Accolade
Chambers USA 2012: America's Leading Lawyers for Business
June 2012 -- Chambers USA
Herrick’s 50+ attorney real estate department was ranked by Chambers USA as one of the top commercial real estate firms in New York City.
June 2012 -- Chambers USA
Herrick’s 50+ attorney real estate department was ranked by Chambers USA as one of the top commercial real estate firms in New York City.
Media Mention
Density, Sustainability, Affordability
December 21, 2011 -- GlobeSt.com's CityViews
Eldad Gothelf says that decisions about zoning and planning in New York City must keep in mind at least one -- and preferably more -- of the overlapping, interwoven key factors of density, sustainability and affordability. Eldad makes these points in a Q & A that followed his publishing a commentary piece attached to the 50th anniversary of the city's zoning resolution.
December 21, 2011 -- GlobeSt.com's CityViews
Eldad Gothelf says that decisions about zoning and planning in New York City must keep in mind at least one -- and preferably more -- of the overlapping, interwoven key factors of density, sustainability and affordability. Eldad makes these points in a Q & A that followed his publishing a commentary piece attached to the 50th anniversary of the city's zoning resolution.
Media Mention
True to Mailer’s Life, a Brawl Over the Sale of His Brooklyn Heights Apartment
October 19, 2011 -- The New York Times
Our client's lawsuit against the estate of Norman Mailer, in which we seek the return of our client's $200,000 deposit on a co-op unit in Brooklyn where Mailer had lived, is reported here. Bill Fried is quoted as saying that our client wants his deposit back because the seller cannot prove that significant alterations to the unit were done lawfully.
October 19, 2011 -- The New York Times
Our client's lawsuit against the estate of Norman Mailer, in which we seek the return of our client's $200,000 deposit on a co-op unit in Brooklyn where Mailer had lived, is reported here. Bill Fried is quoted as saying that our client wants his deposit back because the seller cannot prove that significant alterations to the unit were done lawfully.
Media Mention
Eric Schneiderman: the new (ex-deputy) sheriff in town -- After seven months, NY's new Attorney General is winning over some skeptics, but enraging others
September 1, 2011 -- The Real Deal
Douglas Heller looks at the early days of Eric Schneiderman's tenure as New York's attorney general from a commercial real estate perspective. Doug says Schneiderman is counter intuitively positioned to be a better attorney general than his two predecessors, both of who had strong ties to the real estate industry, because he might feel less conflicted about investigating rogues.
September 1, 2011 -- The Real Deal
Douglas Heller looks at the early days of Eric Schneiderman's tenure as New York's attorney general from a commercial real estate perspective. Doug says Schneiderman is counter intuitively positioned to be a better attorney general than his two predecessors, both of who had strong ties to the real estate industry, because he might feel less conflicted about investigating rogues.
Media Mention
Retail condos' renewed glitter: Big deals multiply for best locations as recovery lifts rents
April 3, 2011 -- Crain's New York Business
Douglas Heller, head of Herrick's condo and co-op practice, notes that interest in retail condominiums is at a peak right now.
April 3, 2011 -- Crain's New York Business
Douglas Heller, head of Herrick's condo and co-op practice, notes that interest in retail condominiums is at a peak right now.
Media Mention
Security Locks and Aesthetics
March 31, 2011 -- The New York Times
Douglas Heller answers a reader's question in the Sunday real estate Q&A column by noting that under the state’s Multiple Dwelling Law residents, including co-op shareholders, are entitled to install a second lock on the door to their unit. The reader wondered whether the board could insist that she and her neighbors remove all but one lock per unit, and Doug opines that notwithstanding the business judgment rule -- which generally gives co-op and condo boards latitutde and discretion in making rules -- the residents probably can insist on second locks.
March 31, 2011 -- The New York Times
Douglas Heller answers a reader's question in the Sunday real estate Q&A column by noting that under the state’s Multiple Dwelling Law residents, including co-op shareholders, are entitled to install a second lock on the door to their unit. The reader wondered whether the board could insist that she and her neighbors remove all but one lock per unit, and Doug opines that notwithstanding the business judgment rule -- which generally gives co-op and condo boards latitutde and discretion in making rules -- the residents probably can insist on second locks.
