliance issues last year, but the common thread among those that did were inadequacies or failures in disclosures to consumers, says Matthew Hanaghan at Nutter.
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Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.