Matters

Migdal Insurance Company Ltd. – Manhattan Office Building Investment

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of joint venture arrangements with affiliates of Vanbarton Group and Ohio Public Employee Retirement System in connection with a REIT investment resulting in the purchase of a 34% indirect ownership interest in a 780,000 square foot office building located at 425 Lexington Avenue in Manhattan.

Migdal Insurance Company Ltd. – Philadelphia Office Building Investment

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 square foot office building in Philadelphia, Pennsylvania.

FBE Limited and Treetop Development Affiliate – Bronx Refinancing and JV Restructuring

Herrick represented an affiliate of FBE Limited and Treetop Development in the restructuring of the ownership and refinancing of a building located at 1600 Sedgwick Avenue in the Bronx.

Cammeby’s International – $1.8 Billion Apartment Community Portfolio Acquisition

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.

Extell – $360 Million Manhattan Portfolio Purchase

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

Schron and Fruchthandler Families – Acquisition of Interest in 1285 Avenue of the Americas

Represented the Schron and Fruchthandler families in the acquisition of a joint venture interest in 1285 Avenue of the Americas, which was purchased by RXR Realty in May 2016 for $1.65 billion.

Migdal Insurance Company Ltd. – Manhattan Garment District Building Investment

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. 

Migdal Insurance Company Ltd. – Multi-State Joint Venture Acquisition

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with affiliates of Rialto Capital Management, Elite Street Capital and Menora Mivtachim Insurance in connection with the purchase of an indirect ownership interest in a portfolio of multi-family properties in Maryland, Texas and Missouri.

DH Property Holdings Affiliate – Brooklyn Industrial Property Acquisition

Represented an affiliate of DH Property Holdings in the acquisition of an industrial development site on Columbia Street in Red Hook, Brooklyn.

The Lightstone Group – $330 Million Manhattan Ground Lease Sale

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.

Real Estate Owner/Investor – $320 Million Woolworth Building Refinancing

Represented the owner of the office condominium portion of the Woolworth Building, a joint venture between the Schron family and Steve Witkoff, in a $320 million refinancing from Blackstone.

Schron Family – $252 Million Manhattan Multifamily Acquisition

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.

Joint Venture – $220 Million Chicago Office Tower Acquisition

Represented The World-Wide Group and Cammeby's International in the $220 million joint venture acquisition of a Class A tower in Chicago, Illinois.

FBE Limited – $195 Million Long Island City Property Sale

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.

Schron and Fruchthandler Families – $161 Million Brooklyn Warehouse Sale

Represented an entity owned by the Schron and Fruchthandler families in the $161 million sale of 9-47 Hall Street, a warehouse building near Brooklyn's Navy Yard. 

DH Property Holdings and FBE Limited Affiliates – $151.5 Million Ten-Property Portfolio Acquisition

Represented affiliates of DH Property Holdings and FBE Limited LLC 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.

Youngwoo & Associates – $150 Million Acquisition of 70 Pine Street

Represented Youngwoo & Associates in the $150 million acquisition of 70 Pine Street and an adjacent building in Manhattan.

Schron Family – $92 Million Acquisition of 1501 Lexington Avenue

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

FBE Limited LLC – $84 Million Bronx Apartment Building Acquisition and Financing

Represented FBE Limited LLC in the $84 million acquisition and financing of 1600 Sedgwick Avenue in the Bronx, a HUD-subsidized low income housing property.

Joint Venture – $68 Million Woolworth Building Condo Conversion and Sale

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.

Woolworth Building Owners – Loan Modification & Extension

Represented the owners of the Woolworth Building, the Schron family and The Witkoff Group, in the modification and extension of a mortgage loan and a mezzanine loan for the property. 

Extell Development Company – $75 Million Bronx Property Sale

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

Extell Development Company – $66 Million Assemblage Sale

Represented Extell Development Company in the $66 million sale of an assemblage consisting of a fee parcel on East 29th Street in Manhattan, two air parcels, two certificates of eligibility for zoning floor area bonuses, and Extell’s interest in contracts for development rights from adjacent property owners.

Extell Development Company – $61.5 Million Sale to S.W. Management

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

The Lightstone Group – Long Island City Development Financing

Represented The Lightstone Group in the permanent financing of its residential development in Long Island City.

Extell Development Company – Upper West Side Assemblage & Development Rights

Represented Extell Development Company in completing an Upper West Side assemblage including the acquisition of 2551 Broadway and development rights from nearby co-op buildings on West 95th Street. 

Migdal Insurance Company Ltd. – San Francisco Office Building Investment

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.

Youngwoo & Associates – Bronx General Post Office Acquisition

Represented Youngwoo & Associates in the acquisition of the Bronx general post office building from the United States Postal Service. We also handled the permanent lease of a section of the building to the USPS so that they maintain a retail presence, a loan agreement related to the Depression-era murals inside the building, and a joint venture agreement.

Youngwoo & Associates LLC – Art Gallery Condo Development

Represented Youngwoo & Associates LLC in developing a 16-story condominium in New York's West Chelsea neighborhood. The building is designed to be an art gallery, and our work included an air rights acquisition and construction loan financing.

Youngwoo & Associates – Manhattan “Sky Garage” Condo Development

Represented Youngwoo & Associates LLC in developing a unique residential condominium building in New York's West Chelsea neighborhood, which features full-floor units with a parking facility for a car at each level. We advised on the land acquisition, construction financing and zoning issues.

Real Estate Investor – $33 Million Red Hook Property Sale

Represented a subsidiary of real estate investor Rubin Schron and FBE Limited on the $33 million sale of several properties in Red Hook, Brooklyn to a foreign developer.