Media Mention
Condo Caucus
March 15, 2011 -- Real Estate Bisnow
Herrick, Feinstein's office condo seminar is featured in this item, which includes photos of the panelists and information on why more developers are converting office buildings to commercial condos and why more business owners are buying their spaces instead of renting. The coverage quotes Douglas Heller on the process by which rental office may be converted to office condos and on the market for such properties.
March 15, 2011 -- Real Estate Bisnow
Herrick, Feinstein's office condo seminar is featured in this item, which includes photos of the panelists and information on why more developers are converting office buildings to commercial condos and why more business owners are buying their spaces instead of renting. The coverage quotes Douglas Heller on the process by which rental office may be converted to office condos and on the market for such properties.
Media Mention
Renting Rules for Condo Owners
February 13, 2011 -- The New York Times
Doug Heller tackles a reader's question about what a condo board can do to restrict unit-owners from renting their units -- or charge a transactional fee -- when the condominium declaration allows rentals but is silent on the issue of restrictions and fees.
February 13, 2011 -- The New York Times
Doug Heller tackles a reader's question about what a condo board can do to restrict unit-owners from renting their units -- or charge a transactional fee -- when the condominium declaration allows rentals but is silent on the issue of restrictions and fees.
Media Mention
Battery Park Condo Project Goes to Lender
November 18, 2010 -- GlobeSt.com
Christopher Sullivan says the plaintiff in the Rector Square foreclosure action -- our client Anglo Irish or its designee or assignee -- is entitled to hold or sell the project and also may pursue the borrower or guarantor for any deficiency arising from the sale of the project at auction. The lender was the sole bidder, taking back the project for $82.75 million, which Chris views as "a good result given the circumstances and economic landscape."
November 18, 2010 -- GlobeSt.com
Christopher Sullivan says the plaintiff in the Rector Square foreclosure action -- our client Anglo Irish or its designee or assignee -- is entitled to hold or sell the project and also may pursue the borrower or guarantor for any deficiency arising from the sale of the project at auction. The lender was the sole bidder, taking back the project for $82.75 million, which Chris views as "a good result given the circumstances and economic landscape."
Media Mention
Anglo Irish Keeps Control of 232 Unsold Condos in NYC's Battery Park City
November 18, 2010 -- Bloomberg News
Christopher Sullivan says Anglo Irish Bank, which was the sole bidder at the foreclosure auction of 225 Rector Place, may take title to the property and then sell it, or sell its winning bid to another party. He says if Anglo Irish sells its bid, the buyer would take title to the condos, a 114-space parking garage and 2,000 square feet of commercial space by the court-mandated closing date of Dec. 15.
November 18, 2010 -- Bloomberg News
Christopher Sullivan says Anglo Irish Bank, which was the sole bidder at the foreclosure auction of 225 Rector Place, may take title to the property and then sell it, or sell its winning bid to another party. He says if Anglo Irish sells its bid, the buyer would take title to the condos, a 114-space parking garage and 2,000 square feet of commercial space by the court-mandated closing date of Dec. 15.
Media Mention
Anglo Irish Bank to Auction 232 Manhattan Apartments in Foreclosure Sale
November 17, 2010 -- Bloomberg News
Christopher Sullivan notes that 232 unsold condo units, a garage and other commercial space were to be auctioned as a block, in an attempt for our client Anglo Irish to recover as much of the $135 million that the borrower, who defaulted on the loan, owed the bank. Selling the property in bulk -- as opposed to piecemeal -- tends to bring not only a higher price but also the possibility of a sophisticated developer who can finish the project. (The sale, the following day, went for $82.75 million).
November 17, 2010 -- Bloomberg News
Christopher Sullivan notes that 232 unsold condo units, a garage and other commercial space were to be auctioned as a block, in an attempt for our client Anglo Irish to recover as much of the $135 million that the borrower, who defaulted on the loan, owed the bank. Selling the property in bulk -- as opposed to piecemeal -- tends to bring not only a higher price but also the possibility of a sophisticated developer who can finish the project. (The sale, the following day, went for $82.75 million).
