New York City 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.
Brooklyn Residential and Commercial Condominium Joint Venture
Represented AEW Capital Management in a joint venture with Hope Street Capital to acquire and develop residential and commercial condominiums in Brooklyn.
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.
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.
Soho Retail Condominium Formation and Sale
Represented 115 Spring Street Company in formation and sale of a Soho retail condominium to SL Green.
Retail Condominium Sale
Represented CIM Group in the sale of a retail condominium in lower Manhattan.
$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.
Cheshire Partners – Bulk Sale in Westchester County
Represented Cheshire Partners in a $2 million bulk sale of cooperative apartments in Westchester County, New York.
$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.
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.
$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.
$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.
$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.
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.
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.
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.
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.
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
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.
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.
$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.