Matters

City Council Approvals for 395 Flatbush Avenue Ext – Brooklyn, NY

Obtained City Council approvals for Rabina on complex land use and zoning work for their project at 395 Flatbush Avenue Extension in Downtown Brooklyn, NY. Their proposed skyscraper – a one-million square foot, 72-story, mixed-use development with over 1,200 dwelling units and over 800-feet tall – will be the second tallest building in Brooklyn upon completion. Herrick worked to (i) rezone the City-owned property to the highest residential and commercial zoning districts permitted by zoning – this is the first property in Brooklyn to receive these zoning classifications; (ii) modify design and bulk restrictions in the Zoning Resolution that affected the property; and (iii) extend Rabina’s ground lease with the City by 99 years.

NYCHA – Development Rights for Affordable Housing – Brooklyn, NY

Represented the New York City Housing Authority in connection with the sale of approximately 38,000 square feet of unused development rights to facilitate an affordable housing development on a neighboring property through zoning lot merger, along with a related light and air easement and a related neighboring property construction access license agreement.

Medical Institution – Medical Office Leases

Represented a major medical institution in connection with the leasing of medical office space in New York City.

International Real Estate Developer – East Village, NY

Represented European-based developer in a new construction offering plan for a condominium development in New York City.

92nd Street Y – Bond Financing

Represented the 92^nd Street Y (92NY) in a tax-exempt bond financing through Build NYC Resource Corporation with respect to its campus on the Upper East Side.

KPR Centers – $180 Million Multi-State Retail Portfolio

Represented KPR Centers in connection with acquiring a $180 million multi-state portfolio of eight shopping centers through a joint venture structure. The portfolio includes retail centers in Florida, Wisconsin and Missouri, comprising more than 1.5 million square feet of space. Cumulatively 96 percent leased at the time of the acquisition, the portfolio is a combination of grocery-anchored and power centers.

Rechler Equity Partners – Amazon Fulfillment Center

Represented Rechler Equity Partners in the leasing, financing and development of a distribution facility for Amazon in Suffolk County, New York.

Extell Development Company – Manhattan Ground Lease

Represented Extell Development Company in connection with a development ground lease for a property in Midtown Manhattan.

Medical Institution – Life Sciences Lab Space Leases

Represented a major medical institution in connection with the leasing of life sciences lab space in New York City.

Real Estate Joint Venture – Medical Office Portfolio Acquisitions

Represented a real estate joint venture in the acquisition and financing of medical office properties throughout the United States.

Bowery Residents’ Committee – Joint Venture for NYC Affordable Housing

Represented Bowery Residents' Committee in connection with its joint venture with Camber Property Group to develop an affordable housing project comprising supportive housing and transitional housing in Queens, NY. The transaction involved construction financing for each of the supportive housing development and transitional housing development.

Shorenstein Properties – Building Sale – Nashville, TN

Represented Shorenstein Properties in connection with its sale of a 28-story office building containing over 600,000 rentable square feet in Nashville, TN.

Extell Development Company – Brooklyn Ground Lease

Represented Extell Development Company in connection with a development ground lease from The Feil Organization as part of an assemblage of properties located on Fulton Street in Brooklyn, New York for a term of 199 years.

Shefa School – Ground Lease and Bond Financing – Manhattan

Herrick represented the Shefa School in its 99-year ground lease of 17 West 60th Street in Manhattan’s Lincoln Square neighborhood. The Shefa School is a Jewish community day school serving students in grades 1 through 8 who benefit from a specialized educational environment to address language-based learning disabilities. Constructed in 1921, the 11-story building is adjacent to Columbus Circle. The school is undertaking a complete renovation of the building and will relocate its operations to the new facility upon completion. Herrick also represented the Shefa School in a tax-exempt and taxable bond financing through Build NYC Resource Corporation. The school is using proceeds from the financing to renovate, furnish and equip the property acquired through the ground lease.

Represented Yankee Global Enterprises in Bond Financing

Represented Yankee Global Enterprises in connection with the issuance by the New York City Industrial Agency of approximately $927 million of refunding bonds for the benefit of the Yankees.

