Matters

Commercial Bank – $300 Million Commercial Condominium Mortgage Loan

Represented a major bank in a $300 million mortgage loan, secured by a mortgage of commercial condominium units in Norwalk, Connecticut.

Real Estate Developer – $171.8 Million Condo Project

Represented a real estate developer in filing the offering plans for a $171.8 million, 130-unit condominium development project in Greenwich, Connecticut.

FL Condominium Developer – $300 Million Construction Loan Facility

Represented 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.

Real Estate Owner/Investor – $320 Million Woolworth Building Refinancing

Represented the owner of the office condominium portion of the Woolworth Building, a joint venture between the Schron family and Steve Witkoff, in a $320 million refinancing from Blackstone.

Real Estate LLC – Manhattan Commercial Condominium Sale

Represented a real estate LLC in the sale of the commercial condominium unit at 205 Bleecker Street to two affiliates of Infinity Real Estate, LLC.

Oases Real Estate – Sale of Rights to Construct 40 Manhattan Condo Units

Represented Oases Real Estate in the sale of its right to construct 40 condominium units over a working post office on the west side of Manhattan.

Real Estate Developer – $217.5 Million Condo Project

Represented a real estate developer in filing the offering plans for a $217.5 million, 266-unit condominium development project in Greenwich, Connecticut.

Co-op Board of Directors – Sale of Chelsea Building Shares

Represented the board of directors of a leasehold cooperative building at 101 West 23 rd Street in the $19 million sale of in excess of 85% of its shares. The shares were owned by the individual shareholders and sold to the building’s land owner.

26 West 20th Street Corp. – Cooperative Restructuring

Represented 26 West 20th Street Corp., the shareholders of which are the tenants of the building, in restructuring the corporation into a cooperative housing corporation. After converting to a cooperative, Herrick represented the cooperative board by acting as transfer agent for the sale of the third floor of the building.

The Cheshire Group Affiliate – $20.5 Million Sale of Manhattan Condo Units

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.

G4 Capital Partners – $11 Million Brooklyn Condo Development Financing

Represented G4 Capital Partners in a $11 million financing for JDS Development Group’s condominium development at 71 North 7th St. in Williamsburg, Brooklyn.

G4 Capital Partners – $41 Million Brooklyn Condo Development Financing

Represented G4 Capital Partners in a $41 million financing for JDS Development Group’s condominium development at 613 Baltic Street in Park Slope, Brooklyn. 

Cooperative Board – Sale of 66 Manhattan Cooperatives

Represented the Board of Directors of 715-723 Sixth Avenue Owners Corp. to facilitate the sale of 66 apartments at the leasehold cooperative building located at 101 West 23rd Street in New York City.

Yeshiva University – $58 Million Apartment Portfolio Sale

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.

Cheshire Partners – Bulk Sale in Westchester County

Represented Cheshire Partners in a $2 million bulk sale of cooperative apartments in Westchester County, New York.

NYC School Construction Authority – 77 Greenwich Street

Assisted the New York City School Construction Authority (“SCA”) in the $104 million purchase of the structure of a multi-story elementary school, from an affiliate of Trinity Place Holdings. SCA will complete a multi-story elementary school and construct a 40-story condominium on the property at 77 Greenwich Street.

F&T Land Group – Flushing, Queens Condominium Offering Plans

Represented F&T Group in the filing of a condominium offering plan for a 48-unit office building at 37-12 Prince Street and a 192-unit residential building at 133-27 39th Avenue in Flushing, Queens. Both of these buildings are components of the Tangram development, an approximately 1.2 million square foot mixed use project.

DNA Development – Condominium Offering Plan

Represented DNA Development LLC in the preparation of an offering plan for new condominium construction project at 280 St. Marks Avenue in Brooklyn, NY.

Private Equity Firm – Restructuring of Defaulted Loans on Midtown Condo Project

Represented 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.

Irish Bank – Foreclosure on Battery Park City Building

Represented an Irish bank in a complex foreclosure of a 302-unit leasehold condominium located at 225 Rector Place in New York City. When the developer defaulted on a $165 million acquisition and construction loan, we worked with the lender to foreclose and to fend off a lender liability lawsuit.

Family-Owned Real Estate Developer – Condo Plans

Represented one of the New York region's premier real estate development families in offering plans for Manhattan condominium projects.

Real Estate Developer – $58 Million Brooklyn Condo Project

Represented a condominium developer in crafting and filing the offering plans for a $58 million, 93-unit project in Greenpoint, Brooklyn.

Subsidized Housing Project Sponsor – Market Rate Conversion

Represented 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 (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.

CPC/Morton Olshan – Parkchester Condominium Redevelopment

Represented a joint venture between 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 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.

Youngwoo & Associates LLC – Art Gallery Condo Development

Represented 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 an air rights acquisition and construction loan financing.

Joint Venture – $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.

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.

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.

342 East 72nd Street Corporation – Second Avenue Subway Entrance Relocation

Represented 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 helped the local building owners fight this plan.

Roberta Flack – Harlem Property Development

Represented renowned vocalist Roberta Flack in her development of real estate in Harlem.

The Cheshire Group – Share Acquisition

Represented the Cheshire Group in its acquisition of 101 unsold shares of 11 Park Avenue in Mount Vernon, New York.