cooperatives and condominiums: matters
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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)