$430 Million Joint Venture Acquisition – U.S. Bank Tower – Los Angeles, CA
Represented both Migdal Insurance Company Ltd. and Menora Mivtachim Insurance Ltd., two of the largest Israeli insurance companies, in the negotiation of a joint venture with Silverstein Properties to acquire the U.S. Bank Tower in downtown Los Angeles, California for a purchase price of $430 million. The deal involved tax structuring, negotiation of partnership agreements, as well as oversight of the acquisition and loan documents.
Piedmont Realty Trust – 500,000 Square-Foot Lease to New York State
Represented Piedmont Realty Trust in the lease to the New York Office of General Services for approx. 15 state agencies to use 500,000 square feet of space at 60 Broad Street in Manhattan.
Centennial Bank – $54.8 Million Loan for Astoria Development
Represented Centennial Bank in a $54.8 million loan for the construction and development of 186 multifamily units, retail and industrial components, as well as 131 parking spaces at the property in Astoria, NY.
N.E.W. Corp. – Development Rights and Fee Title – 10th Ave. Manhattan
Represented N.E.W. Corp. in the sale of the fee title for 116 10th Avenue, as well as the unused development rights for 453 W 17th Street in Manhattan to GDS Development and Swedish real estate firm Klövern AB. The deal for the development rights for 453 W 17th Street had been in progress for several years and following the onset of the COVID-19 pandemic in the spring of 2020, and the consequent shutdown of the seller’s nightclub tenant (Avenue Nightclub) at 116 10th Avenue, the parties were able to restructure and expand the deal to include also the fee title to 116 10th Avenue.
Empire State Realty Trust – $180 Million CMBS Mortgage Loan
Represented Empire State Realty Trust in a $180 million CMBS mortgage loan secured by 250 West 57th Street, a 542,000 square-foot Manhattan office and retail property.
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.
DH Property Holdings – $154.7 Million Financing – Brooklyn, NY
Represented DH Property Holdings LLC in connection with a $154.7 million construction and mezzanine financing for a last-mile distribution facility in Red Hook, Brooklyn.
DH Property – Brooklyn Warehouse Sale to Prologis
Represented DH Property Holdings in the acquisition, financing negotiations and ultimate $60 million sale of the purchase contract for a two-acre warehouse site at 150 East 52nd Street in Brooklyn, NY to the mammoth warehouse landlord, Prologis.
DH Property Holdings – Financing for Brooklyn Distribution Center
Represented DH Property Holdings LLC in the construction loan and mezzanine loan financing for a distribution center in Brooklyn, New York.
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.
The New York Islanders – Belmont Park
Representing the New York Islanders Hockey Club in the development of its new arena complex at Belmont Park.
Cammeby’s International Group – Park Avenue Refinancing
Represented Cammeby’s International Group in the more than $100 million refinancing of a mixed-use multifamily building on Park Avenue in Manhattan.
The Promotion In Motion Companies – 98,000-Square-Foot Lease – New Jersey
Represented The Promotion In Motion Companies in a ten-year lease of approximately 98,000-sq.-ft. of office and warehouse space with a fitness center and a private lobby in Park Ridge, New Jersey. Promotion In Motion is one of the nation’s leading makers of brand name snacks and confections and one of the 50 largest global candy companies.
Zeta Charter Schools – 72,000-Square-Foot Bronx Charter School
Represented Zeta Charter Schools in connection with the negotiation of a lease for a to-be-built 72,000-sq.-ft. stand-alone building in the Bronx, which will be occupied by them as a pre-kindergarten through 2nd grade charter school.
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.
Fotografiska Park Avenue Flagship
Represent Fotografiska, a Swedish photography destination, in connection with establishing its NYC flagship location at 281 Park Avenue South, New York.
Chinatown Commercial Building Sale Post-Bankruptcy
Represented an affiliate of a New York City-based family office on the approximately $28.6MM sale of a largely vacant commercial building in the Chinatown neighborhood of Manhattan. The sale was following a bankruptcy court order, in a Chapter 11, single-asset bankruptcy case.
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.
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.
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.
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.
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.
Fleet Center – Zoning Approved for 14 Stories in Brooklyn
Represented Fleet Center, Inc. in obtaining approval of a zoning map amendment by the New York City Council to modify the decision by the City Planning Commission restoring our client’s proposed building to 14-stories with over 200,000-sq.-ft. for planned community facility and office uses.
NY Opportunity Zone – Structuring & Documentation
Represented the purchaser in the structuring and documentation of the acquisition of a New York development site in an Opportunity Zone transaction.
Wells Fargo – Branch Lease at 545 Madison Avenue
Represented Wells Fargo Bank in a high profile bank branch lease at 545 Madison Avenue, a prime location in the Plaza District, and in the termination of their existing bank branch lease at 540 Madison Avenue.
New York State Pension Fund – $100 Million Mortgage Loan – Bergdorf-Goodman Building
Represented a New York State pension fund in a $100 million additional mortgage loan on the Bergdorf-Goodman Building, located at 754 Fifth Avenue in Manhattan.
Olnick Organization – Acquisition of 201 West 77th Street
Represented the Olnick Organization in connection with a $106 million acquisition of 201 West 77th Street, a mixed-use property located on the Upper West 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.