Mattone Group – Williamsburg, Brooklyn Sale

Represented the Mattone Group and HWM Met/Marcy in connection with the sale of 402-420 Metropolitan Avenue. This deal also involved representing the sellers in the bankruptcy proceeding of the original purchaser who filed for bankruptcy the day prior to the closing date in early April.

Greystar – Acquisition of 800 Sixth Avenue

Represented Greystar in connection with the $237.5 million acquisition of a multi-family residential apartment building, 800 Sixth Avenue in Manhattan. This complex deal also entailed assignments of existing mortgages, a 421-a component, New York State Housing Finance Agency assignment approval and bond redemption.

William Macklowe Company – Park Slope, Brooklyn Acquisition

Represented the William Macklowe Company in the acquisition by it and Senlac Ridge Partners of a development property at 120 Fifth Avenue in Park Slope, Brooklyn. This complex deal closed on its original timeline even with the COVID-19 New York State on Pause limitations in effect.

William Macklowe Company – Lease to Memorial Sloan Kettering Cancer Center

Represented the William Macklowe Company in connection with the long-term lease to Memorial Sloan Kettering Cancer Center of an approximately 60,000-sq.-ft. medical facility on the Upper East Side of Manhattan.

Roseland Residential – $300 Million Construction Loan

Represented Roseland Residential, a subsidiary of Mack-Cali Realty Corp., in connection with a $300 million construction loan for its 750-unit, 57-story residential development project in Jersey City, New Jersey.

Roseland Residential – Construction Loan for Port Imperial Building – New Jersey

Represented Roseland Residential, a subsidiary of Mack-Cali Realty Corp., in connection with a $92 million construction loan for its Port Imperial Building 8/9, an approximately 313-unit residential development project in Weehawken, New Jersey.

Qualified Opportunity Zones – Formation and Structuring

Represented multiple clients in the structuring and formation of qualified opportunity funds in connection with Opportunity Zone transactions in the New York metro area and across the United States.

Commercial Properties Realty Trust – Opportunity Zone Development – Louisiana

Represented Commercial Properties Realty Trust in connection with an Opportunity Zone transaction involving an approximately 90,000-sq.-ft. commercial office building located on The Water Campus in Baton Rouge, Louisiana.

Shorenstein Properties – Nashville, TN

Represented Shorenstein Properties in connection with its purchase of a 28-story office building containing over 600,000 rentable square feet in Nashville, TN. The purchase represents Shorenstein’s first acquisition in the Nashville market.

Sky Harbour Group – Financing & Ground Leasing for Aviation Hangers – Texas

Represented Sky Harbour Group in connection with its ground lease of development parcels at Sugar Land Regional Airport in Sugar Land, Texas, for private aviation hangars as well as the construction financing for the hangars.

Sky Harbour Group – Ground Lease for Aviation Hangers – Florida

Represented Sky Harbour Group in connection with its ground lease of a development parcel at Miami-Opa Locka Executive Airport in Miami, Florida for private aviation hangars.

Maxx Properties – Acquisition & Financing – Las Vegas, Nevada

Represented Maxx Properties in their acquisition, financing and 1031 exchange for Madison at Spring Valley, a 168-unit multifamily community in Las Vegas.

Maxx Properties – Mixed-Use Project – Mamaroneck, NY

Represented a group led by MAXX Properties in the joint venture, acquisition and construction financing of the company’s first development project, a mixed-use residential and retail property located in Mamaroneck, NY known as Grand Street Lofts.

Community Preservation Corporation – Affordable Housing – New York

Represented Community Preservation Corporation in connection with its master joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, to develop affordable housing in New York.

Classical Charter Schools – Leasehold Condo – South Bronx, NY

Represented Classical Charter Schools in connection with the negotiation and formation of a leasehold condominium for a new 54,000-sq.-ft. school being constructed in the South Bronx.

Patrick J. O’Sullivan, Jr., Partner