Media Mention
Failed Rector Sq. project sells for a song
November 17, 2010 -- Crain's New York Business.com
Our representation of Anglo Irish Bank in the foreclosure on the Rector Square condo project -- and its ultimate auction, where the lender was the sole bidder -- is noted here.
November 17, 2010 -- Crain's New York Business.com
Our representation of Anglo Irish Bank in the foreclosure on the Rector Square condo project -- and its ultimate auction, where the lender was the sole bidder -- is noted here.
Media Mention
Real estate pros mixed on Schneiderman, Cuomo victories
November 3, 2010 -- The Real Deal.com
Douglas Heller says Attorney General-elect Eric Schneiderman should quickly appoint a new head of the office's Real Estate Finance Bureau because the retirement of the previous leader has slowed the department's operations in a number of crucial ways.
November 3, 2010 -- The Real Deal.com
Douglas Heller says Attorney General-elect Eric Schneiderman should quickly appoint a new head of the office's Real Estate Finance Bureau because the retirement of the previous leader has slowed the department's operations in a number of crucial ways.
Media Mention
Little-Used Law Gives Condo Buyers a Way Out
August 13, 2010 -- City Room, the law blog of The New York Times
Douglas Heller opines that the Interstate Land Sales Full Disclosure Act makes little sense in the New York City condo world because required disclosures contain irrelevant information that often duplicates what is in the offering plan. The posting analyzed a recent decision in federal court that allowed three buyers of condo units to rescind their contracts and retrieve their deposits because a condo sponsor had not made disclosures that the statute requires.
August 13, 2010 -- City Room, the law blog of The New York Times
Douglas Heller opines that the Interstate Land Sales Full Disclosure Act makes little sense in the New York City condo world because required disclosures contain irrelevant information that often duplicates what is in the offering plan. The posting analyzed a recent decision in federal court that allowed three buyers of condo units to rescind their contracts and retrieve their deposits because a condo sponsor had not made disclosures that the statute requires.
Media Mention
Leaving a Co-op During Repairs
July 30, 2010 -- The New York Times
Doug Heller weighs in on what rights a co-op shareholder might have if the co-op board forces him and his family to leave for a week while repairs are performed, in this Q&A in the Sunday real estate section. Doug says the board has the business judgment rule on its side, the shareholder can point to no bright-line case law that declares a certain duration of absence unreasonable, and the proprietary lease does not obligate the co-op to pay for alternative housing.
July 30, 2010 -- The New York Times
Doug Heller weighs in on what rights a co-op shareholder might have if the co-op board forces him and his family to leave for a week while repairs are performed, in this Q&A in the Sunday real estate section. Doug says the board has the business judgment rule on its side, the shareholder can point to no bright-line case law that declares a certain duration of absence unreasonable, and the proprietary lease does not obligate the co-op to pay for alternative housing.
Media Mention
Yikes! It’s a Garage
July 30, 2010 -- The New York Times
Eldad Gothelf is quoted about the thorny issues of curb cuts and private parking in New York City residential buildings, and notes that the city's Planning Department has sought counsel from a variety of groups as it grapples with the issue. The story mentions that Eldad is an author of the firm's environmental and zoning blog, ZONE.
July 30, 2010 -- The New York Times
Eldad Gothelf is quoted about the thorny issues of curb cuts and private parking in New York City residential buildings, and notes that the city's Planning Department has sought counsel from a variety of groups as it grapples with the issue. The story mentions that Eldad is an author of the firm's environmental and zoning blog, ZONE.
Media Mention
AG Hits Levy With Fraud Suit at Rector Square
June 9, 2010 -- The Real Deal
Though Herrick isn't mentioned, our client Anglo Irish Bank and their foreclosure on 255 Rector Square is in the article "AG Hits Levy With Fraud Suit at Rector Square."
June 9, 2010 -- The Real Deal
Though Herrick isn't mentioned, our client Anglo Irish Bank and their foreclosure on 255 Rector Square is in the article "AG Hits Levy With Fraud Suit at Rector Square."
Media Mention
Ranking New York’s top legal wranglers: A look at the 20 NYC law firms with the biggest real estate divisions – and at how they’ve dealt with the downturn
April 1, 2010 -- The Real Deal
This story identifies Herrick's commercial real estate practice as one of New York's most prominent.
