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Summary Professionals Matters News Events Publications
Media Mention

New York Law Journal: Realty Law Digest
8.20.14
In his weekly Realty Law Digest column, Scott Mollen analyzes two notable real estate decisions. In the first, Claremont Investors, LLC. v. Nelson, the court granted possession of a rent-stabilized apartment to the landlord, rejecting the tenant’s argument that his significant time away from his apartment was for business purposes. In the second, Gordon v. 476 Broadway Realty Corp., a decision in NYS Supreme Court upholding co-operative corporation’s (co-op) decision to terminate a shareholder’s lease in compliance with the proprietary lease.
Media Mention

Long Beach Lawyers to Take Down Developer
August 15, 2014 - Long Island Business News
Scott Mollen is quoted in Long Island Business News regarding developer Haberman Group’s longstanding dispute with the city of Long Beach, concerning the development of two 19-story waterfront residential high-rises. In the article, Scott says that city officials have failed to follow through on a March 2014 settlement agreement signed by Long Beach Corporation Counsel Cory Klein, which provided that Mr. Haberman seek a new variance before the city’s Zoning Board of Appeals. Noting that Mr. Haberman will now prosecute his lawsuit and seek more than $50 million in damages, Scott states, “The improper repudiation of the written agreement, which had been negotiated by and signed by the city, will only increase the amount of Haberman’s damage claim. In this country, you cannot violate an owner’s vested development rights without compensating the owner for its loss.”
Media Mention

Netanya College visits Herrick, Feinstein LLP
August 13, 2014 -- Real Estate Weekly
Herrick, Feinstein LLP chief planning and development specialist Richard Bass recently hosted a group of Israeli real estate students from Netanya Academic College, and the school’s vice dean, Dr. Amichai Kerner.
Media Mention

Candidate emerges for key city land-use post
June 4, 2014 -- Crain's New York Business
Mitch Korbey was quoted in the Crain's New York Business article "Candidate emerges for key city land-use post." In the article, Mitch calls Edison Properties vice president Anthony Borelli, Mayor Bill de Blasio’s rumored choice to chair the Board of Standards and Appeals, “…an excellent choice [who is] extremely well-grounded and versed in the public-service sector, but is also aware and appreciative of the development community.”
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Richard Bass’ studio client mentioned in Mayor de Blasio’s recent keynote address
May 19, 2014 -- nyc.gov
Richard Bass' studio client was mentioned in Mayor de Blasio's recent keynote address outlining the administration's plans to expand New York City's technology industry.
Media Mention

Mortgage Observer Weekly Q&A with Belinda Schwartz
March 28, 2014 -- Mortgage Observer Weekly
Herrick Real Estate Department chair Belinda Schwartz was profiled in the Mortgage Observer Weekly, a newsletter received by more than 12,000 real estate insiders. In the article, Belinda discusses her path to becoming a real estate lawyer, her current role at Herrick, and strategies for women looking to succeed in commercial real estate finance.
Media Mention

Sweet: Domino Sugar Deal Done. Sour: Smaller Victory than Touted
March 10, 2014 -- Crain’s New York Business
Mitch Korbey is quoted in the Crain’s New York Business article “Sweet: Domino Sugar Deal Done. Sour: Smaller Victory than Touted.” In the article, local real estate leaders analyzed the de Blasio administration’s recent compromise with Domino Sugar developer Two Trees, which Mitch hailed as “an example of an administration anxious to have a dialogue.”
Media Mention

New York City Landlords Sue over Tenant Protections
February 24, 2014 -- The Wall Street Journal
A recent Wall Street Journal report discusses a case Herrick filed this month on behalf of its client, the Rent Stabilization Association of NYC, which challenges the legitimacy of the state's Tenant Protection Unit and a set of new rent regulations that favors renters.
Media Mention

NYC: Belinda Schwartz Rises to Top
January 24, 2014 -- Real Estate Bisnow: National Edition
Belinda Schwartz, chair of Herrick's 50-member Real Estate Department, was profiled in the January 24th national edition of Real Estate Bisnow. In the article, Belinda discusses a number of topics, including her career path as a real estate lawyer, her love of solving complex problems and putting deals together, and her new role as one of the only female chairs of a major real estate law practice.
Media Mention

Herrick Joins Handful of Firms with Women at the RE Helm
January 14, 2013 -- Real Estate Law 360
Belinda Schwartz, chair of Herrick's 50-member Real Estate Department, was profiled in the Real Estate Law 360 article "Herrick Joins Handful of Firms with Women at the RE Helm."
Press Release

Herrick Strengthens Bankruptcy And Finance Practices With Two New Partners
January 7, 2014
Herrick, Feinstein LLP announced today that two new partners, Robert L. Rattet and Meghan O’Reilly have joined the firm, effective January 1, 2014.
Media Mention

Real Estate Regulation and Legislation to Watch in 2014
January 1, 2014 -- Law 360
Herrick Government Relations Group co-chair Kevin Fullington was quoted in the Law 360 article "Real Estate Regulation and Legislation to Watch in 2014." In the article, Kevin discusses affordable housing policy changes in New York City that could significantly impact the real estate community — one of the city's largest sources of city revenue — both directly and indirectly.
Press Release

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Herrick Represents the Orbach Group’s Lighthouse Opportunity Fund in $100M Mortgage Financing
September 18, 2013
Herrick is proud to have represented NJ-based real estate investment company the Orbach Group's Lighthouse Opportunity Fund in a $100 million financing deal as part of the fund's $214 million acquisition of a 30-building apartment portfolio on the Upper West Side of Manhattan.
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Among Developers, City Midtown Zoning Push Draws Fans, Foes
November 6, 2012 -- The Commercial Observer
In an article exploring the proposed rezoning plan for the East Midtown area of Manhattan, Herrick, Feinstein Partner and Chair of the Land Use & Environmental Group, Mitchell Korbey, is quoted about the “stringent” public approval process that the rezoning would require for new, tall office towers. Mr. Korbey also notes that the proposed rezoning is “forward-thinking” and that the plan is about “the need to support East Midtown.”
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Herrick, Feinstein Tapped by Republic of Turkey as Counsel for Development of New Turkish Center in New York City
September 12, 2012
Herrick, Feinstein LLP is proud to have been selected by The Republic of Turkey to represent it on all aspects of the development and construction of a new and expanded Turkish Center at 46th Street and 1st Avenue, across from the General Assembly of the United Nations.
Media Mention

Herrick Adds Nine From Stark
July 9, 2012 -- New Jersey Law Journal – On the Move
Herrick, Feinstein’s Real Estate Practice is noted for adding David Byrne, Richard Linderman and Mark Wiechnik as partners, Stacey Patterson as counsel, Elysa Bergenfeld as senior associate, and Ellen Goodman, Zain Nagvi, Stefanie Lampf and Ashley Newman as associates.
Accolade

Chambers USA 2012: America's Leading Lawyers for Business
June 2012 -- Chambers USA
Herrick’s 50+ attorney real estate department was ranked by Chambers USA as one of the top commercial real estate firms in New York City.
Media Mention

A new Soho? Despite zoning issues, developers drool over Bushwick
June 1, 2012 -- The Real Deal Magazine
Mitch Korbey, the chair of Herrick's land use and environmental group, is quoted in this story, which notes developers growing zeal for building in the neighborhood. In it, Mitch discusses the North Brooklyn Industrial Business Zone, which encompasses part of Bushwick, and which he says was created by the Bloomberg administration as a "policy statement" on the desire for continued industrial and manufacturing uses in the area.
Media Mention

The Pulse - Appointments & Transitions
June 1, 2012 -- The Cooperator
The publication noted that the real estate practice of Herrick, Feinstein LLP added a team of nine attorneys from Stark & Stark. The article notes that the group is led by partners David Byrne, Richard Linderman and Mark Wiechnik.
Media Mention

Woodbury Jewish Center Wants Caterer Accused Of Violating Kashrut Evicted
May 2, 2012 -- Reuters
CBS News online featured an article about the ruling for Woodbury Jewish Center to evict Morrell Caterers from its property. Scott Mollen is quoted throughout the article and noted that Morrell had neglected to pay occupancy costs since January 2010.
Media Mention

Developer Wins $50M Building Permit Appeal
May 2, 2012 -- Real Estate Weekly
The publication ran a feature discussing the ruling in Haberman vs. Zoning Board of Appeals. Scott Mollen is quoted in the piece, noting his client’s gratitude that the court system “recognizes the need to protect citizens from irresponsible public official who place political expediency above individual property rights.”
Media Mention

