Commercial

  • February 22, 2024

    Va. Oil Terminal's Tax Value Upheld By Appeals Court

    A petroleum terminal was correctly valued by a local assessor at about $63 million for 2018 and $66 million for 2020, the Virginia Court of Appeals said, rejecting the owner's argument that the property's business prospects had plummeted, lowering its value.

  • February 22, 2024

    NY Ruling Spares Trump Org The Ax But Puts Up Guardrails

    A New York judge listened to his critics by deciding not to ban Donald Trump and his companies from doing business in New York entirely with a ruling last week forcing the former president and his affiliates to pay $364 million for overvaluing his real estate assets, a former assistant U.S. attorney said.

  • February 22, 2024

    3 Firms Steer Stonepeak's $3B Wind Farm Stake Deal

    Stonepeak plans to buy a 50% noncontrolling stake in Dominion Energy's Coastal Virginia Offshore Wind project for $3 billion and split construction costs with the electricity giant in a deal powered by three law firms, the companies announced.

  • February 22, 2024

    Convicted Chicago Pol Seeks Acquittal Or New Trial

    One of Chicago's longest serving and most powerful local politicians asked an Illinois federal judge Wednesday to set aside a jury's December verdict convicting him of using his official position to steer tax business to his personal law firm, saying no rational jury could have convicted him based on the evidence presented at trial.

  • February 22, 2024

    ATV Accident Coverage Win Remanded Over Kid's Residency

    A Missouri appeals court remanded a lower court's decision over whether a father's farm insurance covered the $1 million in damages inflicted on his daughter after an ATV accident, saying that the central question of whether the child resided at her father's home or at his ex-wife's was still unresolved.

  • February 22, 2024

    Md. House OKs Fee On Unpersuasive Property Tax Appeals

    Maryland's taxpayers would face a $100 fee if they are unable to persuade the state's Tax Court to revise high-dollar valuations of income-producing property under a bill passed Thursday by the state's House of Delegates.

  • February 22, 2024

    IRS Failed To Investigate Tax Exemption Abuses, Justices Told

    A group claiming the IRS has ignored abuses of tax-exempt status by certain issuers of mortgage-backed investments asked the U.S. Supreme Court to review a ruling affirming the agency's discretion, saying billions of dollars in taxable income are at stake.

  • February 21, 2024

    NY Judges Question Lehman's Bid To Undo CDS Trial Loss

    A panel of New York appeals court judges on Wednesday appeared reluctant to undo a bench trial loss Lehman Bros.' bankrupt European unit suffered last year in a suit attempting to clawback nearly half a billion dollars from Assured Guaranty over alleged losses on credit default swaps tied to the 2008 financial crisis.

  • February 21, 2024

    Judge Rejects $5.2M Atty Fee Bid In Poultry Farm Loan Suit

    A New York federal judge rebuffed attorneys' attempt to collect a nearly $5.2 million fee for representing an affiliate of two billionaire brothers that accused an investment adviser of fraudulently inducing the affiliate to provide a loan for a Russian poultry operation, saying the adviser wasn't improperly defending himself.

  • February 21, 2024

    Cannabis CEOs Wasted Wealthy Russian's Money, Suit Claims

    Two California businessmen who were given $145 million by a now dead Russian billionaire to begin cannabis growing operations in the state are accused of gross mismanagement and squandering his investment, according to a lawsuit filed in Los Angeles County court.

  • February 21, 2024

    Weil Advises Crow Holdings' $3.1B Real Estate Fund Closing

    Dallas-based Crow Holdings LLC on Wednesday said it had raised at least $3.1 billion, beating a fundraising target, as it plans to invest in U.S. industrial, multifamily and specialty real estate assets such as self-storage and student housing, in a transaction advised by Weil Gotshal & Manges LLP.

  • February 21, 2024

    Public Storage Leaders See Hope After Post-Pandemic Dip

    Public Storage executives reported Wednesday that after a tough 2023, with self-storage demand dropping from pandemic highs, performance in some markets indicates investors will begin to see stabilization later this year.

