Thomas Kearns Quoted in CoStar Los Angeles on the Potential Abatement Process at Oceanwide Plaza

CoStar Los Angeles published an article featuring insights from Co-Chair of Olshan’s Real Estate Law practice Thomas Kearns on Oceanwide Plaza, a long-stalled commercial development that has been defaced with graffiti in Los Angeles. Tom discussed the abatement process, what the city can do with unsafe properties and the steps the city can take to force foreclosures on abandoned properties. He noted that liens in the abatement processes can supersede other liens. "The municipality addresses the unsafe conditions and then records a lien with the expectation that the land will eventually be resold, and the lien paid," Tom said.