$38 Million Increase in Sale Price – Office Building: Sale Price Litigation
Our team obtained a settlement of $205 million for the sale price of an office building in Las Vegas, Nevada. The tenant exercised its option to purchase the property, and we represented the property owner in the litigation over the sale price/fair market value. The settlement represented an increase of $38 million more than the tenant’s initial offer of $167 million.
$1.3 Billion Reduction of Assessed Value – Casino-Hotel: Real Estate Tax Appeal
Our team obtained a Tax Court decision reducing the tax assessment of a large casino-hotel in Atlantic City, New Jersey, by more than $1.3 billion for each of two tax years. On the heels of that decision, our team also obtained a settlement reducing the tax assessment by $1.3 billion for each of three additional tax years. The total tax savings to the client exceeds $150 million.
$7.9 Million Savings for Debtor – Portfolio of Office and Retail Buildings: Bankruptcy
Our team obtained valuations totaling $17.6 million for nine office and retail buildings for a debtor in the U.S. Bankruptcy Court for the District of Nevada. The values of five properties were determined by Court Order after evidentiary hearings and four were achieved via settlements. The outcome represented a savings of $7.9 million over the $25.5 million claimed by the creditors.
$32 Million Reduction of Assessed Value – Office Building: Real Estate Tax Appeal
Our team obtained a $32 million reduction of the assessed value of an office building located outside of Pittsburgh, Pennsylvania. The property is owned by a publicly traded REIT. After a full hearing, the trial court set the new assessment at exactly our requested amount of $16.7 million, a substantial reduction from the assessment of $49 million.
$6.25 Million in Damages for Environmental Contamination – Residential Development Property: Environmental Litigation
Our team obtained a settlement of $6.25 million for environmental damages to a residential development property in Philadelphia, Pennsylvania. The contamination resulted from ground water contamination emanating from an adjacent oil refinery.
More than $2 Million Rent Savings – Skilled Nursing Facility
Our team obtained a decision resulting in a savings of more than $2 million in rent for our client. We represented a skilled nursing facility in a case where its landlord sought to double the rent. After a five-day trial, the New Jersey Court found our experts to be credible, rejected the landlord’s appraiser’s opinions and ruled in favor of our client.
