Signs of a Slowdown in Luxury Condos
January 28, 2015 —
Prashant Gopal, Oshrat Carmiel and John Gittelsohn – BloombergManhattan real estate agent Lisa Gustin listed a four-bedroom Tribeca loft for $7.45 million in October, expecting a quick sale. Instead, she cut the price by $550,000 in January. “I thought for sure a foreign buyer would come in,” says Gustin, a broker at Brown Harris Stevens who is still marketing the 3,800-square-foot apartment. “So many new condos are coming up right now. They’ve been building them for the past few years, and now they’re really hurting the resales.”
New high-priced condominiums and mansions are hitting the market in New York, Miami, and Los Angeles just as international buyers, who helped fuel luxury demand in the three cities, are seeing their purchasing power wane with the strengthening dollar. Signs of a pullback may already be showing in Manhattan, where luxury-home sales have slowed amid a boom in the construction of towers aimed at U.S. millionaires and foreign investors. Sales of homes costing more than $2 million in the New York area rose 10 percent last year, compared with a 27 percent jump in 2013, according to CoreLogic DataQuick.
Reprinted courtesy of Bloomberg reporters
Prashant Gopal,
Oshrat Carmiel and
John Gittelsohn
Mr. Gittlesohn may be contacted at johngitt@bloomberg.net; Ms. Carmiel may be contacted at ocarmiel1@bloomberg.net; Mr. Gopal may be contacted at pgopal2@bloomberg.net
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Janeen Thomas Installed as State Director of WWBA, Receives First Ever President’s Award
July 11, 2021 —
Janeen Thomas - Lewis BrisboisOn June 9, 2021, New York Partner Janeen M. Thomas was installed as a State Director of the Westchester Women’s Bar Association (WWBA) for the 2021-2022 term. In this role, Ms. Thomas will represent the WWBA at statewide meetings of the Women’s Bar Association of the State of New York (WBASNY).
During the installation ceremony, Ms. Thomas was awarded with the association's first ever President’s Award by WWBA Outgoing President Judge Lisa Margaret Smith of the Southern District of New York (retired), for her service as Co-Chair of the WWBA Diversity & Inclusion Committee during the 2020-2021 term. During the award presentation, Ms. Thomas was recognized for organizing three programs, including:
“A Panel Discussion on Police Reform: New York’s Executive Order for Necessary Change,” which featured Dr. Jim Bostic, Minister, Author and Executive Director, Nepperhan Community Center; Jason Clark, Esq., Deputy, New York State Attorney General’s Office and Past-President, Metropolitan Black Bar Association; Kitley S. Covill, Esq., Westchester County Legislator, District 2, Prof. Randolph McLaughlin, Esq., Of Counsel, Newman Ferrara LLP and Professor, Pace University Law School and Maria L. Imperial, Esq., CEO, YMCA White Plans & Central Westchester;
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Janeen Thomas, Lewis BrisboisMs. Thomas may be contacted at
Janeen.Thomas@lewisbrisbois.com
Manhattan Developer Breaks Ground on $520 Million Project
November 18, 2011 —
CDJ STAFFRebuilding an area of Midtown West that has been condemned for decades, the Gotham Organization has broken ground on a 1,200-unit project that will include housing for a variety of household incomes and a school. One unit of the project will be affordable housing for families of annual incomes up to $40,000. Another will be for middle-income households. Additionally, there will be a 31-story tower with 550 luxury units.
The site CityBiz quotes Mayor Michael Bloomberg, as saying that the project “will grow our economy by creating 2,900 construction-related jobs.” The president of the Gotham Organization, David L. Picket notes that it will “create hundreds of new jobs, generate millions of dollars in revenue for the construction industry, contribute towards the building of a new primary, and provide homes to thousands of New Yorkers.”
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SB 721 – California Multi-Family Buildings New Require Inspections of “EEEs”
December 19, 2018 —
Brenda Radmacher - Gordon & Rees Construction Law BlogMany in the construction industry and multi-family development field have been closely following Senate Bill 721, or the “Balcony Bill,” regarding new requirements for building owners associated with decks and balconies. After almost a dozen amendments, the “Balcony Bill” finally passed in the state legislature with an overwhelming majority and was signed into law September 17th, 2018, by Governor Jerry Brown.
