2012
Woolworth Building Owners - Condominium Conversion and Sale
Represented the owners of the iconic Woolworth Building – a joint venture between Cammeby's International and The Witkoff Group – in the conversion of the building's top 30 floors to a condominium unit, and the $68 million sale of the unit to Alchemy Properties.
Woolworth Building Owners - Condominium Conversion and Sale
Represented the owners of the iconic Woolworth Building – a joint venture between Cammeby's International and The Witkoff Group – in the conversion of the building's top 30 floors to a condominium unit, and the $68 million sale of the unit to Alchemy Properties.
2010
Anglo Irish Bank - 225 Rector Street
We helped Anglo Irish Bank Corporation in a complex foreclosure against a developer who became emblematic of the dramatic fall of some high-profile dealmakers during the New York City housing bust.
Anglo Irish Bank - 225 Rector Street
We helped Anglo Irish Bank Corporation in a complex foreclosure against a developer who became emblematic of the dramatic fall of some high-profile dealmakers during the New York City housing bust.
2010
Sabet Group - Condo Development Purchase
Representation of Sabet Group in the acquisition of numerous New York City apartment buildings, including the $8.5 million purchase of the stalled Hudson Blue condominium development in New York City's West Village.
Representation of Sabet Group in the acquisition of numerous New York City apartment buildings, including the $8.5 million purchase of the stalled Hudson Blue condominium development in New York City's West Village.
2010
Private Equity Firm - Restructuring of Defaulted Loans
Representation of a private equity firm in the acquisition and restructuring of a mezzanine loan and a mortgage loan on a partially completed condominium project in Midtown Manhattan.
Private Equity Firm - Restructuring of Defaulted Loans
Representation of a private equity firm in the acquisition and restructuring of a mezzanine loan and a mortgage loan on a partially completed condominium project in Midtown Manhattan.
2010
Developer - 270 Unit Condominium Project
Representation of a developer in the structuring and financing of a 270 unit ground lease condominium project in Battery Park City in Manhattan. The transaction involved a complex corporate structure with two tiers of preferred equity, a mezzanine loan, construction loans, senior secured debt and the need to comply with the laws governing condominiums.
Developer - 270 Unit Condominium Project
Representation of a developer in the structuring and financing of a 270 unit ground lease condominium project in Battery Park City in Manhattan. The transaction involved a complex corporate structure with two tiers of preferred equity, a mezzanine loan, construction loans, senior secured debt and the need to comply with the laws governing condominiums.
2009
Kushner Companies – 666 Fifth Avenue Condominium Conversion
We represented an affiliate of the Kushner Companies in the conversion of 666 Fifth Avenue to two condominium units – one mixed office/retail, and one retail. The conversion was the first step in a larger transaction involving the contribution of the $525 million retail condo unit to a joint venture between Kushner Companies, the Carlyle Group and Crown Acquisitions. We helped negotiate the condominium declaration and bylaws between the joint venture partners, and between them and the existing lender, the mortgage loan's main servicer, and new lenders providing financing for the retail unit.
Kushner Companies – 666 Fifth Avenue Condominium Conversion
We represented an affiliate of the Kushner Companies in the conversion of 666 Fifth Avenue to two condominium units – one mixed office/retail, and one retail. The conversion was the first step in a larger transaction involving the contribution of the $525 million retail condo unit to a joint venture between Kushner Companies, the Carlyle Group and Crown Acquisitions. We helped negotiate the condominium declaration and bylaws between the joint venture partners, and between them and the existing lender, the mortgage loan's main servicer, and new lenders providing financing for the retail unit.
2008
Family-Owned Real Estate Developer - Condo Plans
Representation of one of the New York region's premier real estate development families in offering plans for Manhattan condominium projects.
Family-Owned Real Estate Developer - Condo Plans
Representation of one of the New York region's premier real estate development families in offering plans for Manhattan condominium projects.
