Real estate

NEW YORK -- May 28, 2009 -- American International Group, Inc. (AIG) announced today that it has completed the sale of its prime real estate holding in the Otemachi District in Tokyo to Nippon Life Insurance Company.

Under the terms of the agreement, Nippon Life Insurance Company paid approximately $1.2 billion in cash (¥115,500mm) for the entire building and the approximately one acre of land on which it is situated.    » read more »

NEW YORK--May. 11, 2009-- American International Group, Inc. (AIG) announced today an agreement to sell its prime real estate holding in Tokyo for approximately $1.2 billion in cash (¥115,500mm) to Nippon Life Insurance Company. The property consists of approximately one acre of land on which The AIG Otemachi Building in Tokyo is situated.

The property’s Marunouchi 1 chome address is one of the most coveted in central Tokyo's downtown business district. Marunouchi, Tokyo’s business center, is the highest rent district in Japan with demand for Class A space typically exceeding supply. AIG’s property is unique within the district because of its location next to and overlooking the inner moat of the Imperial Palace.    » read more »

April 9, 2009 -- WASHINGTON, D.C. – Top executives from 19 commercial real estate companies met with U.S. Department of Energy (DOE) officials in New York City today to discuss plans to dramatically reduce the sector’s energy consumption and greenhouse gas emissions. The meeting officially launched DOE’s Commercial Real Estate Energy Alliance (CREEA), a partnership of commercial real estate owners and operators who have volunteered to work together with DOE to make lasting change in the energy consumption of commercial real estate buildings in the United States. Currently, commercial buildings account for 18 percent of the nation’s energy consumption and carbon dioxide emissions.    » read more »

March 10, 2009 -- Connecticut Governor M. Jodi Rell and the co-Chairs of the Legislature’s Banks Committee – Senator Bob Duff and Representative Ryan P. Barry – today announced they have reached agreement on legislation that would make mediation a mandatory part of all real estate foreclosures in Connecticut, a move that could sharply reduce the number of borrowers losing their homes.    » read more »

Washington, D.C., March 5, 2009 — The Securities and Exchange Commission has charged Los Angeles resident Bruce Friedman and two of his companies with securities fraud, and obtained an emergency court order to freeze their assets and halt an alleged ongoing investment scheme involving purported real estate and mortgage lending ventures.    » read more »

Washington, D.C., March 2, 2009 — The Securities and Exchange Commission today charged Oregon-based Sunwest Management Inc. with securities fraud and is seeking an emergency court order freezing its assets. The SEC alleges that Sunwest, which operates hundreds of retirement homes across the United States, lied to investors about its operations and concealed the risks of the investments, exposing investors to massive losses when the economic downturn triggered Sunwest's collapse.

According to the SEC's complaint, Sunwest raised at least $300 million from more than 1,300 investors nationwide by promising a steady income stream and touting its success in running the properties.    » read more »

Washington, D.C., May 14, 2008 — The Securities and Exchange Commission today filed securities fraud charges against the promoters of an $18 million real estate investment scheme targeting the African-American community in the Los Angeles area and other locations in Nevada and Georgia.    » read more »

March 05, 2008 -- BOSTON – Massachusetts Attorney General Martha Coakley’s Office obtained a judgment against Thomas Dooley, III, a Beacon Hill real estate broker and his company, Y2K Realty, Inc. dba Louisburg Properties, which resolves claims that he and his company violated state antidiscrimination laws by discriminating against a prospective tenant who had a housing subsidy. The judgment, entered late yesterday by Judge Bruce R.    » read more »

February 6, 2008 -- The founder and president of VesCor Capital was charged today with nine felonies for allegedly bilking 817 investors out of an estimated $140 million. The Utah Attorney General’s Office charged Val E. Southwick with nine second-degree felony counts of securities fraud for his involvement in a commercial real estate investment scheme.    » read more »

30 January 2008 -- The national housing slump showed no signs of easing in December. The monthly U.S. Commerce Department report shows new home sales fell nearly five percent in December to their lowest level in almost 13 years. And with foreclosures now at a 20-year high in some states, realtors in some of the hardest hit states are trying out a creative new idea to entice buyers.

Mounting economic uncertainty has led to a sharp decline in property sales across the country.    » read more »

Couple convicted of $1 million real estate scam that victimized numerous individuals throughout the state

January 25, 2008 -- TALLAHASSEE, FL – Florida Attorney General Bill McCollum today announced that a Polk County couple has received prison sentences for running a widespread real estate scam that defrauded victims out of more than $1 million. Thomas “Sal” Salvati and his wife, Dawn, both previously pled no contest to criminal charges including organized fraud and conspiracy to commit racketeering, prosecuted by the Attorney Generals Office of Statewide Prosecution.    » read more »

Proposed Bill Would Increase Resources to Process Conversions Faster and Enhance Oversight and Enforcement

NEW YORK, NY (December 13, 2007) – New York Attorney General Andrew M. Cuomo today announced new legislation in the New York State Legislature that will vastly improve the process for converting cooperatives and condominiums.    » read more »

December 10, 2007 -- Connecticut Attorney General Richard Blumenthal, Insurance Commissioner Thomas R. Sullivan and Department of Consumer Protection (DCP) Commissioner Jerry Farrell, Jr. today announced that a law firm, mortgage company and real estate broker will pay $700,000 in fines, forfeitures and restitution to settle allegations they engaged in illegal kickback and inducement schemes.    » read more »

Tierra Linda Gardens developer must remedy lack of utilities on 26 lots

November 26, 2007 -- AUSTIN – Texas Attorney General Greg Abbott announced that he has obtained a temporary injunction against the developer of Tierra Linda Gardens, a residential subdivision in Cameron County that lacks basic utilities.    » read more »

November 16, 2007 -- HARRISBURG - Pennsylvania Attorney General Tom Corbett today announced that the Attorney General's Bureau of Consumer Protection has filed suit against a Pittsburgh area man, along with several of his businesses, accused of orchestrating a multi-million dollar mortgage and real estate scheme in Allegheny, Beaver and Butler counties.    » read more »