Fairfield Connecticut Building Expert Directory

Ex-Construction Firm That Bought a $75m Michelangelo to Delist

January 08, 2019 — Drew Singer - Bloomberg
A Chinese construction firm-turned-art-collector will be delisted from the Nasdaq effective Friday, following a 260 percent run-up in its stock price this fall. Shares in Yulong Eco-Materials Ltd. soared after the company agreed to buy the “Millennium Sapphire” for $50 million in October and a “Crucifixion” painting for $75 million in November. The firm was formerly a “vertically integrated manufacturer of eco-friendly building products located in the city of Pingdingshan in Henan Province, China," according to a company filing. Read the court decision
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Reprinted courtesy of Drew Singer, Bloomberg

Brooklyn’s Industry City to Get $1 Billion Modernization

March 12, 2015 — David M. Levitt – Bloomberg
(Bloomberg) -- A late 19th century industrial complex on New York’s Brooklyn waterfront is slated for a $1 billion makeover that aims to transform the property into a modern hub for manufacturing and technology. The owners of Industry City, Atlanta-based Jamestown and its partners, plan to invest about $890 million over the next 12 years, and anticipate tenants will put in about $150 million of their own money, according to a proposal announced Monday. The project will create one of the largest centers for the “innovation economy” in the U.S., and one of New York’s biggest engines of job growth, said Andrew Kimball, chief executive officer of Industry City. Read the court decision
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Reprinted courtesy of David M. Levitt, Bloomberg
Mr. Levitt may be contacted at dlevitt@bloomberg.net

Eleventh Circuit Affirms Jury Verdict on Covered Property Loss

September 06, 2023 — Tred R. Eyerly - Insurance Law Hawaii
The Eleventh Circuit affirmed the district court's denial of a motion for a new trial after the jury determined the insurer owed policy benefits for hurricane damage to the insured's property. AM Grand Court Lakes LLC v. Rockhill Ins. Co., 2023 U.S. App. 13902 (11th Cir. June 5, 2023). AM Grand owned a group of buildings that were operated as an assisted living facility. The facility comprised five buildings, each of which was five stories tall. Hurricane Irma caused damage to the property. AM Grand hired a public aduster, Five Star Claims Adjustoing, to assist with its claim. Five Star concluded that the roofs of all five buildings had been damaged in the hurricane and needed to be replaced. The estimated cost was approximately $1,200,000 to replace all the roofs. Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Damon Key Leong Kupchak Hastert
Mr. Traub may be contacted at rtraub@tlsslaw.com

Liability policy covers negligent construction: GA high court

October 31, 2010 — Michael Bradford in Business Insurance

ATLANTA—Negligent construction that results in damage to surrounding property constitutes an occurrence under a commercial general liability policy, the Georgia Supreme Court has ruled.

In a 6-1 opinion Monday in American Empire Surplus Lines Insurance Co. Inc. vs. Hathaway Development Co. Inc., the Georgia high court upheld a lower court ruling that the general contractor’s claim for damage caused by a subcontractor’s faulty plumbing work was covered.

The ruling on construction defects is the latest in number of such cases across the United States

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Reprinted courtesy of Michael Bradford of Business Insurance.

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Congress to be Discussing Housing

June 11, 2014 — Beverley BevenFlorez-CDJ STAFF
According to Housing Wire, several housing discussions will be taking place in Washington D. C. soon. Investors Unite on Solutions for U.S. Housing Policy hosts the first forum, which will be followed by a presentation by Joshua Rosner, author of Reckless Endangerment. Rosner will speak on “how to move forward on housing reform and what are the consequences of getting housing reform wrong.” Furthermore, “he will critique the recent efforts in Congress to reform Fannie Mae and Freddie Mac.” Read the court decision
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Florida Construction Defect Decision Part of Lengthy Evolution

August 05, 2013 — CDJ STAFF
Lawyers are still working out all the implications of Florida Supreme Court’s ruling in Maronda Homes. Three members of the firm Lowndes, Drosdick, Doster, Kantor & Reed PA, Alexander Dobrev, Michael S. Provenzale, and Tara L. Tedrow on the firm’s web site. They characterize it as a “consumer-protection oriented decision,” quoting the court that the “house is the fondest dream and largest investment, both emotionally and financially, for Florida families.” The court found that Section 553.835 of the Florida laws could not be applied to construction that occurred before the statute become effective in July, 2012. They describe the underlying issue as “the culmination of forty years of evolution to the implied warranty of habitability that is granted by the builder of a new home to the purchaser.” This lead to a 2010 District Court decision that expanded the area covered from “merely the structure itself, along with improvements ‘immediately supporting the residence’” but also those “which provide ‘essential services’ which support the home, make it habitable, or are necessary for living accommodations.” Read the court decision
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Florida’s Fourth District Appeals Court Clarifies What Actions Satisfy Florida’s Construction Defect Statute of Repose

November 14, 2018 — Rahul Gogineni - The Subrogation Specialist
In Gindel v. Centex Homes, 2018 Fla.App. LEXIS 13019, Florida’s Fourth District Court of Appeal recently concluded that the date on which the plaintiffs provided a pre-suit notice in compliance with §558.004 of Florida’s construction defect Right-to-Cure statute, Fla. Stat. §§ 558.001 to 558.005, et. seq., is the date on which the plaintiff commenced a “civil action or proceeding,” i.e. an “action,” within the meaning of Florida’s construction defect statute of repose, Florida Statue § 95.11(3)(c). Thus, reversing the decision of the trial court, the Fourth District held that the plaintiffs timely-filed their construction defect action against the defendants. Read the court decision
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Reprinted courtesy of Rahul Gogineni, White and Williams LLP
Mr. Gogineni may be contacted at goginenir@whiteandwilliams.com

Select the Best Contract Model to Mitigate Risk and Achieve Energy Project Success

October 17, 2022 — Gregory S. Seador - Construction Executive
Power and energy projects are inherently complex and risky. Therefore, management and proper allocation of risk among project participants are essential to success. Careful drafting of the engineering, procurement and construction (EPC) contract is a critical first step in managing risk. The standard contract format used for power and energy construction projects is the EPC contract. In its traditional form, the EPC contract makes the EPC contractor responsible for the entire project, including engineering (design of the power plant), procurement (purchase, installation and performance of all equipment) and construction (construction of the plant). EPC contracts can, however, employ different contract models and pricing structures, each of which carries differing levels of risk for project participants. Selecting the appropriate contract model and pricing structure to meet the unique needs of the project is important. Reprinted courtesy of Gregory S. Seador, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved. Read the court decision
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Mr. Seader may be contacted at seador@slslaw.com

FAIRFIELD CONNECTICUT BUILDING EXPERT DIRECTORY AND CAPABILITIES