  • February 21, 2024

    CoStar, Hotel Giants Accused Of Data-Driven Price-Fixing

    Hilton, Hyatt and other big name hotel operators are the target of a proposed class action alleging they colluded with hospitality industry analytics firm CoStar Group Inc. to fix prices in luxury hotel markets in Seattle and other major U.S. cities, according to a suit filed in Washington federal court.

  • February 21, 2024

    Rite Aid Gets OK To End Former Queens Store Lease

    Rite Aid Corp. was given permission Wednesday to reject a lease and sublease for a former store in Queens, New York, after a New Jersey bankruptcy judge found that doing so would benefit the debtor's estate.

  • February 21, 2024

    Calif. Bill Would Let AG Audit Private Equity Healthcare Deals

    California Attorney General Rob Bonta and Assembly Speaker Pro Tempore Jim Wood have filed legislation that will give the state's AG oversight of private equity and hedge fund acquisitions of healthcare facilities, saying that private equity is causing soaring consumer costs.

  • February 21, 2024

    Feds Found Responsible For Leased Building's Contamination

    The Civilian Board of Contract Appeals has ruled that the federal government is liable for piscicide contamination of a building long used by the U.S. Fish and Wildlife Service, but is on the hook only for diminished value and not full restoration.

  • February 21, 2024

    1st Circ. Won't Revive $19M Casino Deal Suit Against Wynn

    The First Circuit affirmed the dismissal of a real estate executive's suit claiming Wynn Resorts reneged on a handshake deal to pay him $19 million for helping it obtain a casino license, pointing to an opinion from Massachusetts' top appellate court saying the agreement is unenforceable on public policy grounds.

  • February 21, 2024

    Atlantic City Hotels Want Room Rate Suit Tossed

    Atlantic City casinos said on Tuesday a suit alleging they conspired to inflate room rates should be tossed, arguing it doesn't show there was any kind of agreement between the casinos and that its claims are partially time-barred.

  • February 21, 2024

    Holland & Knight Adds Jones Walker Real Estate Atty In Miami

    Holland & Knight LLP announced it has brought on a former Jones Walker LLP attorney as a partner for its real estate capital markets team in Miami.

  • February 20, 2024

    FinCEN Details Owner Data Access Rules For Small Banks

    The U.S. Treasury Department's Financial Crimes Enforcement Network on Tuesday released a compliance guide for small financial firms on accessing and safeguarding company ownership information that their customers are required to report under recently implemented rules.

  • February 20, 2024

    Developers Deny 'Shell Game' Amid Push For More Sanctions

    Real estate developers facing potential imprisonment over their failure to pay EB-5 investors at least $26 million in settlement and sanction judgments have told an Illinois federal court their money is not hidden in a "shell game" but rather tied up in receivership proceedings the investors already know about.

  • February 20, 2024

    Pot Cos. Say They'll Be Ruined Unless Detroit Facility Opens

    Four cannabis companies have urged a Michigan federal court to prohibit the city of Detroit from taking any action that would impede their $15 million marijuana processing facility from opening, saying they are "in immediate danger of financial ruin" unless they operate the site as planned.

  • February 20, 2024

    Fla. Firm Closes $419M Refinancing Deal For Miami Tower

    Rosenthal Rosenthal Rasco LLC has wrapped up a refinancing transaction totaling over $419 million for Panorama Tower, an 85-story mixed-use residential property in Miami, the firm announced.

  • February 20, 2024

    Son's $63M Tax Deal Puts Diamond King's Widow In The Clear

    The federal government agreed to stop pursuing the widow of a diamond mogul to recover millions in tax liabilities connected to her husband and his estate after their adult son agreed to pay $63 million, according to a New York federal court order Tuesday.

  • February 20, 2024

    Cool-Cheese Pizzeria Got Cold Feet Over $2.1M Sale, Suit Says

    A Pittsburgh pizzeria known for its unusual practice of putting cold cheese on its pies backed out of a $2.1 million sale just before a potential buyer came to visit, according to a lawsuit a real estate agent filed in Pennsylvania state court.

Expert Analysis

  • A Bird's Eye View Of NYC's New Parapet Inspection Law

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    Building owners in New York City should be ready for the city's new parapet inspection requirements going into effect in January, which will likely necessitate additional construction work for countless buildings not previously subject to formal inspections, says Benjamin Fox Tracy at Braverman Greenspun.

