Sheldon Chanales, Senior Counsel

Represented Y&T Development LLC in connection with the assignment of a purchase and sale agreement, and the closing under the PSA, with respect to a residential development site at 870-888 Atlantic Avenue, Brooklyn.

Represented NY-based nursing home owner in section 363 acquisition of 699 92nd Street in Brooklyn, NY, from a purchaser who had filed for bankruptcy. The site is triple net leased to a non-profit integrated healthcare network that is New York State's largest healthcare provider and private employer. (E.D.N.Y. 2021).

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.

Represented Extell Development Company in a joint venture agreement for the ownership and development of property in Yonkers, New York.

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.

Represented a prominent developer 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.

Represented Muss Development in its sale of two fee parcels and one development rights transfer as part of an assemblage on the Upper East Side that, along with the other five fee parcels and three development rights transfers involved, totaled over $165 million.

Represented an affiliate of Harbor Group International, LLC in the acquisition of a $117 million newly constructed 193-unit multifamily property known as The Frederick, located at 564 St. John’s Place in Crown Heights, Brooklyn.

Herrick represented FBE Limited and Adam America Real Estate in the sale of 4650 Broadway in Manhattan to an affiliate of the Arden Group for $54 million after previously representing FBE/AARE in a joint venture acquiring this site in 2018. The site is eligible for Brownfield Tax Credits and is located in an opportunity zone on the border of Inwood and Washington Heights.

Represented Cammeby’s International, in a joint venture with Harbor Group International, in the $1.8 billion acquisition of the five-state, 9,000+-unit Beacon portfolio of 25 apartment communities.

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of joint venture arrangements with affiliates of Silverstein Properties and the Arden Group in connection with a REIT investment resulting in the purchase of a 49% indirect ownership interest in a 1.3-million-sq.-ft. office building in Philadelphia, Pennsylvania.

Represented Extell Development Company in the $360 million purchase, flip and financing of multiple properties from the Duell family's real estate portfolio.

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with an affiliate of ATCO Properties and Management Inc. and the associated purchase of a 49% indirect ownership interest in an office building located at 240 W. 35th Street in Manhattan's Garment District. Herrick assisted Migdal with structural and tax related planning including the formation of a REIT to serve as the investment entity in the joint venture and the negotiation of a nominee ownership structure for NYC transfer tax purposes. 

Represented an affiliate of a prominent developer in the acquisition of an industrial development site on Columbia Street in Red Hook, Brooklyn.

Represented The Lightstone Group in the combined $330 million sale of a ground lease position owned by Abraham Kamber & Company LLC and a subleasehold estate owned by Lightstone at 1407 Broadway.

Represented the Schron family in connection with the $252 million acquisition of the Monterey, a 521-unit multifamily property located at 175 East 96th Street.

Represented FBE Limited LLC in the $195 million sale of 24-02 49th Avenue, Long Island City, along with the defeasance of a REMIC mortgage that was encumbering the property, and the completion of a reverse 1031 exchange transaction.

Represented affiliates of FBE Limited LLC and an additional prominent New York City developer in the $151.5 million acquisition of a ten-property multifamily and office property portfolio from affiliates of the Braun Family, and the flip of parts of the portfolio to other investors.

Represented the Schron family in the $92 million acquisition of a multifamily building located at 1501 Lexington Avenue.

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.

Represented Extell Development Company in the $75 million sale of 2505 Bruckner Boulevard in the Bronx to Innovo Property Group RE, LLC.

Represented Extell Development Company in the $61.5 million sale of 134 West 58th Street in New York City to S.W. Management. 

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with a domestically controlled REIT that is an affiliate of KBS Realty Advisors and the associated purchase of a 45% indirect ownership interest in an office building located at 353 Sacramento Street, San Francisco, California.