Fairfield Connecticut Building Expert Directory

Chinese Hunt for Trophy Properties Boosts NYC, London Prices

January 21, 2015 — Vinicy Chan – Bloomberg
What do New York’s most famous hotel, the Lloyd’s of London building and the headquarters of the U.K.’s top law firm have in common? They’re all owned by Chinese insurers. This new breed of buyers, who weren’t allowed to invest overseas before 2012, are flooding into the global market for prime commercial real estate after being given more freedom to deploy their $1.6 trillion of assets. That has meant good times for sellers of trophy real estate in major cities. Read the court decision
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Reprinted courtesy of Vinicy Chan, Bloomberg
Ms. Chan may be contacted at vchan91@bloomberg.net

California Supreme Court Holds that Design Immunity Does Not Protect a Public Entity for Failure to Warn of Dangerous Conditions

June 26, 2023 — Garret Murai - California Construction Law Blog
Get ready for more street signage. The California Supreme Court, in Tansavatdi v. City of Rancho Palos Verdes, (2023) 14 Cal.5th 639, has held that Government Code section 830.6, which protects public entities from claims alleging dangerous conditions on public property if the design was approved by a public agencies’ legislative body or their designee, does not shield a public entity from claims that the public entity should have warned the public of known dangers. We wrote about the Tansavatdi case a while back when it was before the Court of Appeals. The case involves a very sad set of facts. A young boy was killed by a semi-trailer while waiting at a stoplight on his bicycle in Rancho Palos Verdes, California. The area where the boy was killed did not have a bicycle lane although stretches of the same road did. The 2nd District Court of Appeal, on appeal from a motion for summary judgment, held that even if the public entity could establish that it was immune from liability under Government Code section 830.6, the trial court should have considered whether the public entity should have been liable for failing to warn of a dangerous condition on public property. Read the court decision
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Reprinted courtesy of Garret Murai, Nomos LLP
Mr. Murai may be contacted at gmurai@nomosllp.com

Rio de Janeiro's Bursting Real-Estate Bubble

September 17, 2015 — Juan Pablo Spinetto & Peter Millard – Bloomberg
At opposite ends of downtown Rio de Janeiro, projects tied to Donald Trump and Eike Batista-- one a billionaire-turned-politician, the other Brazil’s most famous ex-billionaire -- have come to represent the city’s real estate bust. The 23-story Serrador building, a granite-and-glass art deco tower near Rio’s Santos Dumont airport, has sat empty since Batista’s failed empire of commodities companies abandoned it last year. Four miles away, in the city’s gritty port district, an ambitious office project that Trump lent his name to is still nothing more than a weed-filled lot about a year after construction was slated to begin. Reprinted courtesy of Juan Pablo Spinetto, Bloomberg and Peter Millard, Bloomberg Read the court decision
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Resolve to Say “No” This Year

January 26, 2016 — Christopher G. Hill – Construction Law Musings
We hear all of the time how to “get to ‘yes'” and how doing so can lead to more business and of course more business leads to more profits. Purely logical, right? Without construction owners with work for general contractors to perform and general contractors hiring subcontractors to perform that work, construction grinds to a halt and clients and friends of mine in the construction industry don’t make money. For this to happen, “yes” has to happen more often than not. So, why the title of this post? Chalk it up to spending much if not all of my time as a construction attorney either anticipating or dealing with the Murphy’s Law ruled nature of the construction world or to the “Monday morning quarterback” nature of my profession, but I see numerous instances where not taking the job or signing the bad contract would have led to a better outcome than performing the work. What do I mean by this? I mean that as a construction company (particularly one that is lower down the “payment chain” and therefore less in control of the flow of money), you need to carefully evaluate not only the contract presented, but whether you get a good feeling about the party with whom you are contracting. Read the court decision
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Reprinted courtesy of Christopher G. Hill, Law Office of Christopher G. Hill, PC
Mr. Hill may be contacted at chrisghill@constructionlawva.com