Who’s News
May 2, 2012 -- Real Estate Weekly
A feature noting the addition of nine attorney’s to Herrick, Feinstein’s real estate group appeared in Real Estate Weekly. The piece notes that the group is led by partners David Byrne, Richard Linderman and Mark Wiechnik.
Media Mention

Claims Against Zoning Board Over Halted Project Upheld
May 1, 2012 -- New York Law Journal
Scott Mollen is quoted in an article about the ruling of the Woodbury Jewish Center and Morrell Caterers. Mollen notes, "The decision made it clear that while a licensee may sue for damages if it is wrongfully terminated, a licensor can retains the right to revoke a license."
Media Mention

Woodbury Jewish Center Moving Forward to Evict Morrell
April 30, 2012 -- Plainview Patch
An article discussing the eviction case between the Woodbury Jewish Center (WJC) and Morrell Caterers was featured on April 30. Scott Mollen is quoted on WJC’s plans to move forward with the removal of Morrell Caterers from its property.
Media Mention

Court rules developer can sue Long Beach
April 27, 2012 -- Newsday
Newsday featured an article highlighting the state appeals court ruling on Haberman vs. Zoning Board of Appeals. Scott Mollen is quoted on his representation of Haberman in the development lawsuit, noting that “The city has so tenaciously tried to obstruct this development.”
Media Mention

Movers & Shakers
April 24, 2012 -- The Deal Pipeline
The “Movers & Shakers” section of the publication noted that nine attorneys from Stark & Stark joined Herrick, Feinstein LLP. The mention notes that the group is led by partners David Byrne, Richard Linderman and Mark Wiechnik.
Media Mention

Court rules Haberman can sue Long Beach for $50M
April 24, 2012 -- Long Island Business News
Long Island Business News featured an article about the ruling of the Haberman vs. Zoning Board of Appeals. Herrick, Feinstein attorney, Scott Mollen, is quoted in the piece, noting that his client is grateful to have a court system that “recognizes the need to protect citizens from irresponsible public officials who place political expediency above individual property rights.”
Media Mention

Executive Moves
April 24, 2012 -- Real Estate Bisnow
The news of the addition of nine real estate attorneys from Stark & Stark was featured in the “Executive Moves” section of Real Estate Bisnow’s “The Deal Sheet.” The mention notes that the group of attorneys is led by David Byrne, Richard Linderman and Mark Wiechnik.
Media Mention

Claims Against Zoning Board Over Halted Project Upheld
April 24, 2012 -- Globe St.
Herrick, Feinstein’s Scott Mollen was noted for representing the plaintiff in the Haberman v. Zoning Board of Appeals case. Scott Mollen is also quoted on the court’s decision.
Media Mention

Herrick, Feinstein Expands Real Estate Group
April 24, 2012 -- LawDragon
An article noting the expansion of Herrick, Feinstein’s expansion of the real estate group was featured on April 24. Irwin Kishner, David Bryne and Scott Mollen are quoted on the significant growth of the practice.
Media Mention

Claims Against Zoning Board Over Halted Project Upheld
April 23, 2012 -- New York Law Journal
Scott Mollen is quoted on the ruling in the Haberman vs. Zoning Board of Appeals case, noting “this case makes it clear that the failure to disclose a personal interest does in fact provide a basis for a claim of lack of due process."
Media Mention

Personal Notes on Lawyers
April 23, 2012 -- New York Law Journal
The addition of David Byrne as a partner and Stacey Patterson as counsel in the real estate practice in Herrick, Feinstein’s New York office is noted in the “Personal Notes on Lawyers” section of the NY Law Journal.
Media Mention

Nine-Attorney Real Estate Team Jumps to Herrick, Feinstein
April 20, 2012 -- City Biz List
The publication noted that a nine-attorney team made the move from Stark & Stark to Herrick, Feinstein to expand the firms’ real estate practice. Partners Scott Mollen, David J. Byrne, Richard B. Linderman and Mark M. Wiechnik, as well as counsel Stacey Patterson are mentioned in the piece.
Media Mention

Daily Real Estate Headlines
April 20, 2012 -- The Real Deal
A mention of Herrick Feinstein adding a nine attorney real estate team to the firm is included in a roundup of The Real Deal’’s Daily Real Estate Headlines.
Media Mention

Herrick Expands Real Estate Group With 9 Stark & Stark Attys
April 19, 2012 -- Law 360
The publication featured an article about Herrick, Feinstein and the addition of nine Stark & Stark attorneys to the firm’s real estate practice. Herrick partner David Byrne is quoted throughout the article.
Media Mention

Park51 community center developers spar with Con Ed over rent
April 19, 2012 -- New York Post
Herrick partner Scott Mollen is quoted in an article that discusses the rent increase case between Con Ed and Park51 community center developers.
Media Mention

Herrick, Feinstein Expands Real Estate Group with Addition of Nine Attorneys
April 19, 2012 -- Herald Online
The article discusses the addition of nine attorneys and 10 staff members to Herrick’s real estate practice, noting that the group will be led by partners David J. Byrne, Richard B. Linderman and Mark M. Wiechnik. Irwin Kishner, David Bryne and Scott Mollen are all quoted in the article.
Media Mention

CoreNet Appoints 2012 Officers and Board
February 22, 2012 -- Real Estate Weekly
Howard Peskoe is mentioned in “CoreNet Appoints 2012 Officers and Board.” Howard will serve on CoreNet’s Board of Advisors for 2012.
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Commercial property foreclosures up in 2011
January 26, 2012 -- The Record
Scott Tross says the number of commercial real estate foreclosures is high and figures to go higher because many of the properties that secure the loans are worth less than the amount of outstanding debt. That makes refinancing difficult, he says.
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Javits' end promises new dawn for W. Side
January 8, 2012 -- Crain’s New York Business
Mitch Korbey examines Governor Cuomo’s vision of building a new convention center in Queens, razing the Javits Center on the far west side, and replacing it with a mixed-use, transformative development. He notes that environmental review and zoning changes could take three or four years, and that transforming the entire West Side neighborhood around the Javits Center could take that many decades.
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Six Questions for Herrick, Feinstein’s Eldad Gothelf
January 2, 2012 -- GlobeSt.com
Eldad Gothelf says that decisions about zoning and planning in New York City must keep in mind at least one -- and preferably more -- of the overlapping, interwoven key factors of density, sustainability and affordability. Eldad makes these points in a Q & A that followed his publishing a commentary piece attached to the 50th anniversary of the city's zoning resolution.
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Density, Sustainability, Affordability
December 21, 2011 -- GlobeSt.com's CityViews
Eldad Gothelf says that decisions about zoning and planning in New York City must keep in mind at least one -- and preferably more -- of the overlapping, interwoven key factors of density, sustainability and affordability. Eldad makes these points in a Q & A that followed his publishing a commentary piece attached to the 50th anniversary of the city's zoning resolution.
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Receiver tapped for 36 West Side apt. buildings
December 9, 2011 -- Crain's New York Business.com
Ray Hannigan contends that by filing a foreclosure action on a 36-property portfolio of apartment houses owned by Pinnacle Group and the Praedium Group, our client, Dune Real Estate Funds, is simply seeking to be repaid the money it is owed or bring the foreclosure to completion. The debt accrued as a result of a loan modification.
Media Mention

NYC, Owners of SRO Buildings Reach Settlement Over Residency
November 30, 2011 -- New York Law Journal
Scott Mollen is quoted and Jack Sheridan mentioned in this story, which notes that out client, an Upper West Side building known as the Montroyal, was among several properties that agreed as part of a settlement to rent units only to permanent residents, not transients and tourists. The settlement, which included no admission of liability, ended four years of litigation and was based largely on an amendment to the Multiple Dwelling Law that the state legislature passed.
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Park51 developer Sharif El-Gamal gets more time to catch up on back rent to Con Edison
November 30, 2011 -- New York Daily News
Scott Mollen's representation of Consolidated Edison is noted in this story. Scott argued that Con Ed's tenant, who is in arrears on his rent, does not appear to have the wherewithal to bring himself current on what he owes. Scott also pointed out that the tenant is behind on his property taxes on a nearby property and is a defendant in two civil cases in which banks claim he owes them money.
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Judge blocks eviction of Ground Zero mosque: A judge ruled that landlord Consolidated Edison cannot boot the Park51 Community Center from its home over $1.7 million in back rent. The ruling gives the developer 20 days to pay up.
November 29, 2011
Scott Mollen's representation of Consolidated Edison in a rent dispute with a tenant in a Con Ed-owned building is covered here. The story notes that although a Manhattan judge enjoined Con Ed from evicting Park51 Community Center -- better known as the Ground Zero mosque -- from Con Ed-owned property, he ordered that the tenant increase its bond securing back rent almost nine-fold and allowed our client to increase the monthly rent by more than double. The judge did not decide whether Park51 owes $881,000 in back rent, as the tenant claims, or $1.7 million, as we claim on Con Ed’s behalf.
Media Mention

