New York vs. Miami: The $50 Million Penthouse Battle From Zaha Hadid
October 28, 2015 —
James Tarmy – BloombergThe Anglo-Iraqi starchitect Zaha Hadid has designed just two residential buildings in the U.S., one in New York (520 West 28th Street in the Chelsea Gallery District next to the High Line) and one in Miami (One Thousand Museum, next to PAMM and overlooking Biscayne Bay). Both have yet to be completed and both, as it happens, have penthouses priced in the region of $50 million.
Two trophy properties by a Pritzker Prize-winning architect and two almost identical price tags? (The Miami penthouse clocks in at a mere $49 million, the New York penthouse an even $50 million.) It’s practically begging for a head-to-head comparison.
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James Tarmy, Bloomberg
August Home Prices in 20 U.S. Cities Appreciate at Faster Pace
October 28, 2015 —
Victoria Stilwell – BloombergHome prices in 20 U.S. cities rose at a faster pace in the year ended August, a sign the industry continues to strengthen on improving demand.
The S&P/Case-Shiller index of property values climbed 5.1 percent from August 2014 after rising 4.9 percent in the year ended in July, the group said Tuesday in New York. The gain was the biggest in a year and matched the median forecast of economists surveyed by Bloomberg. Nationally, prices increased 4.7 percent after a 4.6 percent advance in the 12 months through July.
A tight supply has supported price appreciation, which may in turn entice more owners to put their properties on the market as the payoff grows. More homes that are affordable for first-time or young buyers will be needed to keep the housing recovery on track, providing a boost to consumer spending in the process.
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Victoria Stilwell, Bloomberg
BLOK, a Wired UK Hottest 100 Housing Market Startup, Gets Funding from a Renowned Group of Investors
October 11, 2017 —
Aarni Heiskanen - AEC BusinessBlok, listed as one of the Hottest 100 European Startups by Wired UK, has secured several renowned investors to promote the company’s product development and marketing in its second round of financing.
The Helsinki-based startup company aims to revolutionize the housing market through automation and artificial intelligence. Blok believes that the future of the housing market will be on the Internet, where intelligent technology is opening up new opportunities for disrupting traditional business models.
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Aarni Heiskanen, AEC BusinessMr. Heiskanen may be contacted at
aarni@aepartners.fi
Court Calls Lease-Leaseback Project What it is: A Design-Bid-Build Project
August 19, 2015 —
Garret Murai – California Construction Law BlogFirst there was “Prince.”
Then there was “The Artist Formerly Known as Prince.”
Then there was “The Artist Formerly Known as Prince (Because he Changed His Name to a Symbol), But Then Realized That No One Could Pronounce the Symbol (and What Good is a Symbol if Everyone Has to Wave Their Hands Wildly at You to Get Your Attention or Scream ‘Hey You!’), and So Changed His Name Back to Prince Again.”
Whatever name (or symbol) he was going by, everyone knew him as the guy who told us to party like it was 1999 (when 1999 still seemed like the distant future), who sang about a girl with a “pocket full of horses” (which totally flew past my junior high school brain at the time), and gave us such great metaphors as “if the elevator tries to bring you down, go crazy, punch a higher floor!”
Like Prince or his symbol, sometimes it doesn’t matter what label you put on something when everyone knows what that something is. In law, we call it looking at the “substance” rather than its “form.” And, in the next case, Davis v. Fresno Unified School District, the California Court of Appeals for the Fifth District made quick work of a purported “lease-leaseback” project – a project delivery method available to school districts whereby a school district leases property it owns to a developer for a minimum of $1, who in turns builds a school facility on the site and leases the facility and the site back to the school district, who in turn takes ownership of the facility and site at the end of the lease – and called it for what it was: a run-of-the-mill “design-bid-build” project.
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Garret Murai, Wendel Rosen Black & Dean LLPMr. Murai may be contacted at
gmurai@wendel.com
A Guide to Evaluating Snow & Ice Cases
December 13, 2021 —
Lewis BrisboisNew York, N.Y. (November 9, 2021) - As the winter season nears, defendant property owners are reminded that New York law imposes liability for sidewalk accidents resulting from slip and falls on snow and ice. Within the City of New York, Administrative Code § 7-210 imposes liability on the owners of real property (other than single-family dwellings) to maintain an abutting sidewalk in a reasonably safe condition, which includes the removal of snow and ice.