April 1, 2010 -- The Real Deal
This story identifies Herrick's commercial real estate practice as one of New York's most prominent.
Media Mention
Developers jump on program to restart stalled projects
March 25, 2010 -- Crain's New York Business.com
Zoning and land use partner Mitch Korbey extolls the benefits for developers and neighborhoods of a Department of Buildings initiative -- enabled by a local law passed late last year -- that allows developers to re-start stalled projects quickly, without waiting months for the city to re-approve zoning or other special permits. The story notes that the city's plan recognizes that even competent developers are hamstrung by a weak economy.
March 25, 2010 -- Crain's New York Business.com
Zoning and land use partner Mitch Korbey extolls the benefits for developers and neighborhoods of a Department of Buildings initiative -- enabled by a local law passed late last year -- that allows developers to re-start stalled projects quickly, without waiting months for the city to re-approve zoning or other special permits. The story notes that the city's plan recognizes that even competent developers are hamstrung by a weak economy.
Media Mention
Bank Wins Foreclosure Suit Against Levy at Rector Square
January 21, 2010 -- The Real Deal
Though Herrick is not mentioned, our client Anglo Irish Bank is in the article "Bank Wins Foreclosure suit against Levy at Rector Square" which discusses Anglo's favorable outcome in forclosing on 225 Rector Square.
January 21, 2010 -- The Real Deal
Though Herrick is not mentioned, our client Anglo Irish Bank is in the article "Bank Wins Foreclosure suit against Levy at Rector Square" which discusses Anglo's favorable outcome in forclosing on 225 Rector Square.
Media Mention
With new subway, massive eyesores: As long-awaited Second Avenue subway becomes a reality, Upper East Siders cringe at giant utility structures also planned
December 2009 -- The Real Deal
Richard Bass describes negotiations with the MTA on behalf of property owners, businesses and co-op and condo boards affected by the Second Avenue subway as relatively cordial, given how much disruption the project is causing on the East Side. This story notes that Herrick is representing a large number of clients along the route of the subway.
December 2009 -- The Real Deal
Richard Bass describes negotiations with the MTA on behalf of property owners, businesses and co-op and condo boards affected by the Second Avenue subway as relatively cordial, given how much disruption the project is causing on the East Side. This story notes that Herrick is representing a large number of clients along the route of the subway.
Media Mention
Real estate's bright (and not so bright) ideas: The best and worst policies and proposals floated to get NYC's market back on track
November 2, 2009 -- The Real Deal
An idea that was the cornerstone of a Real Estate New York article that Doug Heller co-authored with an assistant attorney general is cited in this Real Deal story about the best -- and worst -- ideas designed to get the New York real estate market back on track. This story declares that Doug's idea -- sponsors, developers and lenders on troubled condo projects should consider converting them to co-ops -- is among the best and brightest proposals floated.
November 2, 2009 -- The Real Deal
An idea that was the cornerstone of a Real Estate New York article that Doug Heller co-authored with an assistant attorney general is cited in this Real Deal story about the best -- and worst -- ideas designed to get the New York real estate market back on track. This story declares that Doug's idea -- sponsors, developers and lenders on troubled condo projects should consider converting them to co-ops -- is among the best and brightest proposals floated.
Media Mention
Real Estate Community Greets Growth with Caution
October 29, 2009 -- GlobeSt.com
Dennis Russo says that growth in the GDP and the likely official end of the recession are good signs for the commercial real estate market. He cautions, however, that the market lags the larger economy and that lenders and developers must regain confidence before they regain their appetite to do deals.
October 29, 2009 -- GlobeSt.com
Dennis Russo says that growth in the GDP and the likely official end of the recession are good signs for the commercial real estate market. He cautions, however, that the market lags the larger economy and that lenders and developers must regain confidence before they regain their appetite to do deals.
Media Mention
Some developers use downturn to plot comeback
May 29, 2009 -- The Real Deal
Slowdowns in the commercial real estate market generally represent an ideal time for property owners to apply for special permitting -- zoning and otherwise -- that will make their portfolios more valuable when the markets heat up again, Mitchell Korbey says.
May 29, 2009 -- The Real Deal
Slowdowns in the commercial real estate market generally represent an ideal time for property owners to apply for special permitting -- zoning and otherwise -- that will make their portfolios more valuable when the markets heat up again, Mitchell Korbey says.