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Corruption Case Against Developer Is to End
November 23, 2011 -- The New York Times
Scott Mollen is quoted and Steven Feldman mentioned in this story, which describes how they helped convince the U.S. Attorney's Office to drop charges against our client, the developer Aaron Malinsky, who had been indicted on corruption charges as part of the case against State Senator Carl Kruger. If Malinsky avoids legal trouble for six months, the charges will be dismissed with prejudice.
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Con Ed wants to evict Ground Zero mosque developer over $1.7M back rent
November 17, 2011 -- New York Post
Scott Mollen is quoted in this story, which describes our representation of Con Edison in the utility's attempt to evict the would-be developer of a controversial community center and mosque near Ground Zero. Through Scott, Con Ed argues in court that Sharif el-Gamal cannot pay the $1.7 back rent that Con Ed alleges he owes.
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True to Mailer’s Life, a Brawl Over the Sale of His Brooklyn Heights Apartment
October 19, 2011 -- The New York Times
Our client's lawsuit against the estate of Norman Mailer, in which we seek the return of our client's $200,000 deposit on a co-op unit in Brooklyn where Mailer had lived, is reported here. Bill Fried is quoted as saying that our client wants his deposit back because the seller cannot prove that significant alterations to the unit were done lawfully.
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Steinhardt Pledges Picassos for Real Estate as Art Loans Surge
October 18, 2011 -- Bloomberg News
Howard Spiegler says that lenders that never before made loans using fine art as collateral are now considering such arrangements because they tend to appeal to high-net-worth individuals. Stephen Brodie, who chairs our lending practice and has experience in both art-backed loans and real estate development loans, notes that real estate development is usually financed by two- or three-year, variable-interest renovation loans, which carry relatively high interest rates because lenders fear getting a half-finished project as collateral. Howard and Stephen commented on a loan from JPMorgan Chase to a former hedge fund manager and art collector, who put up as collateral 20 pieces of fine art -- including paintings by Pablo Picasso and Jackson Pollock -- to borrow money to finance the purchase of commercial real estate.
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Virtus Real Estate poised to amass $500 million fund
September 28, 2011 -- Austin Business Journal
Belinda Schwartz says that, with some caveats, this can be a good time to launch a commercial real estate fund. In this story, which describes how a Texas-based private equity real estate company is launching a fund that will look to buy commercial real estate properties, including those used for student housing, senior housing, medical offices and self-storage facilities. Belinda outlines the necessary elements for success. Included among them, she says, are an appropriate time horizon, the ability and willingness to hold property for some period of time rather than flip them, good management teams to oversee any properties acquired, some tolerance of risk, and the patience to buy property at a favorable price.
Media Mention

Landlord Is Ordered to Pay Fees of Tenant Who Averted Eviction
September 20, 2011 -- New York Law Journal
Scott Mollen analyzes a recent New York State appellate decision that clarifies when a tenant who prevails in litigation may recover legal fees under the state's real property laws. Even though this decision held that the landlord had to pay the tenant's legal fees, Scott says the decision helps landlords and tenants by clarifying the larger issue of when tenants may recover fees.
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Eric Schneiderman: the new (ex-deputy) sheriff in town -- After seven months, NY's new Attorney General is winning over some skeptics, but enraging others
September 1, 2011 -- The Real Deal
Douglas Heller looks at the early days of Eric Schneiderman's tenure as New York's attorney general from a commercial real estate perspective. Doug says Schneiderman is counter intuitively positioned to be a better attorney general than his two predecessors, both of who had strong ties to the real estate industry, because he might feel less conflicted about investigating rogues.
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40 Under 40
August 15, 2011 -- New Jersey Law Journal
Jaimee Katz Sussner is named one of New Jersey's pre-eminent and most promising attorneys younger than 40 by virtue of being selected to the New Jersey Law Journal's 40 Under 40 list. The item notes Jaimee's various litigation successes, including prevailing in one matter before the state Supreme Court. It also mentions her prowess title insurance litigation and commercial real estate litigation.
Media Mention

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Mortgage Note on Upper West Side Apartment Buildings Sells for 7.8M
August 4, 2011 -- Citybiz Real Estate
Our representation of a European bank at a foreclosure sale of a defaulted mortgage note is mentioned. John St. Jeanos represented the bank, which sold the note for $7.8 million. The note was related to two adjacent 20-unit apartment buildings on the Upper West Side.
Media Mention

In Major Retail Shift, Stores Begin to Shrink
July 11, 2011 -- Women's Wear Daily
In this story about how retailers are turning their attention to smaller stores, particularly in urban settings, Mitch Korbey describes how population shifts are bringing people back to downtown areas. Retailers, meanwhile, are looking to meet urban dwellers' needs by locating stores near where people live.
Media Mention

AIG Office Downtown Is Resold
June 24, 2011 -- Wall Street Journal
Herrick is not mentioned in this Wall Street Journal story, but our client Nathan Berman -- with fellow Herrick client Ronny Bruckner a co-principal in Metro Loft -- is quoted regarding their longstanding desire to own the Art Deco tower at 70 Pine Street, which Metro Loft bought Thursday from Kumho Investment Bank of South Korea. The story notes that Berman and Bruckner intend to convert the former headquarters of the insurance company AIG to residential rental units, with marketing efforts slated to begin in the fall of 2012. The Wall Street Journal story noted that there is a trend for developers to convert downtown office buildings into residential space, with demand for living quarters downtown on the rise.
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Metro Loft for $205M
June 23, 2011 -- NY Post
Our client, Yaron Bruckner is mentioned in connection with his joint venture acquisition of 70 Pine Street, a 66-story residential tower in New York City's Financial District. Herrick represented Mr. Bruckner in his joint venture with Metro Loft Management, which plans on converting the landmarked former AIG headquarters building into residential condominiums.
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Manhattan Landmark 70 Pine St. Said to Be Sold for $205 Million
June 23, 2011 -- Bloomberg
Though Herrick is not mentioned our client Nathan Berman, along with fellow Herrick client Ronny Bruckner--a co-principal in Metro Loft--are regarding their joint venture acquisition of 70 Pine Street.
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Underwriter Says Title Insurer Swiped Millions
June 3, 2011 -- Courthouse News Service
Our representation of WFG National Title Insurance Co. is noted in this story, which mentions that Arthur Jakoby is counsel to WFG in its action against TitleServ, one of the largest title agencies in the country. WFG alleges that TitleServ allegedly stole $7.9 million from customers' escrow funds.
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West side development site sold for $6.79 million in foreclosure auction
June 2, 2011 -- Real Estate Weekly
Our representation of a special purpose entity that bought a development site on West 47th Street is noted. John St. Jeanos represented the SPE in its $5.79 purchase at a foreclosure auction.
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The Hunter College Report
May 18, 2011 -- The Launch Box: A Blog about Building the Second Avenue Subway
Richard Bass and his Herrick affiliation are mentioned in “The Hunter College Report,” a posting about a 122-page report issued by graduate students at Hunter College, where Richard is an adjunct professor. The report examines the Second Avenue Subway project and its current and likely future impact on the affected neighborhoods.
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Making a last stand in SoHo
May 8, 2011 -- New York Post
Barry Werbin describes our partition action, in Manhattan Supreme Court, on behalf of a consortium that owns the majority of one of SoHo's last undeveloped parcels. Barry describes how our clients -- all senior citizens -- want to sell the property to enjoy the fruits of the sale during their lifetimes.
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Justice Department Sues Deutsche Bank AG (NYSE: DB) for 'Reckless Lending'
May 5, 2011 -- Money Morning
Analyzing the federal government's civil suit against Deutsche Bank, which alleges it defrauded the FHA by making FHA-backed residential mortgage loans to people who were not eligible, David Feuerstein suggests the government would have filed criminal charges if it were more confident in its case. He notes that the statute under which the suit was filed, the False Claims Act, allows for either criminal or civil litigation, or both.
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Have lying mortgage bankers met their match?
May 4, 2011 -- CNNMoney.com
David Feuerstein casts skepticism on the strength of the government's civil suit against Deustche Bank -- filed as a result of the mortgage meltdown -- and suggests that if the Department of Justice had a stronger case, it might have filed a criminal action.
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Welcome Mr. Congressman
April 27, 2011 -- Legal Bisnow
Mike McMahon's arrival at Herrick and work in Congress and the New York City council are profiled. This item notes that Herrick is the only firm in New York with two former members of Congress, and that Mike's government relations-centric practice will touch on the real estate, financial services, transportation and environmental sectors and will focus on infrastructure issues, among others.
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Zoning Laws May Be Dated; Call for Change as Resolution Turns 50
April 18, 2011 -- The Wall Street Journal
As New York City's zoning resolution turns 50 and some call for a thorough overhaul, Eldad Gothelf says the resolution is dense and layered because it must be, given the variety and number of buildings and neighborhoods.
Media Mention