2009
342 East 72nd Street Corporation - Second Avenue Subway Entrance Relocation
Representation of 342 East 72nd Street Corporation in fighting the relocation of a new subway entrance. The original plans called for the entrance to be embedded in the basement of a building at the corner of 72nd Street and Second Avenue, but the MTA announced a new plan to move the entrance to the middle of the block on 72nd Street between First and Second Avenues—directly in front of residential buildings. Herrick is helping the local building owners fight this plan.
342 East 72nd Street Corporation - Second Avenue Subway Entrance Relocation
Representation of 342 East 72nd Street Corporation in fighting the relocation of a new subway entrance. The original plans called for the entrance to be embedded in the basement of a building at the corner of 72nd Street and Second Avenue, but the MTA announced a new plan to move the entrance to the middle of the block on 72nd Street between First and Second Avenues—directly in front of residential buildings. Herrick is helping the local building owners fight this plan.
Ongoing
Bank - $35 Million Construction Loan Sale
Representation of a bank in its sale of a construction loan made to a condominium developer in Brooklyn, New York.
Bank - $35 Million Construction Loan Sale
Representation of a bank in its sale of a construction loan made to a condominium developer in Brooklyn, New York.
Ongoing
Developer - $120 Million Condominium Business
Representation of a developer in creating a condominium regime on a commercial property in The Bronx, New York, to facilitate future leasing and potential sales. We are also advising the developer on the project’s associated applications to the New York Attorney General.
Developer - $120 Million Condominium Business
Representation of a developer in creating a condominium regime on a commercial property in The Bronx, New York, to facilitate future leasing and potential sales. We are also advising the developer on the project’s associated applications to the New York Attorney General.
Ongoing
New York Foundling Hospital - Real Estate Transactions
Representation of the New York Foundling Hospital and its affiliates in various real estate transactions, including the creation of a commercial condominium.
New York Foundling Hospital - Real Estate Transactions
Representation of the New York Foundling Hospital and its affiliates in various real estate transactions, including the creation of a commercial condominium.
Ongoing
Real Estate Developer - $200 Million Condo Conversion JV
Representation of developer in a joint venture with an asset management company and a financial services firm in a condominium conversion and a $200 million offering of an occupied 117-unit rental building on Manhattan’s Upper West Side.
Real Estate Developer - $200 Million Condo Conversion JV
Representation of developer in a joint venture with an asset management company and a financial services firm in a condominium conversion and a $200 million offering of an occupied 117-unit rental building on Manhattan’s Upper West Side.
2008
Developer - $58 Million Brooklyn Condo Project
Representation of a condominium developer in crafting and filing the offering plans for a $58 million, 93-unit project in Greenpoint, Brooklyn.
Developer - $58 Million Brooklyn Condo Project
Representation of a condominium developer in crafting and filing the offering plans for a $58 million, 93-unit project in Greenpoint, Brooklyn.
2008
Marathon Real Estate Opportunity Fund - Sophisticated Transactions
Representation of Marathon Real Estate Opportunity Fund in connection with a number of extremely sophisticated transactions including domestic and international joint ventures and strategic partnerships, acquisition of hotel properties, construction and development of Marriott branded hotels, Florida condominiums and documiniums, acquisition of office complexes in Paris, and the acquisition of one of the largest NYC parking owner/operators.
Marathon Real Estate Opportunity Fund - Sophisticated Transactions
Representation of Marathon Real Estate Opportunity Fund in connection with a number of extremely sophisticated transactions including domestic and international joint ventures and strategic partnerships, acquisition of hotel properties, construction and development of Marriott branded hotels, Florida condominiums and documiniums, acquisition of office complexes in Paris, and the acquisition of one of the largest NYC parking owner/operators.
2008
Roberta Flack - Harlem Development
Representation of renowned vocalist Roberta Flack in her development of real estate in Harlem, New York.
Roberta Flack - Harlem Development
Representation of renowned vocalist Roberta Flack in her development of real estate in Harlem, New York.
2007
Cheshire Group - Share Acquisition
Representation of the Cheshire Group in its acquisition of 101 unsold shares of 11 Park Avenue in Mount Vernon, New York.
Cheshire Group - Share Acquisition
Representation of the Cheshire Group in its acquisition of 101 unsold shares of 11 Park Avenue in Mount Vernon, New York.
