Wythe Berry Fee Owner LLC – Debtor in Chapter 11
Represented debtor in Chapter 11 proceeding involving the William Vale Hotel, a luxury hotel in Brooklyn. This matter began as a commercial lease dispute and evolved into a multifaceted adversarial proceeding that came to a close with the $177 million sale of the hotel pursuant to plan of reorganization. This resulted in a rare Chapter 11 case where all creditors were paid in full. 654 B.R. 524 (Bankr. S.D.N.Y. 2024) and 660 B.R. 534 (Bankr. S.D.N.Y. 2024).
Private Lender – Sale of Commercial Property – Long Island, NY
Represented a private lender in connection with a sale of commercial property in Great Neck, New York, as well as the provision of mortgage financing to the new purchaser.
Commercial Real Estate Lender – “Springing Member” Summary Judgment
Obtained summary judgment in New Jersey Chancery Court on behalf of a commercial real estate lender installing our client as the “Springing Member” of an LLC in default of its obligations to its lenders.
Flat Footed LLC – Successful Proxy Campaign to Block Merger Between Two REITs
Herrick represented Flat Footed LLC, an investment management firm, in a successful proxy campaign to block a merger between two distressed REITs. Following a months-long public proxy campaign by Flat Footed opposing the proposed merger between Diversified Healthcare Trust and Office Properties Income Trust, the two companies announced their termination of the merger agreement.
In re Urban Commons 2 West LLC (Bankr. SDNY)
Represented Silver Creek Development, a real estate development and investment company, in the Chapter 11 cases of real estate developer and hotelier, Urban Commons 2 West LLC and certain affiliates, which defaulted on hotel loans regarding the former Ritz-Carlton of Battery Park (now called The Wagner) in downtown Manhattan. After almost three years in Chapter 11, including 13 months of mediation, the Bankruptcy Court issued a favorable ruling on behalf of our client which: (i) approved the debtors’ sale of its hotel lease interests to our client; (ii) confirmed the debtors’ Chapter 11 plan; (iii) approved a global 9019 settlement reached between our client, the Battery Park City Authority, the Union, the Residential Board and the debtors negotiated over two and a half years; and (iv) overruled the sole objection interposed by a junior, out-of-the-money mechanic’s lienholder who argued that the debtors could not sell their property free and clear of its lien. After navigating a range of complex legal, financial and regulatory post-confirmation challenges, our client successfully closed on the acquisition of the leasehold interests of the property.
In re Hudson 888 Owner LLC and Hudson 888 Holdco LLC (Bankr. S.D.N.Y.)
Successfully represented Hudson 888 Owner LLC and Hudson 888 Holdco LLC, subsidiaries of Chinese developer Xinyuan Real Estate Co. Ltd., as the debtors in a jointly-administered single asset real estate (SARE) Chapter 11 case involving a high-end mixed-use property in Hell’s Kitchen in New York City. A settlement was reached on terms favorable for our client, and a plan of reorganization was approved by the Court. This represented a very successful culmination of a highly complex and contentious Chapter 11 bankruptcy case.
Real Estate Investment Firm – Summary Judgment Granted in Breach of Contract Dispute
Represented real estate investment firm in breach of contract dispute regarding a books and records clause in a loan participation agreement. The New York State Supreme Court, Commercial Division granted summary judgment in favor of Herrick’s client and endorsed the interpretation of the books and records clause propounded by Herrick without exception. Under the order, the defendant was required to turn over a comprehensive set of its records to Herrick’s client. In addition to specific performance of the books and records clause, Herrick obtained an award of prevailing party legal fees.
Community Preservation Corporation, Related & FDIC – $5.8 Billion Loan Portfolio – NYC Rent Regulated Properties
Represented a joint venture among Community Preservation Corporation, Related Fund Management and the FDIC in the workout and restructuring of a $5.8 billion loan portfolio acquired from Signature Bank. The loans are secured by rent regulated projects located in New York City.
