Cammeby’s International – $1.8 Billion JV with Harbor Group
Represented Cammeby’s International Group in a joint venture with Harbor Group International, LLC to purchase the $1.8 billion Beacon portfolio of 25 apartment communities with 9,000+ units in five states.
National Sale of 77 Properties in 15 States
Represented one of the largest U.S. banking institutions in the sale of a 77-property, 15-state real estate portfolio to a global investment management firm. The transaction also involved the leaseback of 22 properties.
$100 Million California Office Building Acquisition
Represented Emmes Asset Management Company in connection with a joint venture with the investment arm of a major university system and the $100 million acquisition of a prominent Class A office building in Irvine, California. The transaction also included a multi-million dollar investment by a Japanese corporation investing in U.S. property for the first time.
Continental Ventures – Upper East Side Joint Venture
Represented Continental Ventures in a joint venture transaction involving the acquisition, financing and development of a luxury mixed-use project on the Upper East Side of Manhattan.
Vanbarton Group – $450 Million Property Sale
Represented Vanbarton Group in the $450 million sale of its remaining interest in the Manhattan apartment tower 180 Water Street to Metro Loft Management. The sale is the second largest commercial real estate transaction in New York City in 2017, according to data from The Real Deal. Metro Loft had previously purchased a 10 percent stake in the building in 2014, and subsequently Vanbarton Group and Metro Loft converted the 24-story, 567,221-square-foot office building into rental apartments.
National Communications Service Provider – Sale of East Williamsburg Properties
Represented a national communications service provider in the sale of two properties in East Williamsburg, Brooklyn.
$22.4 Million Acquisition of St. John’s University Campus
Represented India-based Amity Education Group, a nonprofit international education group, in the $22.4 million purchase of the St. John’s University 170-acre waterfront campus located in Oakdale, Long Island.
Sale of 66 Manhattan Cooperatives
Represented the Board of Directors of 715-723 Sixth Avenue Owners Corp. to facilitate the sale of 66 co-op apartments at the leasehold cooperative building located at 101 West 23rd Street in New York City.
$24 Million Bronx Property Sale
Represented an affiliate of Castle Oil Corporation in the $24 million sale of 1110 Oak Point Avenue and 155 Tiffany Street in the Bronx. The deal closed after nearly two years of our negotiating contracts with different prospective purchasers and through resolving complex deed issues with the City Register.
$10 Million ShopRite Purchase
Represented a client in the $10 million acquisition of a ShopRite retail store in Orange, CT.
$58 Million Sale of Yeshiva University Apartments
Represented Yeshiva University in the $58 million sale of 20 cooperative apartments and 78 condominium apartments located at 13-15 East 11th Street to Alabama Apartments Investors, LLC, an affiliate of Pebb Capital.
Vanbarton Group – Acquisition of New York and San Francisco CRE Portfolio
Represented Vanbarton Group in the multi-million dollar acquisition of a portfolio of commercial properties located in New York and San Francisco.
Community Preservation Corporation – Affordable Housing Project Acquisition
Represented an affiliate of Community Preservation Corporation in its acquisition of an affordable housing project located in Brooklyn, New York. The acquisition was the culmination of a 1031 transaction, and included a TIC structure, regulatory agreement, nominee and assumption of two tiered existing debt.
Extell – $66 Million Assemblage Sale
Represented Extell Development in the $66 million sale of an assemblage consisting of a fee parcel on East 29th Street in Manhattan, two air parcels, two certificates of eligibility for zoning floor area bonuses, and Extell’s interest in contracts for development rights from adjacent property owners.
$151.5 Million Ten-Property Portfolio Acquisition
Represented affiliates of DH Property Holdings and FBE Limited LLC in the $151.5 million acquisition of a ten-property multifamily and office property portfolio from affiliates of the Braun Family, and the flip of parts of the portfolio to other investors.
Maxx Properties – Omaha Portfolio Sale
Represented MAXX Properties in the sale of their portfolio of multifamily properties located in Omaha, Nebraska, which included a securitized loan defeasance. The transaction is the front-end of a 1031 tax-deferred exchange. MAXX Properties has retained Herrick in connection with the acquisition of the replacement property.
Extell – $19 Million Acquisition of 500 West 57th Street
Represented Extell Development in the $19 million acquisition of 500 West 57th Street in Manhattan.
Extell – $75 Million Bronx Sale
Represented Extell Development in the $75 million sale of 2505 Bruckner Boulevard in the Bronx to Innovo Property Group RE, LLC.
Extell – Upper West Side Assemblage & Development Rights
Represented Extell Development in completing an Upper West Side assemblage including the acquisition of 2551 Broadway and development rights from nearby co-op buildings on West 95th Street.
U-Haul International – $200 Million West Chelsea Sale
Represented U-Haul International affiliate AMERCO Real Estate Company, in the $200 million sale of four contiguous properties in Manhattan's West Chelsea neighborhood to Related Companies, along with unused development rights from a fifth parcel that U-Haul retained.
$211 Million Chelsea Multifamily Acquisition
Represented Greystar Real Estate Partners in the $211 million acquisition and mortgage financing of a 204-unit multifamily building in Manhattan's Chelsea neighborhood.
$195 Million Long Island City Property Sale
Represented FBE Limited LLC in the $195 million sale of 24-02 49th Avenue, Long Island City, along with the defeasance of a REMIC mortgage that was encumbering the property, and the completion of a reverse 1031 exchange transaction.
Edison Properties – Manhattan Building Acquisition
Represented an affiliate of Edison Properties in the purchase of 620 12th Avenue.
