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real estate joint ventures: matters
Summary Professionals Matters News Events
2013
RXR Realty - 237 Park Avenue Acquisition
Representation of  RXR Realty in its joint venture acquisition of 237 Park Avenue, a 1.2 million-square-foot office building located in the heart of the Grand Central District, between 45th and 46th Streets.
2012
Private Equity Fund - Restructuring JV Agreements
Representation of a private equity fund in the negotiation of multiple joint venture agreements in connection with the financing of two redevelopment projects in Texas.
Ongoing
Real Estate Developer - 1.5 Million Square-Foot Mixed-Use Project
Representation of an institutional real estate developer and owner in connection with the development of more than 1.5 million square feet of multifamily and commercial property on the west side of Manhattan; including negotiations with various government entities regarding the transfer of a significant amount of air rights to allow for the development. 
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. 
2012
Toll Brothers - Joint Venture Development of Brooklyn Bridge Park
We are representing Toll Brothers City Living, the urban development division of Toll Brothers, Inc. (NYSE: TOL), in its joint venture with Starwood Capital Group to develop a 550,000-square-foot luxury hotel and residential complex at Brooklyn Bridge Park. The new mixed-use community is slated to feature a 200-room "1 Hotel" as well as 159 waterfront residences. Ground-breaking for the project is anticipated to begin in the spring of 2013.
2009
Anglo Irish Bank - Hotel Loan Modification
Representation of Anglo Irish Bank in connection with the modification of a leasehold mortgage on the Renaissance Chicago O'Hare Suites Hotel, a 362-room hotel owned by a joint venture between Tishman Hotel and the Commingled Pension Fund Trust (Special Situation Property) of JPMorgan Chase.
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.   
2008
Yankees Stadium - Hard Rock Café Deal
Representation of the New York Yankees and its affiliates in two separate joint ventures with the Hard Rock Café. The Hard Rock Café and a newly branded "NY Steak" prime steakhouse restaurant will open in an area adjacent to right field at the new Yankee Stadium.
2008
Edison Tax Services - Acquisition Platform Structure and Joint Ventures
Representation of Edison Tax Services in structuring its acquisition platform and establishing joint ventures with local operators to acquire tax liens and develop foreclosed properties.
2009
Samsung Corporation - Real Estate Development
Representation of Samsung Corporation of Korea, in connection with a mixed-use real estate development in the New York region. We worked closely with Samsung’s executive and due diligence team in negotiating the purchase and key documents, completing the due diligence and locating a local developer partner in the U.S.
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.
2008
Westbrook Partners, The Witkoff Group and Stellar Management - 405 Park Avenue
Representation of Westbrook Partners, The Witkoff Group and Stellar Management in the $205 million acquisition of 405 Park Avenue in Manhattan, and partnership interests in two Maryland Limited Partnerships that control an office building in Baltimore. We fired through the legal review and diligence of over 100 leases and prepared 30 lease abstracts in 24 hours, and completed the total legal diligence in just three days.
2008
Real Estate Joint Venture - $65 Million Long Island Acquisition
Representation of a joint venture between two major real estate companies in its $65 million acquisition and financing of a Long Island, New York office building. We structured the transaction as a purchase by tenants-in-common in order to take advantage of tenancy-in-common 1031 tax rules.
2008
Real Estate Investor - $25 Million Mine Investment
Representation of a New York-based real estate investor in a joint venture with a Florida developer to develop a limestone and lime rock mine.
2008
Asset Management Company - Acquisition Joint Venture
Representation of a major asset management company in its joint venture with a real estate investment firm to purchase 370 Columbus Avenue.
2007
Marathon Quik Park - Joint Venture
Representation of Marathon Quik Park, one of New York's leading parking operators, in connection with a joint venture with a major rental apartment developer for the construction of a mixed-use garage and residential development in New York's garment district.
2007
Joint Venture Principal - Resort Condo Acquisition
Representation of one principal of a joint venture in connection with the venture’s acquisition from another of its principals of a resort condominium in Deer Valley, Utah. In connection with the acquisition and future development of the resort, the joint venture also obtained up to $212 million in construction financing.