Media Mention
Lawyers wrangle as market slides
March 2009 -- The Real Deal
Douglas Heller discusses the state of the real estate industry -- and of the legal profession as it relates to the real estate industry -- in a Q&A. He notes that transactions have slowed, but workouts -- and strategic advice and planning -- are keeping attorneys busy.
March 2009 -- The Real Deal
Douglas Heller discusses the state of the real estate industry -- and of the legal profession as it relates to the real estate industry -- in a Q&A. He notes that transactions have slowed, but workouts -- and strategic advice and planning -- are keeping attorneys busy.
Media Mention
Conversion Time: A slumping residential market has some developers turning their condos into rentals
January 2009 -- New York Construction News
Dennis Russo, who represents condo developers and lenders and who has developed condo projects himself, says developers' plans to turn stalled condo developments into rentals are confounded by the inability of rent revenue to cover debt service. He notes that the only scenarios where rent cover the debt are when lenders restructure the loans or the developer has owned the property for a long time.
January 2009 -- New York Construction News
Dennis Russo, who represents condo developers and lenders and who has developed condo projects himself, says developers' plans to turn stalled condo developments into rentals are confounded by the inability of rent revenue to cover debt service. He notes that the only scenarios where rent cover the debt are when lenders restructure the loans or the developer has owned the property for a long time.
Media Mention
Retail condos lose their luster: The coming deluge
January 12 - 18, 2009 -- Crain's New York Business
Neil Shapiro notes that Herrick has initiated four deals in as many months involving landlords and developers who are reluctantly selling retail condos because their banks and mezz lenders are pressuring them to raise capital.
January 12 - 18, 2009 -- Crain's New York Business
Neil Shapiro notes that Herrick has initiated four deals in as many months involving landlords and developers who are reluctantly selling retail condos because their banks and mezz lenders are pressuring them to raise capital.
Media Mention
Clashing with the condo board: Gentrification brings increase in disputes between old resident and new buyers
September 1, 2008 -- The Real Deal
Doug Heller and Scott Mollen are quoted in this story about how gentrification in neighborhoods and specific buildings effect longtime residents, newcomers and condominium boards.
September 1, 2008 -- The Real Deal
Doug Heller and Scott Mollen are quoted in this story about how gentrification in neighborhoods and specific buildings effect longtime residents, newcomers and condominium boards.
Media Mention
Gebroe-Hammer Orchestrates Multi-Family Portfolio Sale
July 21, 2008 -- New Jersey & Company
A deal in which we represented TreeTop Development is the subject of this article.
July 21, 2008 -- New Jersey & Company
A deal in which we represented TreeTop Development is the subject of this article.
Media Mention
Cracking Down on Shoddy Condos
July 2008 -- The Real Deal
Doug Heller is quoted in an article on the attorney general's office's effectiveness in reviewing condo offering plans and enforcing codes.
July 2008 -- The Real Deal
Doug Heller is quoted in an article on the attorney general's office's effectiveness in reviewing condo offering plans and enforcing codes.
Media Mention
Cuomo Cracks Down on NY Real Estate Fraud
May 7, 2008 -- Crain's New York Business
Doug Heller is quoted on initiatives of the Attorney General's Real Estate Finance Board to review condo plans more quickly and enforce habitability issues.
May 7, 2008 -- Crain's New York Business
Doug Heller is quoted on initiatives of the Attorney General's Real Estate Finance Board to review condo plans more quickly and enforce habitability issues.
Media Mention
Low Fees for New Condos? Think Again
March 10, 2008 -- The Real Deal
Doug Heller is quoted on how rising energy costs are increasing monthly maintenance fees for condo-dwellers.
March 10, 2008 -- The Real Deal
Doug Heller is quoted on how rising energy costs are increasing monthly maintenance fees for condo-dwellers.
Media Mention
The Divide Between Manhattan, Other Boroughs
February 28, 2008 -- The New York Sun
Doug Heller is quoted on how banks are being more cautious in underwriting loans to developers and purchasers of residential units.
February 28, 2008 -- The New York Sun
Doug Heller is quoted on how banks are being more cautious in underwriting loans to developers and purchasers of residential units.