Chesapeake Bay Water Quality Is Still in Trouble, Two Major Reviews Say

November 07, 2022 — Pam McFarland - Engineering News-Record
Two separate assessments of the health of the Chesapeake Bay indicate that most jurisdictions within its watershed are not on track to meet target goals to cut nitrogen and phosphorus discharge levels by 2025. But new plans and programs put in place in 2022 could improve the restoration trajectory, according to the U.S. Environmental Protection Agency. Reprinted courtesy of Pam McFarland, Engineering News-Record Ms. McFarland may be contacted at mcfarlandp@enr.com Read the full story... Read the court decision
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DOJ to Prosecute Philadelphia Roofing Company for Worker’s Death

June 17, 2015 — Beverley BevenFlorez-CDJ STAFF
While Construction Dive reported that it’s rare for the Department of Justice (DOJ) to prosecute employers for on-the-job deaths, the DOJ “plans to prosecute the owner of a Philadelphia roofing company for alleged crimes that the government claims led to the death of a construction worker.” According to Construction Dive, James J. McCullaugh, owner of James J. McCullagh Roofing Inc. has been accused of lying to US. Occupational Safety and Health Administration investigators “in an attempt to cover up his company’s failure to provide required fall protection for a man – Mark T. Smith – who died after falling 45 feet from a church roof in 2013. Two other workers said no fall protection was provided.” Read the court decision
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HVAC System Collapses Over Pool at Gaylord Rockies Resort Colorado

June 12, 2023 — Jennifer Seward - Engineering News-Record
The collapse May 6 of the HVAC system above an indoor pool at the Gaylord Rockies Resort near Denver sent six people to local hospitals, two with life-threatening injuries. An estimated 50 to 100 people were in the water or on the pool deck as pieces of the system fell into the pool and hot tub. Reprinted courtesy of Jennifer Seward, Engineering News-Record Ms. Seward may be contacted at sewardj@enr.com Read the full story... Read the court decision
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SEC Approves New Securitization Risk Retention Rule with Broad Exception for Qualified Residential Mortgages

November 26, 2014 — Neil P. Casey & Lori S. Smith – White and Williams LLP
The Securities and Exchange Commission (SEC) and five other federal agencies recently approved a joint rule (the “Risk Retention Rule”) mandating that sponsors of certain types of securitizations retain a minimum level of credit risk exposure in those transactions and prohibiting such sponsors from transferring or hedging against that retained credit risk.[i]The final Risk Retention Rule will be effective one year after its publication in the Federal Register for securitizations of residential mortgages, and two years after publication for securitizations of all other asset types. The SEC vote was 3-2, with sharp dissents from Commissioners Gallagher and Piwowar concluding that the adopting agencies had missed a prime opportunity to rein in risky mortgage lending practices that had precipitated the 2008 financial crisis. Background Following the meltdown of the securitization markets in 2007 (particularly subprime residential mortgage-backed securities), and the resulting global financial crisis, the Dodd-Frank Act mandated that the U.S. federal banking, securities and housing agencies adopt and implement rules to require sponsors of most new securitizations to retain not less than five percent of the credit risk of any assets that the securitizer, through the issuance of an asset-backed security, transfers, sells or conveys to a third party. It was thought that requiring securitization sponsors to keep “skin in the game” would align the interests of the sponsors with the interests of investors and thereby incentivize the sponsors to ensure the quality of the assets underlying the securitization through appropriate due diligence and underwriting procedures when selecting assets for securitization. Although the Dodd-Frank Act explicitly exempted securitizations of certain types of mortgage loans called “qualified residential mortgages” (or “QRMs”) from this risk retention requirement, it invited the rulemaking agencies to define that key term, provided that their definition could be no broader than the definition of “qualified mortgage”adopted by the Consumer Financial Protection Bureau (CFPB) pursuant to the Truth in Lending Act.[ii] In considering how to define QRM, the rulemaking agencies were directed by the Dodd-Frank Act to take into consideration “underwriting and product features that historical loan performance data indicate result in a lower risk of default.”[iii] Reprinted courtesy of Neil P. Casey, White and Williams LLP and Lori S. Smith, White and Williams LLP Mr. Casey may be contacted at caseyn@whiteandwilliams.com; Ms. Smith may be contacted at smithl@whiteandwilliams.com Read the court decision
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FAIRFIELD CONNECTICUT BUILDING EXPERT DIRECTORY AND CAPABILITIES