Matters

$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.

$300 Million Construction Loan Facility

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.

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.

Real Estate Developer – $171.8 Million Condo Project

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

Real Estate Developer – $217.5 Million Condo Project

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

Cheshire Group – Share Acquisition

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

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.

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.

$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.

26 W 20th Street – 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.

Sale of Chelsea Co-op Building Shares

Representation of 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.

$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.

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.

Development in Harlem for Singer Roberta Flack

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

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.

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.

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.

Developer – $58 Million Brooklyn Condo Project

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

Family-Owned Real Estate Developer – Condo Plans

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

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.

Restructuring of Defaulted Loans on Midtown Condo Project

Representation of 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.

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.

Marathon Real Estate Opportunity Fund Transactions

Represented Marathon Real Estate Opportunity Fund in connection with a number of sophisticated transactions including domestic and international joint ventures and strategic partnerships, hotel property acquisitions, construction and development of Marriott branded hotels, Florida condominiums and documiniums, the acquisition of office complexes in Paris, and the acquisition of one of the largest NYC parking owner/operators.

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.

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.

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.

Specialty Finance Company – Florida Condo

Representation of a specialty finance company in the mezzanine construction financing of a condominium in South Beach, Florida.

$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.