Month: July 2020

As the coronavirus has shuttered stores, reduced foot traffic to a trickle and dampened consumer demand, growing numbers of retailers are looking towards “impossibility of performance” and the doctrine of “frustration” as a way out of pricey leases. But the real estate industry’s top lawyers say judges won’t buy it. “The courts have said that…

Acting US Attorney for Eastern District of New York Seth DuCharme and Bank of America CEO Brian Moynihan (Getty, Twitter, iStock) Bank of America and the U.S. Department of Justice reached a settlement over allegations the bank denied mortgages and home equity loans to adults with disabilities who were under legal guardianship. The bank’s alleged…

Mohamed Hadid and Mike Feuer, with the mansion (Credit: Rochelle Brodin/Getty Images, and Earl Gibson III/Getty Images) The saga of demolishing developer Mohamed Hadid’s Bel Air spec mansion is far from over, with City Attorney Mike Feuer’s office stating it’s now a bit player in the removal process. A Los Angeles civil court judge, Craig…

Lane Bryant and Ann Taylor stores (Getty) Just a few years ago Ascena Retail Group was one of the largest retailers for women’s clothes. Thursday, it filed for bankruptcy. The company, which owns Ann Taylor and Lane Bryant, will close 1,600 of its approximately 2,800 stores in an attempt to shed $1 billion of its…

An analysis found that more than 25 large companies across different sectors are planning to downsize their office footprint (iStock) It’s not just tech firms. Corporate America is looking to trim office space as companies shift to remote work and look to reduce costs. An analysis of quarterly earnings calls by Reuters found that more…

Starwood Property Trust CEO Barry Sternlicht (Getty) Starwood Property Trust is reportedly trying to sell a portfolio of loans that it purchased in 2018 as a way to diversify beyond commercial real estate. The firm has engaged an advisor to help it find potential buyers for the portfolio, which is composed of energy infrastructure loans…

The median home price also increased to $295,300 (iStock) Home sales increased at a record rate in June, signalling a rebound after three months of decline. Data from the National Association of Realtors shows that sales of existing homes across four major regions went up 20.7 percent from the previous month, to a seasonally-adjusted annual…

Last August, R.J. Pittman hopped on stage at a Las Vegas conference to promote his company. A seasoned tech executive with stints at Apple, Google and eBay, Pittman was less than a year into his role as CEO of Matterport, which develops and sells cameras and software to create 3D digital models of interior space.…

Sean Beddoe and 5600 Hollywood Boulevard (Credit: Google Maps) Bow West Capital wants to build a 200-unit apartment complex in Hollywood, seeking to utilize city and federal incentive programs. The downtown developer filed plans this week to build the 18-story market-rate tower with an affordable component at 5600 Hollywood Boulevard. The property, which Bow West…

Realogy CEO Ryan Schneider and SIRVA CEO Thomas Oberdorf A judge has rejected Realogy’s bid to compel the would-be buyer of its relocation business, Cartus, to close the $400 million purchase. And now, the brokerage giant is pursuing a $30 million breakup fee for its trouble, according to Inman. Realogy sued Madison Dearborn Partners and…