Balconies and decks, called “Exterior Elevated Elements” (“EEE”) in the statute, are common features in most multi-family buildings in California – where better to enjoy the California sun? However, many of the structures have proven to be problematic at best due to complex intersections of construction trades and design issues as well as limited understanding and effectuation of maintenance. Indeed, the “Balcony Bill” arose largely out of an outcry following the 2015 balcony collapse in Berkeley in 2015, which left six young people dead and another seven injured.
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Brenda Radmacher, Gordon & Rees Scully MansukhaniMs. Radmacher may be contacted at
bradmacher@grsm.com
A Win for Policyholders: California Court of Appeals Applies Vertical Exhaustion for Continuous Injury Claims
August 24, 2020 —
Celia B. Waters - Saxe Doernberger & VitaFresh off the heels of the California Supreme Court’s landmark decision in Montrose Chemical Corp. v. Super. Ct. of L.A. Cty. (“Montrose III”),1 policyholders scored another victory as another California court rejected horizontal exhaustion in the context of continuous injury cases. The Court of Appeal of the State of California, First Appellate District, Division Four, in SantaFe Braun Inc. v. Ins. Co. of N. Am., adopted a rule of vertical exhaustion, holding that “[absent an explicit policy provision to the contrary] the insured becomes entitled to the coverage it purchased from the excess carriers once the primary policies specified in the excess policy have been exhausted.”2
The dispute in SantaFe Braun began in 1992 when asbestos-related claims were first filed against Braun. In 1998, Braun’s three primary insurers agreed in writing to defend and settle the underlying claims against Braun while resolving allocation among themselves. In 2004, Braun filed the current suit against its excess insurers, seeking a declaration that the excess insurers were obligated to help cover the costs of the underlying asbestos-related lawsuits.
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Celia B. Waters, Saxe Doernberger & VitaMs. Waters may be contacted at
cbw@sdvlaw.com
Do We Need Blockchain in Construction?
June 22, 2020 —
Cristina Savian - AEC BusinessBlockchain technology claimed to have the potential to disrupt many aspects of how companies do business. And like other emerging technologies, I have been exploring its uses, benefits and assessing its potential opportunities in the construction industry. If like me, you have been wondering what it is and if its applications are limited to financial services and cryptocurrencies; you will be pleasantly surprised to discover that it has a lot more applications with exciting opportunities for our sector too.
Blockchain could have a significant impact on our industry. In writing this article I have discovered that the Australian government is full steam ahead, that many organisations are currently building their own blockchain networks and that it is something that businesses right across the built environment should be preparing for now. But more on that soon, first we need to define what blockchain is.
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Cristina Savian, AEC Business
Are You Ready For 2015?
January 07, 2015 —
Craig Martin- Construction Contractor Advisor BlogLast month’s Engineering News Record Magazine contained an editorial noting the worst projects of the year. Are you prepared if you have a bad project?
As the editors aptly pointed out:
"By their nature, bad projects disappoint owners, incite hostility among team members, slip months and years past scheduled completions and drain finances."
ENR pointed noted a few projects from 2014 that did not go well.
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Craig Martin, Lamson, Dugan and Murray, LLPMr. Martin may be contacted at
cmartin@ldmlaw.com
Insurer Has Duty to Defend Faulty Workmanship Claim
January 22, 2024 —
Tred R. Eyerly - Insurance Law HawaiiThe magistrate judge recommended a determination that the insurer owed a defense to the subcontractor sued for faulty workmanship. Hanover Lloyds Ins Co. v. Donegal Mut. Ins. Co., 2023 U.S. Dist. LEXIS 180877 (W.D. Texas Oct. 5, 2023).
Poe Investments, Ltd. entered into an agreement with Jordan Foster Construction, LLC for construction of an auto sales and service facility ("Facility"). Jordan hired multiple subcontractors, including Texas Electrical Contractors, LLC ("TEC"). Subsequently, Poe sold the Facility to 6330 Montana, LLC ("Montana").
Montana filed suit against Jordan for breach of express warranties, breach of contract, and negligence. Jordon filed a third-party complaint against its subcontractors, including TEC. Jordan alleged that TEC provided "defective and negligent construction work" while carrying out the provision and installation of electrical and fire alarm systems at the Facility.
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Tred R. Eyerly, Damon Key Leong Kupchak HastertMr. Eyerly may be contacted at
te@hawaiilawyer.com