Represented Brooklyn Defenders Service in a leasehold condominium for a 31-year, 212,000-square-foot office lease across six full floors of in Downtown Brooklyn. The organization, which provides no-cost public defense in legal proceedings, will consolidate from multiple locations throughout the borough to this one Brooklyn location.
Represented a joint venture with partners based in Israel and India in connection with $450 million offering plan on "Billionaires' Row" in Manhattan.
Represented Bsafal Inc and Argo Real Estate in the condo offering plan for 64 University Place as well as in the contract negotiations for residential units at this luxury Manhattan mixed-use condo.
Represented developer in launch and condominium offering plan for a mixed-use condominium project in Flushing, Queens with total offering price of $135.5 million.
Represented a Chinese-based developer in addressing condominium matters for sale of multiple buildings in phased development in Brooklyn, NY.
Represented a Tel Aviv debt fund in connection with a $180 million construction loan to for the acquisition and redevelopment of a luxury condominium in midtown Manhattan.
Represented European-based developer in a new construction offering plan for a condominium development in New York City.
Represented a private lender in a condominium inventory loan in the Gramercy neighborhood of Manhattan.
Represented a debt fund in connection with a $185 million construction and condo inventory loan for the completion of construction of a luxury residential condominium building in midtown Manhattan.
Represented a private lender in a $51 million condominium inventory loan in New York City’s Financial District.
Represented Summit Real Estate Ltd. in the acquisition of the Gallivant Times Square New York and the Shoreham Hotel, two boutique hotels located in Manhattan, in partnership with a New York real estate operator, on operational agreements including hotel management agreements.
Represented Northwind Group as the lender in connection with a $120 million mortgage and mezzanine refinancing for the 685 Fifth Avenue Condominium in the Midtown Manhattan.
Represented the developer of a multi-site development in the amendment and restatement of Homeowners Association (HOA) documents and filings with the New York State Attorney General’s office.
Represented Onex Real Estate in the sell-out of all remaining residential condo units at the Sky View Parc mega-development in Flushing, Queens.
Represented Valley National Bank on a $252 million syndicated construction loan for a property located in Coney Island, Brooklyn. The planned development includes a three-tower complex with 499 luxury rental units, 38,276 square feet of street-level retail space and 21,500 square feet of community facility space. This complex deal also involved series mortgages, zoning challenges, an amended and restated condominium declaration and a 421-a tax component.
Represented G4 Capital Partners in connection with a $130 million construction and mezzanine loan for the construction of a residential building near Prospect Park in Crown Heights, Brooklyn, New York.
Represented private investment fund in a $33.4 million construction loan for a property in Portland, CT. The structure of local zoning approvals required the formation of a commercial condominium in order to separate the existing financed project and the additional collateral.
Represented a real estate owner in a bet-the-company dispute regarding the valuation of its capital contribution in a real estate venture. Herrick’s client owns property in North Carolina and contracted with a national developer to convey the site to joint venture entities for its phased development for residential, retail, hotel, and office use. A dispute arose concerning the proposed appraisal instructions governing the valuation designed to establish our client’s capital contribution. Namely, if the intended use of the property for affordable housing should be considered in ascertaining its fair market value. Following substantially varied party appraisals, the development agreement required baseball arbitration, including the appointment of an arbitrator to decide a dispute concerning the qualifications of a neutral appraiser and the selection of a neutral appraiser to determine the valuation of our client’s capital contribution. After submissions, discussions with party appraisers, and rounds of argument from counsel, the arbitrator sided with our client’s position on the qualifications of a neutral appraiser and the neutral appraiser selected our client’s appraisal—a valuation of more than fourteen million dollars more than the developer’s appraisal.
Represented a private lender in a condominium inventory loan in the Kips Bay neighborhood of Manhattan.
Represented Valley National Bank on a $140.4 million syndicated construction loan to a subsidiary of El Ad Group, a major international development company. The proposed 32 story project consists of 42 residential luxury condo units located in the Upper East Side. Herrick was also responsible for negotiating an intercreditor agreement with the B-piece lender as well as a recognition agreement with the preferred equity lender.
Represented a private lender in a $60.5 million condominium inventory loan in Long Island City, Queens.
Represented Brack Capital Real Estate in the condo offering plan for 90 Morton Street as well as in the closing of multiple condo units for this West Village residential condo.
Represented Preferred Bank in a $22 million mortgage loan for a commercial condo retail unit in an affordable housing complex with a community center and parking facility in Jamaica, Queens.
Represented a private lender on a $20 million condominium inventory loan in the Tribeca neighborhood of Manhattan.
Represented Zeta Charter Schools in connection with the negotiation of a lease for a to-be-built 25,000-sq.-ft. condominium unit in the Bronx, which will be occupied by them as a 3rd-8th grade charter school.
Represented Centennial Bank in an $80 million construction loan for the ground-up development of the property located at 1100 Myrtle Avenue in Brooklyn, which will consist of an 11-story mixed use project with a ground floor supermarket and residential units.
Represented CIT Bank in a $35.7 million construction loan for the development of a property located at 230 Classon Avenue in Brooklyn, New York, which will consist of a 17-story building with residential units and an affordable component.
Represented a major not-for-profit and an affiliate of Anbang Insurance Company for a full floor lease of 717 Fifth Avenue for 31 years. The lease will be converted to a leasehold condominium.
Represented Northwind Group for the $162 million construction loan for a 69-unit rental condominium on Fifth Avenue in East Midtown Manhattan owned by SHVO.
Represented G4 in connection with a $95 million construction and mezzanine loan for the development of a luxury condominium building on Madison Avenue in Manhattan for both residential and commercial use.
Represented F&T Group in the financing, development and construction of the Tangram development, an approximately 1.2-million-sq.-ft. mixed use project located in Flushing, Queens. Herrick assisted in the $230 million construction loan as well as in the filing of a condominium offering plan for a 48-unit office building, hotel, open air mail, movie theatre, restaurants and two residential buildings totaling 324 units.
Represented Centennial Bank in a $51 million construction loan for the construction of a mixed use building intended to be converted into a condominium, providing for a charter school and community organization located in the Bronx, NY.
Represented a national not-for-profit in the acquisition of a New York City full floor office leasehold condominium.