It's the High Line Again for Sherwood
April 13, 2011 -- New York Observer
Sherwood Equities, our client, and their acquisition of a stalled development site located at 508 West 20th Street, a deal we handled for them, is noted in the New York Observer article "It's the High Line Again for Sherwood."
Media Mention

Retail condos' renewed glitter: Big deals multiply for best locations as recovery lifts rents
April 3, 2011 -- Crain's New York Business
Douglas Heller, head of Herrick's condo and co-op practice, notes that interest in retail condominiums is at a peak right now.
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Security Locks and Aesthetics
March 31, 2011 -- The New York Times
Douglas Heller answers a reader's question in the Sunday real estate Q&A column by noting that under the state’s Multiple Dwelling Law residents, including co-op shareholders, are entitled to install a second lock on the door to their unit. The reader wondered whether the board could insist that she and her neighbors remove all but one lock per unit, and Doug opines that notwithstanding the business judgment rule -- which generally gives co-op and condo boards latitutde and discretion in making rules -- the residents probably can insist on second locks.
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Condo Caucus
March 15, 2011 -- Real Estate Bisnow
Herrick, Feinstein's office condo seminar is featured in this item, which includes photos of the panelists and information on why more developers are converting office buildings to commercial condos and why more business owners are buying their spaces instead of renting. The coverage quotes Douglas Heller on the process by which rental office may be converted to office condos and on the market for such properties.
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Brooklyn Navy Yard fires development firm linked to bribery scheme
March 11, 2011 -- The Real Deal Online
Scott Mollen says that our client, white collar defendant Aaron Malinsky, is seeking to withdraw from ownership and management of the real estate development company of which he is a principal and founder. He also notes the vast difference between making allegations and proving them.
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Developer at Brooklyn Navy Yard charged in federal bribery case
March 10, 2011 -- The Real Deal Online
Our representation of the real estate developer Aaron Malinsky in a white collar criminal case is noted.
Media Mention

Realty Law Digest
March 2, 2011 -- New York Law Journal
Stephen Brodie is quoted in Herrick attorney Scott Mollen's column, “Realty Law Digest,” regarding a recent federal court decision in which U.S. District Court Judge Richard Sullivan rejected multiple legal challenges to a pre-negotiation agreement.
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Commercial real estate looking up, but distress continues
February 20, 2011 -- The Record
Scott Tross tells New Jersey's second-largest newspaper that there is a steady flow of foreclosures on commercial properties in the state, with no end in sight. He says the foreclosures are split about equally between maturity defaults, where a loan has matured and the borrower cannot secure new financing, and payment defaults, where the borrowers stop paying debt service, often as a result of tenants' having departed or gone under.
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Renting Rules for Condo Owners
February 13, 2011 -- The New York Times
Doug Heller tackles a reader's question about what a condo board can do to restrict unit-owners from renting their units -- or charge a transactional fee -- when the condominium declaration allows rentals but is silent on the issue of restrictions and fees.
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A Harlem Cultural Hub Is Threatened by Debt
February 1, 2011
Ray Hannigan is quoted in The New York Times article “A Harlem Cultural Hub Is Threatened by Debt." The article discusses the foreclosure action brought against our client, the National Black Theatre, which threatens to close the doors of one of Harlem’s most prestigious cultural and educational institutions.
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‘Bad Boy’ Guarantees Snarl Billions in Real Estate Debt
January 19, 2011 -- The New York Times
Ray Hannigan analyzes the role of springing guarantees -- or so-called bad boy guarantees -- in commercial real estate lending workouts. Ray notes that in the last downturn -- in the late Eighties and early Nineties -- defaulting borrowers would file for Chapter 11 protection just before lenders moved to foreclose.
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Attorney: Charters can create development opportunities
January 19, 2011 -- NJ Biz -- The Daily
In a story about New Jersey Governor Chris Christie's approval of 23 new charter schools, mostly in Newark, Dena Cohen says the schools can spur residential and retail development in economically depressed areas.
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Hudson Yards development tries to tempt a tenant
January 17, 2011 -- Crain's New York Business
In this front-page story about how The Related Cos. is seeking office and retail tenants at Hudson Yards, Richard Brown says finding the first tenant is critical, with others sure to follow. Richard says that is the norm when owners seek to lease space in previously undeveloped or underdeveloped markets.
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Midtown south's moment has arrived
January 17, 2011 -- Crain's New York Business
In this commercial real estate article about midtown south's new-found panache, Jonathan Adelsberg compares that market to midtown and downtown. People with open collars and iPhones are emblematic of midtown south, he says, while the BlackBerry is more prevalent in midtown and downtown.
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Related Cos. to pay $82.8M for Rector Sq. project
January 13, 2011 -- Crain's New York Business.com
The firm's work on behalf of Anglo Irish Bank is noted in this story, which describes how we helped the bank foreclose on its borrower, Yair Levy, and then assist the bank at a foreclosure auction. The story says the bank is likely to assign its winning credit bid to Related next week.
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Loan-to-own: Predatory or practical? Some developers call the strategy underhanded, but courts aren't so sure
January 2011 -- The Real Deal
Sheldon Chanales argues that in most cases of alleged predatory lending, the banks and other financial institutions are acting in good faith, well within the law, and in reaction to monetary defaults. Sheldon opines: "There's no moral hazard involved in owning a lender position and using the right to exercise your position. Welcome to capitalism."
Media Mention