2007
Real Estate Developer - $217.5 Million Condo Project
Representation of a real estate developer in filing the offering plans for a $217.5 million, 266-unit condominium development project in Greenwich, Connecticut.
Real Estate Developer - $217.5 Million Condo Project
Representation of a real estate developer in filing the offering plans for a $217.5 million, 266-unit condominium development project in Greenwich, Connecticut.
Major Developer - Condo Dispute
Representation of a successor-sponsor in an appeal from a trial court's refusal to designate the roof of a parking garage unit as a common element under the Condominium Act and governing condominium documents. The condominium argued that the roof, which supported the cooperative corporation's landscaped garden, was entirely the responsibility of the garage owner, and the trial court agreed. The Appellate Division reversed the lower court and granted summary judgment to the developer.
Representation of a successor-sponsor in an appeal from a trial court's refusal to designate the roof of a parking garage unit as a common element under the Condominium Act and governing condominium documents. The condominium argued that the roof, which supported the cooperative corporation's landscaped garden, was entirely the responsibility of the garage owner, and the trial court agreed. The Appellate Division reversed the lower court and granted summary judgment to the developer.
2007
Youngwoo & Associates - Condo Development With In-Apartment Parking
Representation of Youngwoo & Associates LLC in developing a unique residential condominium building in New York's West Chelsea neighborhood, which features full-floor units with a parking facility for a car at each level. We advised on the land acquisition, construction financing and zoning issues.
Representation of Youngwoo & Associates LLC in developing a unique residential condominium building in New York's West Chelsea neighborhood, which features full-floor units with a parking facility for a car at each level. We advised on the land acquisition, construction financing and zoning issues.
2007
Youngwoo & Associates - Art Gallery Condo Development
Representation of Youngwoo & Associates LLC in developing a 16-story condominium in New York's West Chelsea neighborhood. The building is designed to be an art gallery, and our work included loan and air rights acquisition and construction loan financing.
Youngwoo & Associates - Art Gallery Condo Development
Representation of Youngwoo & Associates LLC in developing a 16-story condominium in New York's West Chelsea neighborhood. The building is designed to be an art gallery, and our work included loan and air rights acquisition and construction loan financing.
2007
Woolworth Building - Condominium Conversion and Financing
Representation of the owners of New York's famous Woolworth Building in the division of the building into two condominium units and separate financing for each unit.
Woolworth Building - Condominium Conversion and Financing
Representation of the owners of New York's famous Woolworth Building in the division of the building into two condominium units and separate financing for each unit.
2007
Real Estate Developer - $150 Million Condominium Business
Representation of a developer in creating a $150 million condominium regime on a mixed-use property in Queens for the sale of tax credits associated with on-site low-income housing.
Real Estate Developer - $150 Million Condominium Business
Representation of a developer in creating a $150 million condominium regime on a mixed-use property in Queens for the sale of tax credits associated with on-site low-income housing.
2006
Condominium Developer - Construction Financing
Representation of one of Florida’s largest condominium developers in a $300 million construction loan facility for eight condominium projects together with a corporate restructuring and a simultaneous $90 million buyout of a major joint venture partner.
Condominium Developer - Construction Financing
Representation of one of Florida’s largest condominium developers in a $300 million construction loan facility for eight condominium projects together with a corporate restructuring and a simultaneous $90 million buyout of a major joint venture partner.
2006
Euristates - Boston Development Joint Venture
Representation of Euristates, Inc. in connection with its joint venture with a Boston developer for construction of a residential condominium complex. We also represented the joint venture in connection with construction financing for the project.
Euristates - Boston Development Joint Venture
Representation of Euristates, Inc. in connection with its joint venture with a Boston developer for construction of a residential condominium complex. We also represented the joint venture in connection with construction financing for the project.
2006
Real Estate Developer - $171.8 Million Condo Project
Representation of a real estate developer in filing the offering plans for a $171.8 million, 130-unit condominium development project in Greenwich, Connecticut.
Real Estate Developer - $171.8 Million Condo Project
Representation of a real estate developer in filing the offering plans for a $171.8 million, 130-unit condominium development project in Greenwich, Connecticut.
