Fairfield Connecticut Building Expert Directory

Manhattan Gets First Crowdfunded Condos

September 03, 2015 — David M. Levitt & Oshrat Carmiel – Bloomberg
New York’s first real estate project financed significantly though crowdfunding is set to open, a step forward for a nascent investing model that has yet to prove itself in commercial property. AKA United Nations, an extended-stay hotel-condominium on East 46th Street near Second Avenue, will start taking guests Sept. 10. Sales of the suites have already begun. Of the $95 million it cost to buy and fix up the existing hotel, $12 million was raised from online pledges. It’s “the first ever crowdfunded building in New York coming to completion, from A to Z,” said Rodrigo Nino, chief executive officer of Prodigy Network, which is gut-renovating the building with partners. Until now, “everything has been about promises.” Reprinted courtesy of David M. Levitt, Bloomberg and Oshrat Carmiel, Bloomberg Read the court decision
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Alleged Negligent Misrepresentation on Condition of Home is Not an Occurrence Causing Property Damage

December 17, 2024 — Tred R. Eyerly - Insurance Law Hawaii
The court found that even if the insured's negligent misrepresentations constituted an accident, the disclosures did not cause physical damage to the property. Wood v. USAA Cas. Ins. Co., 2024 U.S. Dist. LEXIS 180624 (D. S.C. Sept. 12, 2024). The insured, Clinton Wood, purchased a townhome in January 2014. After the purchase, Wood experienced leaks and significant water intrusion, as did other townhome owners in the same development. Wood and the other owners retained an engineer to evaluate the cause of the water damage. The engineer determined that the water intrusion was caused by defects in the design and construction of the residence. The engineer told Wood that the proposed repairs would not adequately address and resolve the water intrusion and leaks, and that the problems would continue even if repairs were made. Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Damon Key Leong Kupchak Hastert
Mr. Eyerly may be contacted at te@hawaiilawyer.com

Zell Says Homeownership Rate to Fall as Marriages Delayed

April 30, 2014 — John Gittelsohn – Bloomberg
The U.S. homeownership rate may fall to as low as 55 percent because more Americans are choosing to rent as they postpone getting married and having children, said Sam Zell, chairman of landlord Equity Residential. Demographic and lifestyle changes, more than economic factors, are driving down the ownership rate over the long term, Zell said yesterday at the Milken Institute Global Conference in Beverly Hills, California. As of 2010, about 54 percent of adults were married, down from 57 percent a decade earlier, according to the U.S. Census Bureau. “The deferral of marriage has such a staggering impact on real estate and I just don’t think people focus on it,” said Zell, 72, whose Chicago-based Equity Residential is the largest U.S. apartment landlord. “I don’t think the multifamily market has ever had a better set of future demographics.” Read the court decision
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Reprinted courtesy of John Gittelsohn, Bloomberg
Mr. Gittelsohn may be contacted at johngitt@bloomberg.net

Broker Not Negligent When Insured Rejects Additional Coverage

January 31, 2018 — Tred R. Eyerly – Insurance Law Hawaii

The broker was not negligent when it proposed additional coverage that was rejected by the insured. Cromer v. Rosenzweig Ins. Agency Inc., 2017 N.Y. App Div. LEXIS 8969 (N.Y. App. Div. Dec. 21, 2017).

Plaintiff was injured while employed as a painter at property owned by Allen Skriloff. Coverage was denied because injuries to employees, contractors and employees of contractors were excluded. Plaintiff sued Skriloff and obtained a jury verdict of $6.1 million. Skirloff assigned to plaintiff all rights and claims held against the insurer and insurance brokers.

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Reprinted courtesy of Tred Eyerly, Insurance Law Hawaii

When Does a Contractor Legally Abandon a Construction Project?

January 24, 2018 — Rick Erickson - Real Estate Litigation Blog
Lately, we’ve been spending more time as litigators pursuing and defending claims of abandonment against contractors. It has become apparent that abandonment is often misinterpreted in its legal meaning and effect. Here are some thoughts on abandonment to consider. On its face, the concept of abandonment is simple enough. For any number of reasons, a contractor abandons a project when the contractor stops showing up. Abandonment is major concern for all players on the project because it causes critical path delays and significant costs to replace the contractor with another contractor, many times at a much higher cost than the original contractors’ bid. Read the court decision
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Reprinted courtesy of Rick Erickson - Snell & Wilmer
Mr. Erickson may be contacted at rerickson@swlaw.com

More Construction Defects for San Francisco’s Eastern Bay Bridge Expansion

October 01, 2014 — Beverley BevenFlorez-CDJ STAFF
According to SF Gate, almost “every one of the 423 steel rods that anchor the tower of the new Bay Bridge eastern span to its base has been sitting in potentially corrosive water, Caltrans officials said Tuesday — one of the most serious construction defects found yet on the $6.4 billion project.” About a year ago, “steel rods crucial to seismic-stabilizing structures on the bridge snapped when they were tensioned.” Fixing those rods cost $25 million, while an additional $20 million had been spent determing if “additional rods and bolts are at risk of failing.” In regards to the latest construction defects discovered, Caltrans’ chief engineer on the project, Brian Maroney, stated, “It’s not acceptable, and we’re going to fix it.” Read the court decision
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The Ghosts of Tariffs Past May Help Us in the Future

January 07, 2025 — Kellie Ros - ConsensusDocs
The havoc material tariffs have caused the construction industry is nothing new. President-Elect Donald Trump imposed heavy tariffs on steel and aluminum in his first administration in 2016. While the tariffs themselves were not wholly unexpected, the ripple effect of those tariffs (coupled with the impacts of the COVID-19 pandemic) caused unexpected challenges for the construction industry. Those included allocating the risk of the additional costs caused by tariffs, supply and demand issues, grappling with escalation clauses, and navigating fixed price projects. The industry must now utilize the lessons learned from the rear-view mirror to strategically prepare for what was promised to be a second round of tariffs come January 2025. Tariffs’ Impacts on Material Prices Everywhere New or increased tariffs have the potential to raise prices for a wide range of construction inputs. Based on simple supply and demand principles, this includes inputs produced domestically that compete with foreign imports. For example, if a 20% tariff is imposed on Chinese steel, contractors may look to procure Brazil or U.S. steel in an effort to cut their costs. Such a rush to those less-costly alternatives may result in a supply shortage or an increase in prices in the marketplace across the globe. This occurred in 2016 when material prices indirectly related to the inputs on which the tariffs were imposed even increased. Contractors may be well served to get ahead of anticipated price increases and purchase materials now or take other actions in negotiating contracts to protect themselves. Read the court decision
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Reprinted courtesy of Kellie Ros, Peckar & Abramson, P.C.
Ms. Ros may be contacted at kros@pecklaw.com

Las Vegas Sphere Lawsuits Roll On in Nevada Courtrooms

October 02, 2023 — Richard Korman - Engineering News-Record
Big concerts have yet to start at Las Vegas’ distinctive new ball-shaped entertainment venue, but the legal noise over its construction has been heard in Clark County courtrooms for more than two years. Reprinted courtesy of Richard Korman, Engineering News-Record Mr. Korman may be contacted at kormanr@enr.com Read the full story... Read the court decision
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