Where's The Capital?
January 2011 -- Real Estate Forum
Funds formed to acquire distressed assets have in some cases been forced to return capital to investors or deploy the money in questionable deals, Neil Shapiro says. Meanwhile, he adds, pensions funds and other investors in such funds are declining to commit money until deals are actually in place. The one bright spot in the real estate finance landscape, he says, is in stable, income-producing property.
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Real estate after the midterm 'shellacking': What will the new governor, new AG and new Congress mean for NYC real estate?
December 2010 -- The Real Deal
In a six-professional Q&A, Kevin Fullington the prospects for New York commercial real estate following the midterm elections. Kevin analyzes a variety of issues, including the value of the 421a tax abatement program, what the new attorney general might do regarding real estate, and the likelihood that Governor-elect Cuomo will treat developers kindly.
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Battery Park Condo Project Goes to Lender
November 18, 2010 -- GlobeSt.com
Christopher Sullivan says the plaintiff in the Rector Square foreclosure action -- our client Anglo Irish or its designee or assignee -- is entitled to hold or sell the project and also may pursue the borrower or guarantor for any deficiency arising from the sale of the project at auction. The lender was the sole bidder, taking back the project for $82.75 million, which Chris views as "a good result given the circumstances and economic landscape."
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Anglo Irish Keeps Control of 232 Unsold Condos in NYC's Battery Park City
November 18, 2010 -- Bloomberg News
Christopher Sullivan says Anglo Irish Bank, which was the sole bidder at the foreclosure auction of 225 Rector Place, may take title to the property and then sell it, or sell its winning bid to another party. He says if Anglo Irish sells its bid, the buyer would take title to the condos, a 114-space parking garage and 2,000 square feet of commercial space by the court-mandated closing date of Dec. 15.
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Anglo Irish Bank to Auction 232 Manhattan Apartments in Foreclosure Sale
November 17, 2010 -- Bloomberg News
Christopher Sullivan notes that 232 unsold condo units, a garage and other commercial space were to be auctioned as a block, in an attempt for our client Anglo Irish to recover as much of the $135 million that the borrower, who defaulted on the loan, owed the bank. Selling the property in bulk -- as opposed to piecemeal -- tends to bring not only a higher price but also the possibility of a sophisticated developer who can finish the project. (The sale, the following day, went for $82.75 million).
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Failed Rector Sq. project sells for a song
November 17, 2010 -- Crain's New York Business.com
Our representation of Anglo Irish Bank in the foreclosure on the Rector Square condo project -- and its ultimate auction, where the lender was the sole bidder -- is noted here.
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Real estate pros mixed on Schneiderman, Cuomo victories
November 3, 2010 -- The Real Deal.com
Douglas Heller says Attorney General-elect Eric Schneiderman should quickly appoint a new head of the office's Real Estate Finance Bureau because the retirement of the previous leader has slowed the department's operations in a number of crucial ways.
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FDIC’s Plan to Securitize Assets Could Boost CMBS
October 21, 2010 -- GlobeSt.com
Scott Tross says the FDIC's apparent plan to bundle performing real estate loans and sell them as CMBS is likely to attract the usual buyers of CMBS -- pension funds, insurance companies, mutual funds, institutions and wealthy individual investors. He notes that there are more factors indicating the market will want the securities -- undeployed cash, a paucity of CMBS for several years, and an apparent strengthening of the real estate and credit markets -- than factors arguing against market acceptance.
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Newtown Creek ready for a scrub: Recent Superfund designation seen as positive, but effort will take 20 years
October 17, 2010 -- Crain's New York Business
Louis Evans discusses what information the EPA seeks when it sends inquiries to businesses at or near a Superfund site, in this story on the commercial effects of Superfund designation.
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Auction looms for Rector Square housing
September 30, 2010 -- Crain's New York Business.com
Christopher Sullivan is quoted regarding the upcoming auction of Rector Square, the condominium project that Herrick, Feinstein foreclosed on, on behalf of our client, Anglo Irish Bank. He notes that large, well-capitalized, credit-worthy organizations -- such as investment funds -- have expressed interest in buying the project, which will be auctioned off as one bloc.
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Anglo to auction off Rector Square Nov. 17
September 30, 2010 -- The Real Deal.com
Christopher Sullivan, lead litigation counsel to Anglo Irish Bank in its forceclosure on the condominium project Rector Square, notes that the entire project -- condo units, commercial components and parking garage -- will be sold Nov. 17 at auction.
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Small Business Bill, Accounting Change Could Pack Wallop
September 27, 2010 -- GlobeSt.com
Howard Peskoe explains why pending legislation, designed to spur lending to small businesses, probably will not tend to cause those businesses to buy commercial property, rather than lease. But the bill, in combination with proposed changes to the accounting rule FASB 13, might do so, he says, because the changes would require businesses to include lease payments as debt on their balance sheets, possibly leading some to buy instead of lease.
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Little stigma for commercial real estate owners who default on mortgages
September 19, 2010 -- Newark Star-Ledger
Scott Tross notes that many owners of commercial properties -- especially those with non-recourse loans -- are willing to walk away from making mortgage payments on distressed properties.
Media Mention

Condos still hot in Chelsea
September 15, 2010 -- Real Estate Weekly
Scott Mollen, who acted as receiver, and Jack Sheridan, who represented the seller, are mentioned in a story that notes the sale of 559 West 23rd Street, a High Line development site.
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Above Ground, a 2nd Ave. Subway Plan Attracts Critics
September 1, 2010 -- The New York Times
Herrick's chief planning and development specialist Richard Bass is featured in The New York Times article "Above Ground, a 2nd Ave. Subway Plan Attracts Critics." In it, Richard contends that the M.T.A. missed an opportunity to get into the real estate game by not working with private developers to incorporate its ancillary buildings into residential towers.
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Little-Used Law Gives Condo Buyers a Way Out
August 13, 2010 -- City Room, the law blog of The New York Times
Douglas Heller opines that the Interstate Land Sales Full Disclosure Act makes little sense in the New York City condo world because required disclosures contain irrelevant information that often duplicates what is in the offering plan. The posting analyzed a recent decision in federal court that allowed three buyers of condo units to rescind their contracts and retrieve their deposits because a condo sponsor had not made disclosures that the statute requires.
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The Lawyers You Call
August 11, 2010 -- The New York Observer
Gary Eisenberg and the firm's real estate practice are profiled in "The Lawyers You Call," a look at the city's top law firms with commercial real estate practices. Gary is pictured, and the firm's work in a variety of areas -- including our first-in-the-nation lawsuit against the SEC on behalf of Madoff victims -- is noted.
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Timing of Lawyer's Thievery Saves Title Insurer From Liability to Buyers
August 4, 2010
A unanimous New Jersey State Supreme Court reversed an Appellate Division decision and found for our client, Stewart Title, in a case that looked at who is liable when a closing attorney steals a client's funds. In this case, Stewart Title had never even heard of the attorney -- or his clients, who sold a home and then bought another, entrusting their attorney with their money -- before the theft occurred. This story quotes Jaimee Katz Sussner, who successfully argued the case, about what the Court ruled on and what it deferred for another day.
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Rector Square's unsold units near auction: Related is seen as the likely buyer of the discounted apartments
July 30, 2010 -- The Real Deal.com
Chris Sullivan tells The Real Deal.com that Rector Square will likely be sold at auction in the fall, once a few procedural wrinkles are resolved.
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Leaving a Co-op During Repairs
July 30, 2010 -- The New York Times
Doug Heller weighs in on what rights a co-op shareholder might have if the co-op board forces him and his family to leave for a week while repairs are performed, in this Q&A in the Sunday real estate section. Doug says the board has the business judgment rule on its side, the shareholder can point to no bright-line case law that declares a certain duration of absence unreasonable, and the proprietary lease does not obligate the co-op to pay for alternative housing.
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Yikes! It’s a Garage
July 30, 2010 -- The New York Times
Eldad Gothelf is quoted about the thorny issues of curb cuts and private parking in New York City residential buildings, and notes that the city's Planning Department has sought counsel from a variety of groups as it grapples with the issue. The story mentions that Eldad is an author of the firm's environmental and zoning blog, ZONE.
Media Mention

FX Luxury creditors propose plan
July 20, 2010 -- The Daily Deal
Our representation of W.R. Huff Asset Management Co. LLC, an investor in the bankruptcy case of FX Luxury Las Vegas I LLC, is noted in this story. Joshua Angel represented Huff.
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New York City Networking Group hosts Mega Forum, features panels, speakers on current state of the market
July 13, 2010 -- New York Real Estate Journal
This story notes that Gary Eisenberg was a member of a panel, Opportunistic Investing in the Real Estate Marketplace, at an all-day forum on New York City commercial real estate.
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The Phraseologist
July 12, 2010 -- The Commercial Observer
Gary Eisenberg's practice and outside interests -- including professional sports -- are profiled in this story in the New York Observer's real estate-related publication. The story, which ran in the paper's weekly Sit-Down space, which features professionals prominent in New York commercial real estate, alludes to Gary's colorful use of the language to describe various phenomena in the world of distressed debt and foreclosure and includes his predictions for where those markets are headed.
Media Mention

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‘Transformative’ Brooklyn MXD Clears Hurdle
July 1, 2010 -- GlobeSt.com
Mitch Korbey is quoted discussing the unanimous approval of the Domino Sugar Development by the New York City Council's Land Use Committee. In the article, Mitch calls the mixed development plan for Domino a transformative one for the Williamsburg, Brooklyn waterfront neighborhood that has long been home to vacant property and empty lots.
Media Mention

15 People You Should Know: If you're in real estate and you haven't met these people yet, it's time to make the introduction
June/July 2010 -- NYinc
Mark Levine is profiled and quoted as one of 15 professionals in New York commercial real estate who are worthwhile knowing. This vignette describes his background, current work and ambitions.
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Herrick is significantly strengthening its Environmental Group with the arrival of counsel Louis A. Evans.
June 2010
Louis A. Evans brings 30 years of experience in environmental law to Herrick's clients. He focuses on environmental issues in connection with development and redevelopment projects, real estate management and remediation of contaminated properties. Lou also advises on environmental issues in corporate, financial and real estate transactions.
Media Mention

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Will Mark-to-Market Finally Push Distress?
June 22, 2010 -- GlobeSt.com
The market for distressed commercial real estate and distressed debt secured by real property is so thin that investors who intended to pursue such deals are dropping out, Gary Eisenberg says. Additionally, the distressed properties and notes that are trading are trading at relatively high prices, he says.
Media Mention