  • How Fla. Bankruptcy Ruling May Affect Equity Owners

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    A Florida bankruptcy court’s recent ruling in Vital Pharmaceuticals — which rejected the Third Circuit’s Majestic Star decision that determined a bankrupt corporation’s flow-through status was not protected by the automatic stay — may significantly affect how equity owners can mitigate the impact of flow-through structures in bankruptcy, say Eric Behl-Remijan and Natasha Hwangpo at Ropes & Gray.

  • Calif. Ruling May Open Bankruptcy Trustees To Tort Liability

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    In Martin v. Gladstone, a recent California appellate court decision, the application of tort concepts to bankruptcy trustees could pose a new concern for trustees and federal receivers when controlling and maintaining commercial property, says Jarrett Osborne-Revis at Buchalter.

  • Considerations For Navigating Mixed-Use Developments

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    As mixed-use developments continue to rise in popularity, developers considering this approach to urban planning must be aware of key considerations ranging from title and zoning laws to proper engagement with stakeholders, says Mehdi Sinaki at Michelman & Robinson.

  • 1st Tax Easement Convictions Will Likely Embolden DOJ, IRS

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    After recent convictions in the first criminal tax fraud trial over allegedly abusive syndicated conservation easements, the IRS and U.S. Department of Justice will likely pursue other promoters for similar alleged conspiracies — though one acquittal may help attorneys better evaluate their clients' exposure, say Bill Curtis and Lauren DeSantis-Then at Polsinelli.

  • Compliance Primer: Foreign Investment In US Real Property

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    The rise in foreign investment in U.S. real property, especially agricultural land, has led to increased national security concerns, meaning it’s important to understand reporting requirements under the Agricultural Foreign Investment Disclosure Act and state-level statutes, and to monitor legislative proposals that could create more stringent reporting and review processes, say attorneys at K&L Gates.

  • How CRE Loans Would Shift Under New Bank Capital Rules

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    Attorneys at MoFo discuss how commercial real estate loans would fare under federal banking agencies' proposed changes to how large banks risk-weight loans, particularly how CRE loans are weighed based on the current standardized framework versus the proposed expanded approach.

  • Calif. GHG Disclosure Law Will Affect Companies Worldwide

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    California's Climate Corporate Data Accountability Act, which will require comprehensive greenhouse gas emissions disclosures from large companies operating in the state, will mean compliance challenges for a wide range of industries, nationally and globally, as the law's requirements will ultimately trickle out and down, say attorneys at Brownstein Hyatt.

  • What Retail Landlords Must Know About Permitted Transfers

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    As trying economic times require tenants to create options to cease their operations by transferring their lease obligations to other parties, retail landlords must give significant thought to how permitted transfers are drafted, and how parties are to be protected in the present and the future, says Scott Grossfeld at Cox Castle.

  • Proactive Measures While NY Foreclosure Law Is In Limbo

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    While questions about the scope and constitutionality of New York's Foreclosure Abuse Prevention Act might not be resolved by courts for years, lenders, borrowers and other interested parties can take action to protect their rights and potentially expedite appellate review, say Allison Schoenthal and Andrew Kim at Goodwin.

  • EB-5 Investment Period Clarification Raises More Questions

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    U.S. Citizenship and Immigration Services' recent clarifying guidance for EB-5 investors, specifying that the statutory investment period begins two years from the date of investment, raises as many questions as it answers given related agency requirements and investors' potential contractual obligations, says Daniel Lundy at Klasko Immigration Law Partners.

  • A Guide For Landlords Pivoting To Medical Office Buildings

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    The current commercial real estate landscape presents a unique opportunity for landlords, real estate developers and investors to accommodate the growing health care industry's need for office buildings, though proper navigation of complex regulations and leasing concerns is necessary, says Mehdi Sinaki at Michelman & Robinson.

  • NY Co-Ops Must Avoid Pitfalls When Navigating Insurance

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    In light of skyrocketing premiums, tricky exclusions and dwindling options, New York cooperative corporations must carefully review potential contractors' insurance policies in order to secure full protection, as even seemingly minor contractor jobs can carry significant risk due to New York labor laws, says Eliot Zuckerman at Smith Gambrell.