2006
Specialty Finance Company - Florida Condo
Representation of a specialty finance company in the mezzanine construction financing of a condominium in South Beach, Florida.
Specialty Finance Company - Florida Condo
Representation of a specialty finance company in the mezzanine construction financing of a condominium in South Beach, Florida.
1998 - 2005
Community Preservation Corporation - Parkchester Condominium
Representation of a joint venture between affiliates of The Community Preservation Corporation, Morton Olshan of Mall Properties Inc., and Jeremiah O'Connor of The O'Connor Group, in the complete renovation and rehabilitation of the 12,271 unit/171 building Parkchester condominium in the Bronx, New York, including the acquisition and financing of 6,361 unsold residential condominium units, 500,000 square feet of retail and commercial space, and five parking garages. Our work included government relations, land use, real estate and tax advice. The project required the cooperation of our clients, utility companies, state and city politicians, religious leaders and local residents, and included the passage of special legislation.
Community Preservation Corporation - Parkchester Condominium
Representation of a joint venture between affiliates of The Community Preservation Corporation, Morton Olshan of Mall Properties Inc., and Jeremiah O'Connor of The O'Connor Group, in the complete renovation and rehabilitation of the 12,271 unit/171 building Parkchester condominium in the Bronx, New York, including the acquisition and financing of 6,361 unsold residential condominium units, 500,000 square feet of retail and commercial space, and five parking garages. Our work included government relations, land use, real estate and tax advice. The project required the cooperation of our clients, utility companies, state and city politicians, religious leaders and local residents, and included the passage of special legislation.
2005
Boymelgreen Developers - Office-to-Condo Conversion
Representation of Boymelgreen Developers in its conversion of an office building in downtown Manhattan to a 409-unit residential condominium, and its subsequent $430 million offering.
Boymelgreen Developers - Office-to-Condo Conversion
Representation of Boymelgreen Developers in its conversion of an office building in downtown Manhattan to a 409-unit residential condominium, and its subsequent $430 million offering.
Major Developer - Strict Foreclosure
Representation of a purchaser at a foreclosure sale to remove retail leasehold interests through a strict foreclosure proceeding. The interests were extinguished in less than 120 days and the property was developed into a successful condominium in mid-town Manhattan.
Representation of a purchaser at a foreclosure sale to remove retail leasehold interests through a strict foreclosure proceeding. The interests were extinguished in less than 120 days and the property was developed into a successful condominium in mid-town Manhattan.
2003
Subsidized Housing Project Sponsor - Market Rate Conversion
Representation of a sponsor in settling a litigation involving the sponsor's effort to convert one of New York City's largest Mitchell-Lama subsidized housing projects (some 1,200 units on Manhattan's Upper East Side) to market rate housing. The settlement involved the creation of entirely new subsidy programs by the city and by the sponsor, and an approximately $550 million condominium conversion.
Subsidized Housing Project Sponsor - Market Rate Conversion
Representation of a sponsor in settling a litigation involving the sponsor's effort to convert one of New York City's largest Mitchell-Lama subsidized housing projects (some 1,200 units on Manhattan's Upper East Side) to market rate housing. The settlement involved the creation of entirely new subsidy programs by the city and by the sponsor, and an approximately $550 million condominium conversion.
1995
Half Moon Bay Homeowners Association - Budget Allocation Dispute
Representation of a condominium homeowners' association in their appeal of decision setting allocations of the condominium's budget to a marina, in novel case involving New York's business judgment rule as applied to condominium boards. Croton River Club, Inc. v. Half Moon Bay Homeowners Association, Inc., 52 F.3d 41 (2d Cir. 1995)
Half Moon Bay Homeowners Association - Budget Allocation Dispute
Representation of a condominium homeowners' association in their appeal of decision setting allocations of the condominium's budget to a marina, in novel case involving New York's business judgment rule as applied to condominium boards. Croton River Club, Inc. v. Half Moon Bay Homeowners Association, Inc., 52 F.3d 41 (2d Cir. 1995)
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