If Nancy Reagan Gave Real Estate Advice
June 17, 2010 -- Real Estate Bisnow
Gary Eisenberg's presentation -- and the fact that Herrick hosted the event -- are noted in a story about buying distressed commercial real estate. One of the speakers advised that at today's prices for distressed commercial properties, prospective buyers should "just say no," and Gary advised attendees to pay attention to warning signs, review documents and communications, verify purported defaults and conduct proper searches.
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In Distressed Buys, Look Before You Leap
June 16, 2010 -- GlobeSt.com
Gary Eisenberg is quoted on how to avoid legal pitfalls when buying a loan-to-own note, in this story, which covered a Herrick-hosted seminar on buying distressed commercial real estate.
Media Mention

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AG Hits Levy With Fraud Suit at Rector Square
June 9, 2010 -- The Real Deal
Though Herrick isn't mentioned, our client Anglo Irish Bank and their foreclosure on 255 Rector Square is in the article "AG Hits Levy With Fraud Suit at Rector Square."
Media Mention

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When cash makes commercial deals tricky: Insiders say an uninvited green guest sometimes appears in real estate deals
June 1, 2010 -- The Real Deal
Steven Feldman discusses cash as a possible instrument of criminality in commercial real estate deals. He notes that the origin of the cash, its use to avoid a recipient's income tax liability, and its use to minimize the value of a transaction -- and therefore taxes on that transaction -- are all possible layers.
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Empty Desks May Slow Upturn in Real Estate
May 25, 2010 -- The New York Times
Ben Kursman says that so-called shadow space -- commercial space that is underutilized but not easily rented -- might stunt the rebound in the commercial leasing market because that space must be absorbed before companies take on new space.
Media Mention

Tax deals return to bite owners
May 17, 2010 -- Crain's New York Business
Commercial property owners who engaged in 1031 exchange transactions as a means of lessening or deferring taxes may find themselves paying higher taxes than they anticipated, Michael Kessel says. The expiration of Bush-era tax cuts is likely to increase the capital gains rate from its current 15 percent, which is the lowest in decades.
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Saving the mini-Macklowes: What's the best way to work with smaller portfolio owners who have multiple buildings underwater and in trouble?
May 1, 2010 -- The Real Deal
Neil Shapiro describes what property owners can do when part of their commercial real estate portfolio is troubled and part is performing. He notes that the most important factor is the capital stack of the portfolio and each property, and says owners who own properties with a single loan are most vulnerable because lenders then have more leverage.
Media Mention

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Structuring Your Lease to Cover Retirement
April 21, 2010 -- Medical Office Today
Neil Shapiro says medical office leases should be signed under the name of the medical practice -- not the individual doctors -- to minimize the doctors' liability in this article about how to prepare for a doctor's retirement from a practice.
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Ripe for Conversion
April-May 2010 -- NYinc
Mitchell Korbey analyzes the rezoning of much of New York City and cites certain neighborhoods where the zoning changes have been most prevalent. He notes that over the last decade, an area as big as some mid-sized cities -- Providence, RI, for instance, or Newark, NJ -- was rezoned, sometimes for contextual purposes and sometimes to keep current with how the city's land is used.
Media Mention

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When Do You Need a Real Estate Attorney? This is one specialist to have on your team.
April 14, 2010 -- Medical Office Today
Neil Shapiro, who represents doctors and medical practices as well as property owners looking to lease space to them, is quoted in this weekly e-newsletter. He opines that smaller medical practices and those without commercial real estate experience or professional management should call on commercial real estate attorneys early in the process of leasing or buying space, expanding the practice or anything else that would involve real estate.
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In profit and loss, for 99 years: Super-long leases remain attractive despite all the baggage
April 1, 2010 -- The Real Deal
Richard Brown discusses why 99-year leases are more popular in Manhattan than in other parts of New York, in this story about how and why such long-term deals are struck.
Media Mention

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Ranking New York’s top legal wranglers: A look at the 20 NYC law firms with the biggest real estate divisions – and at how they’ve dealt with the downturn
April 1, 2010 -- The Real Deal
This story identifies Herrick's commercial real estate practice as one of New York's most prominent.
Media Mention

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Ranking New York’s top legal wranglers
April 1, 2010 -- The Real Deal
This article, which names the top New York City commercial real estate practices among law firms, notes Sheldon Chanales' representation of a consortium of Youngwoo & Associates and Kumbo Investment Bank in the acquisition of AIG's headquarters at 70 Pine Street in lower Manhattan. The 1.4 million-square-foot deal was listed as one of the top deals in the city in 2009.
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Developers jump on program to restart stalled projects
March 25, 2010 -- Crain's New York Business.com
Zoning and land use partner Mitch Korbey extolls the benefits for developers and neighborhoods of a Department of Buildings initiative -- enabled by a local law passed late last year -- that allows developers to re-start stalled projects quickly, without waiting months for the city to re-approve zoning or other special permits. The story notes that the city's plan recognizes that even competent developers are hamstrung by a weak economy.
Media Mention

Court Weighs Title Insurer's Liability For Attorney's Theft of Client Funds.
March 15, 2010 -- New Jersey Law Journal
Jaimee Katz Sussner's argument before the New Jersey Supreme Court on behalf of our client Stewart Title is noted in this story. The story says the title insurance industry is closely watching this case, which will help determine when a title insurer is liable for a dishonest closing attorney's theft of money, especially when the theft occurred before the title policy was purchased.
Press Release

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Herrick is significantly strengthening its Commercial Litigation Practice Group with the promotion of William R. Fried to partner.
February 2009
Bill Fried practices general commercial litigation with an emphasis on construction, real estate and business divorce disputes. He has extensive trial and appellate experience in state and federal courts. In addition to handling complex litigation matters for business clients, Bill counsels clients through negotiations, mediations, and arbitrations as an alternative to litigation. Herrick’s clients rely on Bill for his tenacity and resourcefulness to resolve difficult and intricate disputes.
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Medical office condos take a hit from real estate slide
February 15, 2010 -- American Medical News
Neil Shapiro says that based on market conditions, doctors and medical groups that own medical office condominiums should wait to sell them if they are financially able to do so. This story notes that Neil is the chair of Herrick's health care practice group.
Media Mention

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The Industry Could Get Boost from SBA Proposals
February 10, 2010 -- GlobeSt.com
The Obama Administration's plan to urge community banks to lend to small businesses might benefit the commercial real estate industry, but only indirectly, Howard Peskoe says. SBA loans to entrepreneurs help businesses get started and expand, and that increased economic activity leads to additional sale or leasing of office, warehouse and retail space, he says. But he does not anticipate that the Administration's initiative will increase the number of direct loans from community banks to real estate developers and investors.
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Industry Welcomes Unemployment Drop with Open Arms
February 5, 2010 -- GlobeSt.com
A drop in unemployment rates augers well for the commercial real estate market in New York and other office-heavy primary markets around the country, Benjamin Kursman says. Continued improvement in the employment outlook, coupled with absorption of sublease space and fewer corporate tenants looking to sublease their space, should stablize rent prices, which, in turn, makes commercial properties more valuable, he says.
Media Mention

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Bank Wins Foreclosure Suit Against Levy at Rector Square
January 21, 2010 -- The Real Deal
Though Herrick is not mentioned, our client Anglo Irish Bank is in the article "Bank Wins Foreclosure suit against Levy at Rector Square" which discusses Anglo's favorable outcome in forclosing on 225 Rector Square.
Media Mention

NJ waterfront loses its competitive edge; Rents aren't low enough to lure businesses from NY
January 17, 2009 -- Crain's New York Business
Jonathan Adelsberg says this is a tenants' market -- not an owners' market -- in a story that examines relative values to be found on both sides of the Hudson River. Jonathan, co-chair of Herrick's commercial leasing practice, represents owners and corporate tenants in both New York and New Jersey, giving him insight into what both states offer.
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Moinian Group sues to block Dwell95 auction
December 31, 2009 -- The Real Deal,com
Our representation of FBE Limited is noted in this story about developer Joe Moinian's lawsuit, which sought to block the auction of Dwell95, a luxury rental property on Wall Street.
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Community Banks May Be Next in Line for TARP Funds
December 23, 2009 -- GlobeSt.com
Howard Peskoe says a plan that the Treasury Department is considering -- which would require Congressional legislation and would allow small regional and community banks to borrow at favorable rates, with the intention that the money be loaned to small businesses -- can not harm the commercial real estate finance market. Howard casts doubt, however, whether the plan will work or represent a boon to real estate lending.
Media Mention

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The Fed Eases Out of Rescue Programs
December 18, 2009 -- GlobeSt.com
Liquidity in the commercial real estate market is more of a priority than minimizing the federal deficit, Sheldon Chanales says in an article about whether the Federal Reserve will continue pumping money into mortgage-backed securities and similar debt.
Accolade