Media Mention
A Fee That Developers Would Like to See Rise
February 6, 2008 -- The New York Times
Doug Heller is quoted regarding condo sponsors' willingness to pay higher filing fees on the assumption that the added money would increase staffing, which in turn would lead to speedier review of their condo plans. The sponsors are, in large numbers, backing legislation that would raise the fees.
February 6, 2008 -- The New York Times
Doug Heller is quoted regarding condo sponsors' willingness to pay higher filing fees on the assumption that the added money would increase staffing, which in turn would lead to speedier review of their condo plans. The sponsors are, in large numbers, backing legislation that would raise the fees.
Media Mention
Judge Upholds NY Approval of Condo Conversion Plan
January 8, 2008 -- New York Law Journal
Scott Mollen is quoted on the significance of a major court decision regarding a dispute over one of the largest rental-to-condo conversions in New York.
January 8, 2008 -- New York Law Journal
Scott Mollen is quoted on the significance of a major court decision regarding a dispute over one of the largest rental-to-condo conversions in New York.
Media Mention
Who's On The Hook? Brokers Shun Listing Duties
January 2, 2008 -- The Real Deal
Doug Heller is quoted in an article examining condo brokers' increasing reluctance to become listing brokers of record because of obligations and liabilities that attach to that designation.
January 2, 2008 -- The Real Deal
Doug Heller is quoted in an article examining condo brokers' increasing reluctance to become listing brokers of record because of obligations and liabilities that attach to that designation.
Media Mention
Realty Law Digest
April 11, 2007 -- New York Law Journal
Doug Heller is quoted on warranties in condominium offering plans, as they relate to construction claims against condo sponsors and architects.
April 11, 2007 -- New York Law Journal
Doug Heller is quoted on warranties in condominium offering plans, as they relate to construction claims against condo sponsors and architects.
Media Mention
Cuomo Considered the Ultimate Pragmatist
December 2006 -- The Real Deal
Doug Heller is quoted regarding the likelihood that Andrew Cuomo, then incoming New York State Attorney General, would create processes for speedier review of condo plans.
December 2006 -- The Real Deal
Doug Heller is quoted regarding the likelihood that Andrew Cuomo, then incoming New York State Attorney General, would create processes for speedier review of condo plans.
Press Release
Herrick Engineers Complex Land Acquisition, Equity and Construction Financing and Development Transaction
November 15, 2006 -- Herrick, Feinstein LLP
Herrick facilitated a complex transaction in which a Harlem church sold land to a development partnership that will build condominiums, in exchange for the developer’s building and selling back to the church a sanctuary and income-producing apartments.
November 15, 2006 -- Herrick, Feinstein LLP
Herrick facilitated a complex transaction in which a Harlem church sold land to a development partnership that will build condominiums, in exchange for the developer’s building and selling back to the church a sanctuary and income-producing apartments.
Media Mention
Condo Craze Fades
November 2006 -- National Real Estate Investor
Dennis Russo is quoted regarding the effect of oversupply and rising interest rates on condominium construction.
November 2006 -- National Real Estate Investor
Dennis Russo is quoted regarding the effect of oversupply and rising interest rates on condominium construction.
Media Mention
Best Deal On Insurance That Won't Leave You Stranded
November 1, 2006 -- Real Estate Weekly
Doug Heller authors an article about the importance of shopping for condominium insurance coverage, understanding it and reviewing it -- before disaster strikes.
November 1, 2006 -- Real Estate Weekly
Doug Heller authors an article about the importance of shopping for condominium insurance coverage, understanding it and reviewing it -- before disaster strikes.
Press Release
Herrick Represents Joint Venture on Land Acquisition, Loan for NYC Condos
November 2006 -- Herrick, Feinstein LLP
Herrick's Real Estate Practice Group has represented a joint venture in its acquisition of seven parcels of land on the Upper East Side and a $157 million loan to acquire the land and build 92 luxury condominium units there.
November 2006 -- Herrick, Feinstein LLP
Herrick's Real Estate Practice Group has represented a joint venture in its acquisition of seven parcels of land on the Upper East Side and a $157 million loan to acquire the land and build 92 luxury condominium units there.
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