2007
Developer - Complicated Loan Acquisition
Representation of a major New York developer in its acquisition of a senior mezzanine loan and a junior mezzanine loan secured by pledges of the direct and indirect equity interests in the owner of a Manhattan commercial building. The transaction also involved negotiating an intercreditor agreement with the existing mortgage lender, amending the existing mortgage loan and mezzanine loans, and negotiating a related joint venture agreement.
2007
Hersha Hospitality Trust - Holiday Inn Express
Representation of Hersha Hospitality Trust in connection with a ground lease and mezzanine financing for a Holiday Inn Express to be located on West 29th Street in Manhattan, and operated in a joint venture with hotel developer, Sam Chang.
2007
Orange Management - Sale/Joint Venture
Representation of Orange Management in the sale of 22 Renwick Street to a new entity in which our client retained an interest, and in connection with the negotiation of the joint venture agreement for the acquiring entity.  We had previously represented Orange in the acquisition and financing of this property in 2005 and in the acquisition of development rights for this property.
2007
Real Estate Joint Venture - Complex Construction Financing
Representation of a joint venture in obtaining complex construction and mezzanine loans for the development of several high-end residential luxury apartments in the Tribeca neighborhood in New York.
2007
Family Partnership - Residential Development JV
Representation of a family partnership in their joint venture with a special opportunity investment firm to develop a high-end residential building in near Brooklyn College.
2006
Nathan Berman/Downtown Holdings - Helaba Construction Loan
Representation of a joint venture between Nathan Berman and Downtown Holdings LLC in an $88 million construction loan from Helaba.
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.
2006
Real Estate Joint Venture - $161.5 Million Long Island Acquisition
Representation of a joint venture between two major real estate companies in its $161.5 million acquisition and financing of two Long Island, New York office buildings.
2006
The Dermot Company - Mixed Use Conversion
Representation of The Dermot Company Inc. and its joint venture partners in connection with the construction management agreement for the conversion and renovation of a 413,000 square-foot property from commercial/office to mixed-use commercial, residential and retail.
2005
Real Estate Joint Venture - $315 Million Long Island Portfolio Acquisition
Representation of a joint venture between two major real estate companies in its $315 million acquisition and financing of a 43-property portfolio of office and commercial buildings in Long Island, New York. We structured the transaction as a purchase by tenants-in-common in order to take advantage of tenancy-in-common 1031 tax rules.
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.
2004
Boymelgreen - Billion Dollar Miami Development
Representation of Shaya Boymelgreen and Africa-Israel in their acquisition of 18 properties for a billion-dollar development in Miami, Florida.
2003
Nathan Berman/International Investor - $143.8 Million Liberty Bond Acquisition
Representation of a joint venture between Nathan Berman and an international investor in acquiring $143,800,000 of tax and tax-free liberty bonds issued by the New York City Housing Development Corporation. In connection with the purchase of the liberty bonds, HDC provided a mortgage loan and construction financing, which was assigned as a senior credit facility to HSBC.
2002
Japanese Company - Mortgage Restructuring and Real Estate Acquisitions in Asia
Representation of a Japanese company in negotiations held in Tokyo with UFJ Bank to restructure $30 million in mortgage debt encumbering property in Tokyo. We then represented a Japanese joint venture involving the company in its purchase and mixed-use development of a property in the Kakinokizaka district of Tokyo and in the purchase of property on Yao Yai Island near Phuket, Thailand.
2002
Reckson Associates Realty Corp. - Telecommunications Agreements
Representation of Reckson Associates Realty Corp., a real estate investment trust, in the alliance between Reckson Realty Corp. and OnSite Access, Inc. to provide building centric telecommunications systems to premier properties.
2001
Real Estate Joint Venture - $380 Million Multi-State Acquisition
Representation of a joint venture between two major real estate companies in its $380 million acquisition and financing of 52 apartment complexes in 14 states.