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2009 Women of Influence
December 2009 -- Real Estate New Jersey
Jaimee Katz Sussner was named a "2009 Women of Influence" in Real Estate New Jersey.
Media Mention

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Reduce, Reuse, Repurpose
December 2009 -- Go
Most cities' zoning plans allow for hotel development in commercial -- but not residential -- zones, making former warehouses and business sites ideal for redevelopment as hotels, Mitchell Korbey tells the in-flight magazine of AirTran. Cities often encourage redevelopment of commercial buildings as hotels because they attract tourists and bolster the local economies.
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With new subway, massive eyesores: As long-awaited Second Avenue subway becomes a reality, Upper East Siders cringe at giant utility structures also planned
December 2009 -- The Real Deal
Richard Bass describes negotiations with the MTA on behalf of property owners, businesses and co-op and condo boards affected by the Second Avenue subway as relatively cordial, given how much disruption the project is causing on the East Side. This story notes that Herrick is representing a large number of clients along the route of the subway.
Media Mention

Court To Hear Appeal of Title Insurer Made To Reimburse Lawyers' Fund
November 25, 2009 -- New Jersey Law Journal
Jaimee Katz Sussner says there will be national interest in the New Jersey Supreme Court's granting of cert in a dispute between our client -- a title insurer -- and the state's lawyers' fund for client protection. At issue are the respective roles of title insurers and closing attorneys, and whether attorneys should be present at real estate closings.
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Hager faces lawsuit over $17 million mortgage loan from N. Richard Kalikow’s Alpha Capital
November 14, 2008 -- The Real Deal.com
Our lawsuit on behalf of a lender -- alleging breach of fiduciary duty and fraudulent inducement by a borrower whose terminally ill business partner personally guaranteed a real estate loan -- is noted in this story. William Fried is mentioned in the story, and Kerry Jardine was on the papers as well.
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Stuyvesant Town woes may pave way for loan changes
November 11, 2009 -- Reuters
Scott Mollen opines that litigation surrounding Stuyvesant Town's rent rolls could last for years in this story about how the litigation might affect the value of the property.
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Real estate's bright (and not so bright) ideas: The best and worst policies and proposals floated to get NYC's market back on track
November 2, 2009 -- The Real Deal
An idea that was the cornerstone of a Real Estate New York article that Doug Heller co-authored with an assistant attorney general is cited in this Real Deal story about the best -- and worst -- ideas designed to get the New York real estate market back on track. This story declares that Doug's idea -- sponsors, developers and lenders on troubled condo projects should consider converting them to co-ops -- is among the best and brightest proposals floated.
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Going after borrowers gets personal: Lenders suing for more than $400 million in loan guarantees
November 2, 2009 -- The Real Deal
Borrowers who personally guarantee their real estate loans are off the hook if the lender takes the property back at the loan's face value at a foreclosure auction, Scott Tross says in this story about how lenders are going after borrowers' personal assets.
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Lenders get more help with "extending and pretending" commercial mortgages
November 1, 2009 -- The Real Deal
Some lenders are extending maturity dates on commercial real estate loans and others are requiring that the borrowers put up more equity, Paul Shapses says. This story notes that new tax rules are giving lenders pause about revealing current values of outstanding debt and that, in turn, is causing them to consider extending the maturities.
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Commercial market report: Landlords dangle record amounts of free rent
November 1, 2009 -- The Real Deal
Commercial owners in New York have, in some instances, gone from offering a year's free rent to two years' worth, Jonathan Adelsberg says. He notes that some landlords prefer to offer a longer term of free rent in exchange for higher per-square-foot rates during the downturn.
Media Mention

Quality Rules in Bigger Deals
October 23, 2009 -- Real Estate New York
Banks are assuming that office rents will decrease as they decide how to underwrite loans, as opposed to assuming automatic escalations as they did in past years, Jeffrey Kaufman says. He notes that some of his clients are sprucing up Class B properties, choosing to improve their portfolios incrementally, rather than going for "the big kill," so they can ride out the current doldrums.
Media Mention

Deals, No; Workouts, Yes
October 23, 2009 -- Real Estate New York
Neil Shapiro acknowledges concern over the length of time between Lehman's filing for bankruptcy protection and no substantial increase in availability of financing.
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Developers Asked to Please Clean Up Stalled Sites, or Else!
October 20, 2009 -- Curbed
This item notes that our Real Estate department has launched ZONE -- a land use and environmental blog -- at http://herrickzone.com/
Accolade

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2009 Women of Influence
September-October -- Real Estate New York
Belinda Schwartz are named to the magazine's 2009 list of the most influential women in New York real estate.
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Capmark highlights woes of commercial real estate
October 13, 2009 -- Reuters
In a story about how Capmark Financial Group's likely demise highlights challenges facing the troubled market for retail and office buildings, Stephen Selbst disputes the notion that commercial real estate woes will not affect the broader economy. He equates the relationship between commercial real estate and the larger economy with the subprime market's woes and the economy, and notes that optimists' predictions that the subprime issues were contained and wouldn't be contageous proved incorrect.
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OUT OF THE 3Q WOODS
October 7, 2009 -- Real Estate Bisnow
Landlords, tenants, and lenders all need to be creative to make lease deals work in today's challenged market, Dena Cohen told the New York State Society of CPAs at an event that Bisnow covered.
Media Mention

Syska Hennessy's 64,000 s/f lease
October 6, 2009 -- Real Estate Weekly
This article notes that Jonathan Adelsberg represented the tenant, Syska Hennessy, also known as the SH Group, which signed a nearly 65,000 square foot, 15-year lease at 1515 Broadway.
Media Mention

Tenants call lease auditors for help; Landlords fight back
October 5, 2009 -- Crain's New York Business
In response to office tenants' retaining lease auditors to find overbillings, some commercial landlords are including in leases restrictions on who may perform audits and when, Richard Brown says. In a sidebar to the main story, Richard, who co-chairs the Herrick leasing practice group, says that some property owners drafting lease provisions that allow only CPAs from major accounting firms or fee-only auditors, and then only within 30 days of an annual statement.
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Lender infighting on the rise: Creditors battle it out to get paid first on faltering loans
October 1, 2009 -- The Real Deal
Leveraged loans and multiple tranches have complicated real estate deals and workouts, Paul Shapses says in a story that examines how the commercial real estate industry attempts to unwind billions of dollars in distressed inventory.
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Atlantic Yards gets a lift, but pledged $200 million infusion still leaves bulk of vast project in doubt; last legal hurdle looms
September 27, 2009 -- Crain's New York Business
Scott Mollen notes that the developer of Atlantic Yards is relying on a substantial body of case law that tends to permit eminent domain for development that will drive economic growth and contain affordable housing. He cautions, however, that every case features different facts, and judges scrutinize those facts in deciding how to rule.
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Federal Judge Dismisses RICO Claims Against Manhattan Real Estate Family
September 17, 2009 -- New York Law Journal
Scott Mollen is quoted on a federal judge's dismissal of a number of civil charges against our clients, the Seavey family and its various business entities, on summary judgment. A partner of the Seavey entities had sought $500 million and alleged that the Seaveys did not give him his fair share of the proceeds of the partnership.
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Instinet trades up to 100,000 square feet
August 31, 2009 -- Crain's New York Business.com
Richard Brown, co-chair of Herrick's leasing practice, represented Instinet in this lease, which Crain's describes as one of the largest office transactions this year.
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Judge Rules Against Applebee’s Lease in Harlem Building
July 17, 2009 -- New York Times blog City Room
This story notes that we prevailed in a piece of real estate litigation on behalf of our client, National Black Theater, which sued to prevent the opening of an Applebee's franchise on a Harlem property that NBT co-owned with a partner. The partner leased the space to the franchise, and NBT sued to block it, claiming that the presence of an Applebee's would be inconsistent with NBT's cultural integrity and mission. Raymond Hannigan, lead attorney in the case, noted that the primary plaintiff died during the proceedings but would have been pleased that the court vindicated her position.
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Commercial foreclosure rate triples this year
July 10, 2009 -- The Star-Ledger
Rising commercial foreclosure rates may not tell the entire story of the downturn in New Jersey's commercial real estate market, Gary Eisenberg says, adding that banks' attempts to patch together short-term solutions may be masking the real extent of the problems in the market.
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Dropping home values crunch credit lines
July 8, 2009 -- CNNMoney.com
Owners of small businesses should not tap into their 401(k) or other retirement accounts to fund their operations, Paul Gregory says in a story about how diminished home values have cut back on the ability of entrepreneurs to use their home equity to fuel their businesses.
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Some developers use downturn to plot comeback
May 29, 2009 -- The Real Deal
Slowdowns in the commercial real estate market generally represent an ideal time for property owners to apply for special permitting -- zoning and otherwise -- that will make their portfolios more valuable when the markets heat up again, Mitchell Korbey says.
Media Mention