Some of the most important issues in this area of the law were recently reaffirmed by New York’s Appellate Division in Zamora v. David Caccavo, LLC, 190 A.D.3d 895 (2d Dept. 2021). In particular, that the Court of Appeals made clear in 2019 that the statutory non-delegable duty to remove snow and ice from sidewalks extends even to out-of-possession landowners, who, although they may shift the work of maintaining the sidewalk to another, "cannot shift the duty, nor exposure and liability for injuries caused by negligent maintenance, imposed under [Administrative Code §] 7-210." Xiang Fu He v. Troon Mgt., Inc., 34 N.Y.3d 167, 174 (2019). In other words, even if the defendant leases the property to a tenant who is obligated under the lease to maintain the property in every way, including snow and ice on sidewalks, the defendant cannot escape liability by claiming the tenant is solely responsible for the plaintiff’s loss. On the other hand, property owners are not strictly liable for all personal injuries that occur on the abutting sidewalks, because the statute "adopts a duty and standard of care that accords with traditional tort principles of negligence and causation." Xiang Fu He v. Troon Mgt., Inc., 34 N.Y.3d at 171.
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Lewis Brisbois
Project-Specific Policies and Products-Completed Operations Hazard Extensions
May 31, 2021 —
Jeremiah M. Welch - Saxe Doernberger & Vita1. Understanding the “Products-Completed Operations Hazard”
ISO commercial general liability (“CGL”) policies use the term “products-completed operations hazard” (“PCOH”) to define a category of risk which is treated specially by certain exclusions within the policy and often subject to separate limits of insurance. In construction, we think about PCOH as being about coverage for completed work.
Bodily injury and property damage arising out of completed work is a significant construction risk. Most construction contracts include warranty and indemnity obligations for completed work. All states allow lawsuits to be brought alleging bodily injury or property damage because of completed work based on common law. Contract and common law claims are subject to statutes of limitation – laws which define the time in which suits must be brought. Most states provide exceptions to their statutes of limitation for common law claims – the most common example is an extension to file a lawsuit based on a latent defect until the defect is discovered. Most states also have “statutes of repose” – laws that set a date after which suit may no longer be brought, no matter what the circumstances are. A construction contractor, therefore, has potential liability until the statute of repose period has expired. Thus, a contractor looks to ensure that it has coverage for the PCOH for its full statute of repose liability period.
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Jeremiah M. Welch, Saxe Doernberger & VitaMr. Welch may be contacted at
JWelch@sdvlaw.com
Last, but NOT Least: Why You Should Take a Closer Look at Your Next Indemnification Clause
March 09, 2020 —
Aimee Cook Oleson - Construction & Infrastructure Law BlogIndemnification clauses appear in nearly every agreement, but they are often overlooked as mere boilerplate provisions after the parties have painstakingly negotiated all of the other terms. It is not uncommon for parties to simply re-use the indemnity language from a prior agreement without considering whether it is a good fit for their current project. This can be a big mistake that may lead to ambiguities and uncertainties if a dispute arises down the road. A standard or canned indemnification clause might work to undo all of the effort that has gone into properly allocating risk. These clauses often contain language such as “notwithstanding anything to the contrary herein,” or the like, which can alter and override other provisions in the agreement.
Indemnification clauses are arguably the most important part of an agreement when an accident or dispute arises on a project. Therefore, they deserve an extra look before finalizing an agreement. Here are a few issues to keep in mind when reviewing your next indemnification clause:
- Have you included all necessary parties?
- Any party who could face potential liability should be included as an indemnified party. This often includes entities and persons related to the contracting parties, not just the parties themselves.
- A well drafted indemnity clause will ensure that all parties are liable for the result of their own work and negligence and that of any party that they have hired to work on a project. This includes employees, agents, subcontractors, or any other similar party.
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Aimee Cook Oleson, Sheppard MullinMs. Oleson may be contacted at
AOleson@sheppardmullin.com
Do Hurricane-Prone Coastal States Need to Update their Building Codes?
April 15, 2015 —
Beverley BevenFlorez-CDJ STAFFProperty Casualty 360 reported that “a number of coastal states took no action to improve their building code systems since 2012, and a few have weaker systems in place, according to the Insurance Institute for Business & Home Safety (IBHS).”
The IBHS released their “Rating the States” report that published the results of their study of “the 18 most hurricane-prone states located along the Gulf of Mexico and the Atlantic Coast on their building regulations.” States can receive up to 100 points, with a higher score reflecting better state building requirements.
Delaware scored lowest with a mere 17 points—the same score it received in 2012. Virginia, the highest scored state, earned 95 points.
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