$31 Million Acquisition of 99-01 Queens Boulevard
Represented Blumenfeld Development Group in the $31 million acquisition of 99-01 Queens Boulevard from Vornado Realty Trust.
$161 Million Sale of 9-47 Hall Street, Brooklyn
Represented an entity owned by the Schron and Fruchthandler families in the $161 million sale of 9-47 Hall Street, an industrial/office building in Brooklyn.
Extell – $360 Million Manhattan Portfolio Purchase
Represented Extell Development Company in the $360 million purchase, flip and financing of multiple properties from the Duell family's real estate portfolio.
$92 Million Acquisition of 1501 Lexington Avenue
Represented the Schron family in the $92 million acquisition of a multifamily building located at 1501 Lexington Avenue.
Acquisition of JV Interest in 1285 Avenue of the Americas
Represented the Schron and Fruchthandler families in the acquisition of a joint venture interest in 1285 Avenue of the Americas, which was purchased by RXR Realty in May 2016 for $1.65 billion.
$84 Million Bronx Apartment Building Acquisition and Financing
Represented FBE Limited LLC in the $84 million acquisition and financing of 1600 Sedgwick Avenue in the Bronx, a HUD-subsidized low income housing property.
$66 Million Flushing, Queens Parcel Acquisition
Represented XIN Development Group International, Inc. (“XIN”) in its acquisition of a parcel of land in Flushing, Queens for $66 million. XIN plans to build a mixed-use condominium with ground and second-floor retail on the site of the former RKO Keith Theater.
$20.5 Million Manhattan Condominium Unit Sale
Represented 141 East 88th Street LLC, an affiliate of The Cheshire Group, in the $20.5 million sale of 14 unsold condominium units subject to rent regulation to an affiliate of RFR Holding LLC.
9 Bruckner Boulevard Acquisition and Financing
Represented an affiliate of Somerset Partners in the $7.5 million acquisition and financing of 9 Bruckner Boulevard in the South Bronx. The industrial site will be converted into a 30,000 square-foot food hall, to be known as Bruckner Market. The property is situated opposite of Somerset’s planned residential development project along the South Bronx waterfront.
$19 Million Manhattan Apartment Building Acquisition
Represented Sabet Management in the $19 million acquisition of the residential apartment building 92 Second Avenue, with acquisition financing supplied by Signature Bank.
$12.5 Million Asphalt Plant Purchase
Represented Peckham Industries in the purchase of a Canal Asphalt Inc. plant located in Mt. Vernon, New York. The $12.5 million sale was the result of a bankruptcy auction in early 2016.
South Street Seaport Development Rights Sale
Advised a consortium of four large financial services companies on the sale of 333,000 square-feet of development rights in Manhattan's South Street Seaport to the Howard Hughes Corporation.
$131 Million Manhattan Development Site Sale
Represented Rabina Properties LLC in the $131 million sale of a development site consisting of six properties in Manhattan's NoMad neighborhood. The sale also included additional Inclusionary Housing benefits and an investment by our client in the acquiring entity.
$68 Million Woolworth Building Condo Conversion and Sale
Represented a joint venture between Cammeby's International and The Witkoff Group in the conversion of the iconic Woolworth Building's top 30 floors to a condominium unit, and the $68 million sale of the unit to Alchemy Properties.
$800 Million Acquisition of 237 Park Avenue
Represented 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.
281 Fifth Avenue Assemblage and Sale
Represented the KRE Group in the assemblage of a development site including 281 Fifth Avenue, and the sale of the assemblage to Victor Nomad LLC. The deal included an adjacent air parcel with additional development rights and inclusionary housing certificates.
Madison Avenue Operating Lease Acquisition
Represented Friedland Properties in the joint venture acquisition of the operating lease for a large Madison Avenue office building.
Sale of Otis Elevator Building
Represented a developer in the $80 million sale of Manhattan's historic Otis Elevator Building to a major REIT, the negotiation of a long-term ground lease for the property, and related mortgage loan amendments.
Toll Brothers – Development Rights Acquisition
Represented an affiliate of Toll Brothers City Living in the acquisition of development rights from a site on First Avenue between East 52nd Street and East 53rd Street in Manhattan.
Bronx General Post Office Acquistion
Represented Youngwoo & Associates in the acquisition of the Bronx general post office building from the United States Postal Service. We also handled the permanent lease of a section of the building to the USPS so that they maintain a continued retail presence in the area, a loan agreement related to the Depression-era murals inside the building, and a joint venture agreement.
$104 Million Union Square Hotel Acquisition
Representation of Hersha Hospitality Trust in connection with its $104 million purchase of the Hyatt Union Square Hotel.
$150 Million Acquisition of 70 Pine Street
Represented Youngwoo & Associates in the $150 million acquisition of 70 Pine Street and an adjacent building in Manhattan.
$252 Million Manhattan Multifamily Acquisition
Represented the Schron family in connection with the $252 million acquisition of the Monterey, a 521-unit multifamily property located at 175 East 96th Street.
High Line Acquisitions and Developments
Represented Sherwood Equities in connection with the acquisition of development sites at 508 West 20th Street and 360 Tenth Avenue, near the High Line Park. We also assisted Sherwood with the acquisition and sale of a significant amount of development rights; and the financing and development of the sites.
Manhattan Building Acquisition and Hotel Development
Representation of FIT Investment Corporation in connection with the zoning analysis and acquisition of 45 East 33rd Street in New York City, and its redevelopment of the building into a 93,000 square-foot hotel.
Utah Resort Condo Acquisition
Represented a principal of a joint venture in 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.
$380 Million National Apartment Complex Acquisition
Represented a joint venture between two major real estate companies in its $380 million acquisition and financing of 52 apartment complexes in 14 states.