Israeli Pension Fund Manager – Acquisition Administration of $58.6 Million Inventory Loan
Represented an Israeli pension fund manager in the acquisition and administration of $58.6 million inventory loan for a mixed used condominium in Harlem, New York. In addition to the administration of the loan, Herrick facilitated the closings for each of the condominium units.
MLA Properties – Retail Lease – Sanford, North Carolina
Represented MLA Properties in a retail lease to Spectrum Communications at The Shops at Cameron Place in Sanford, NC.
Classical Charter Schools – 6-Story South Bronx Charter School
Represented Classical Charter Schools in connection with the negotiation and formation of a leasehold condominium for a 6-story 59,000-sq.-ft. charter school in the South Bronx.
Zeta Charter Schools – 25,000-Square-Foot Condominium Unit
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.
Senior Care Development – 53-story Retirement Community Sale, Chicago
Represented David Reis and Senior Care Development in the structuring and sale of The Clare, a 53-story 338-unit Continuing Care Retirement Community (CCRC) located in Chicago.
Rabina Properties – Development of New River Yacht Club, Fort Lauderdale
Represented Rabina Properties in the third phase of a large scale development of the New River Yacht Club project in downtown Fort Lauderdale, Florida. Phase three is slated to be a 230-unit Class A high-rise multifamily rental building being developed by Rabina Properties and the Related Group.
Pinnacle Companies & Kohl Partners – Luxury Multifamily Condominium – Cliffside, NJ
Represented a joint venture between Brian Stolar’s Pinnacle Companies and Kohl Partners in the development of a 131-unit luxury multifamily condominium complex in Cliffside Park, NJ known as Aurora Over the Hudson.
Maxx Properties – $65 Million Financing – Henderson, Nevada
Represented MAXX Properties in the acquisition and $65 million Fannie Mae financing of a multifamily property in Henderson, NV known as Villas at Green Valley.
River Rock Associates – Mezz Construction Loan and Mortgage for Mixed Use Hotel, Restaurant, Residential – Queens, NY
Represented an affiliate of River Rock Associates LLC in connection with a mezzanine construction loan and second mortgage loan for the development of a mixed use hotel, restaurant, apartment and retail condominium located in Queens, New York.
Goldman Sachs – Zoning Due Diligence for Financing of Major Long Island University Redevelopment
Represented Goldman Sachs in the zoning due diligence for the $225.6 million financing of a major redevelopment at the Brooklyn campus of Long Island University. LIU plans to construct a residential high-rise containing roughly 30% affordable units, as well as a garage structure and a rooftop athletic field.
HK Organization – Empire Stores Redevelopment
Represented the HK Organization in a joint venture with Midtown Equities and Rockwood Capital to redevelop Brooklyn’s Empire Stores, a complex of seven historic warehouses. The property was transformed into a mixed-use creative hub with 100,000-sq.-ft. of retail, restaurant and event space in addition to 300,000-sq.-ft. of office space.
MRP Realty – 405 Park Avenue – Development Rights Transaction
Represented MRP Realty in connection with the acquisition of over 27K-sq.-ft.of unused development rights from a neighboring property through zoning lot merger, along with a related light and air easement. The development rights will facilitate the expansion and renovation of 405 Park Avenue, a major office building in Manhattan.
Rabina Properties – 520 Fifth Avenue Development
Represented Rabina Properties in the acquisition, financing, joint venture, restructuring and recapitalization of the vacant development parcel located at 520 Fifth Avenue in Manhattan. The development is initially projected to include an 800-foot-tall tower on the corner of East 43rd Street and Fifth Avenue.
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.
New Market Tax Credits – Large Ohio Redevelopment
Represented a regional bank and their investment partner in financing the acquisition and redevelopment of an approximately 800,000-sq.-ft. facility in Ohio to serve as a new distribution and products assembly center for a farm supply store which will breed new jobs and opportunity for the community and for which the bank will receive New Markets Tax Credits.
Historic & New Market Tax Credits – Redevelopment of Historic Building Philadelphia, PA
Represented a regional bank and their investment partner in financing the acquisition and redevelopment of a historic building in Philadelphia into a 254,000-sq.-ft. public health campus which will serve the local community and for which the bank will receive New Markets Tax Credits. The project was also financed with Historic Tax Credits due to the nature of the building’s historical importance.
New Market Tax Credits – Construction of Mixed-Use Building – West Virginia
Represented a regional bank and their investment partner in financing the construction of a mixed-use building in West Virginia with commercial space and 16 rental apartments. The apartments are targeted to provide affordable housing to teachers in the community.
New Market Tax Credits – Redevelopment of Indiana Industrial Facility
Represented a regional bank and their investment partner in financing the modernization and expansion of an industrial facility in Indiana. The facility will add approximately 20,000-sq.-ft. of additional manufacturing space which will be used for additional manufacturing lines. Once final, the renovated and updated facility will create an additional 20 to 30 jobs in the community.
Not-for-Profit Religious Entity – Commercial Condo Acquisition
Represented a not-for-profit religious entity in the acquisition of a commercial condominium unit on West 83rd Street.
Centennial Bank – $120 Million Miami Construction Loan
Represented Centennial Bank in the $120 million construction loan for property located at 400 Biscayne Boulevard in Miami. The planned development includes a 49-story tower with 646 luxury rental apartments, 51,000-sq.-ft. of commercial space and a 22,000-sq.-ft. church for the First United Methodist Church of Miami.