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Sunwest's distress is boon to some: Restructuring effort may bring more than $15 million in fees for lawyers, business consultants
April 13, 2009 -- Oregon Statesman Journal
Secured creditors, such as banks, dislike the uncertainty of Chapter 11 filings and lack the patience to wait for a protracted turnaround. Stephen Selbst tells Oregon's largest newspaper, which is reporting on that state's largest bankruptcy. Further, Selbst says, creditors resent the increasingly high professional fees, viewing it as money properly due them.
Media Mention

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Brokers vs. developers: battling it out in court: Corcoran Sunshine and Five Franklin Place in latest legal standoff over struggling condo
April 2009 -- The Real Deal
In an article about an increase in litigation between brokers and condo developers, Scott Mollen notes that more lawsuits are filed during economic downturns than in more prosperous times.
Media Mention

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Relying on receivers again: As more properties default, court-appointed guardians take over buildings
April 2009 -- The Real Deal
In a story about a marked increase in courts' appointing receivers and trustees on troubled real estate projects, Chris Sullivan says the difference between this downturn and the last recession is that the market now is seeing more unfinished construction projects, whose viability is threatened absent a trustee.
Media Mention

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Blurring Of Once-Bright Lines
April 2009 -- Real Estate Forum Page 33)
Lenders are not moving precipitously to foreclose on commercial properties despite their fears about bankruptcies and the overall economy, Gary Eisenberg says in this story about how commercial loans written in 2002 -- at neither the top nor bottom of a market, but at loan-to-value ratios below today's norm of 65 percent -- are coming due now. Gary notes that only good special servicers -- generally those who were around during the RTC era -- can tell the difference between a good borrower who fell behind and a bad borrower who thinks he has an inalienable right to property in default.
Media Mention

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Name That Dog Park: Suffolk Courts Deals for Cash
March 22, 2009 -- New York Times
In a story about one county's plan to sell naming rights to its parks and beaches, Matthew Pace says government's need for money, people's need for free recreation, and advertisers' needs to reach consumers in non-traditional ways make the plan logical. He cautions, however, that advertisers' images and the facilities' images must mesh well and that government should reserve the right to strike deals if scandal hits the advertiser.
Media Mention

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It's a Good Time to Hunt for Office Space in Manhattan
March 22, 2009 -- WNYC
In this radio spot on the local NPR affiliate, Richard Brown describes how increased availability of sublease space in Manhattan helps prospective tenants find inexpensive space but hurts property owners, who are competing with their own tenants to fill space.
Media Mention

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Lawyers wrangle as market slides
March 2009 -- The Real Deal
Douglas Heller discusses the state of the real estate industry -- and of the legal profession as it relates to the real estate industry -- in a Q&A. He notes that transactions have slowed, but workouts -- and strategic advice and planning -- are keeping attorneys busy.
Media Mention

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A Nice, Staid Corner of Real Estate: Medical Offices
January 28, 2009 -- New York Times
Neil Shapiro, who heads our health care finance practice and routinely represents buyers and sellers of medical office buildings, says the sales-investment market for that product is far healthier than for other kinds of commercial real estate. Investors, lenders, developers and tenants perceive healthy leverage in medical office buildings, which results in better deal flow in that market, he says.
Media Mention

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Defaults pummel real estate sector
January 14, 2009 -- The Record of Hackensack
Scott Tross acknowledges that 2009 figures to be a difficult year for commercial real estate owners with loans on their properties, with defaults and foreclosures rising and expected to go higher. Tross, who has a book credential on this topic, notes, however, that lenders are more apt to consider workouts than in past commercial real estate downturns.
Media Mention

Retail condos lose their luster: The coming deluge
January 12 - 18, 2009 -- Crain's New York Business
Neil Shapiro notes that Herrick has initiated four deals in as many months involving landlords and developers who are reluctantly selling retail condos because their banks and mezz lenders are pressuring them to raise capital.
Press Release

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Herrick is significantly strengthening its Land Use and Zoning Practice with the promotion of Mitch Korbey to partner
January 2009 -- Herrick, Feinstein LLP
Mitch is an accomplished urban planner and land use attorney with more than 20 years of experience in land use, zoning, environmental and governmental affairs.
Media Mention

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CRE Clarifies Its Fed Request
December 23, 2008 -- GlobeSt.com
Elizabeth Holtzman analyzes the obstacles that commercial real estate entities might face -- and how they might overcome them -- as they seek federal rescue money to prop up their flagging industry.
Media Mention

Why Chicago Cubs Are Not "Part" Of Tribune Bankruptcy
December 8, 2008 -- CNBC's blog Sports Biz
Paul Rubin tells on-air business-of-sports reporter Darren Rovell, who also blogs on that topic, that a parent corporation can file for bankruptcy without the subsidiary filing. Rovell was examining The Tribune Company's Chapter 11 filing and wondering how the Tribune-owned Chicago Cubs (and their home ballpark, Wrigley Field) could be excluded from the bankruptcy filing and still be for sale.
Media Mention

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Linens leaves ripple of concern
December 3, 2008 -- The Record of Hackensack
Scott Tross, who represents the special servicer administering a mortgage-backed security containing the mortgage on a New Jersey property where bankrupt Linens 'N' Things is a tenant, says that unless the property owner can find a new tenant, the landlord might default on its mortgage.
Media Mention

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Big Surprise, Recession Official
December 2, 2008 -- GlobeSt.com
John St. Jeanos says the official proclamation that we have been in recession for a year will do little to affect liquidity in the commercial real estate market because that announcement merely makes official what people in the industry have known for some time. Predictions of recession or a real-time sense of recession would hurt liquidity, but a statement of the obvious does not, he says.
Media Mention

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The luck of Gluck: In high-profile case, near-default of Riverton may not burn developer
December 2008 -- The Real Deal
Scott Mollen notes that owners and lenders paid robust prices and liberally underwrote deals, respectively, on multi-family properties. In some cases, those strategies worked to the ultimate detriment of the owners and lenders.
Media Mention

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Tenants say 'see you later'; Situation for office landlords grim as lease-breaking on the rise
December 2008 -- The Real Deal
Benjamin Kursman says that corporate office tenants who saw their businesses shrink shortly after signing a new lease are more prone to leave the space if they paid a security deposit but have few assets. Companies that provided full guarantees are likelier to stay, he says.
Media Mention

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Meltdown far from over, new mortgage crisis looms
November 27, 2008 -- The Associated Press
Scott Tross predicts that mortgage woes will spread from the residential market to commercial, and that all parties in commercial mortgages will feel the pain.
Media Mention

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General Growth mortgage deadline approaches
November 27, 2008 -- Reuters
Gary Eisenberg acknowledges that mall owner General Growth Properties might not avoid bankruptcy even if it negotiates extensions of loans about to come due, but cautions that in this environment, nothing is inevitable.
Media Mention

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Multifamily Benefits in TARP’s Latest Twist
November 26, 2008 -- GlobeSt.com
Neil Shapiro opines that the Fed's decision to buy up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks and as much as $500 billion of mortgage securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae will result in a short-term reduction in spreads on these obligations but not necessarily increase private investors' confidence.
Media Mention

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Global Retail Figures Tease, Fall Expected
November 21, 2008 -- GlobeSt.com
Andrew Gold analyzes changes in the economic climate since the end of the third fiscal quarter, and how those changes augur poorly for the health of shopping malls.
Media Mention

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Attorney Hire Might Save GGP’s Hide
November 20, 2008 -- GlobeSt.com
Andrew Gold is quoted on the likelihood that General Growth Properties -- a mall REIT -- will have to seek bankruptcy protection because of mounting debts and limited assets. He says that if GGP files under Chapter 11, it may be the first of several mall owners to do so.
Media Mention

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Hudson River Park Board Weighs Proposals for 15th Street Pier Development
November 19, 2008 -- The New York Times
This story notes that our client, Youngwoo & Associates, is proposing a $191 million pier project at the western terminus of 15th Street in Chelsea. The proposal includes a new home for a major auction house, a contemporary cultural center consisting of art galleries and concert space, public access to the waterfront, and a large public market similar to Seattle's Pike Place.
Media Mention

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Required: Empathy and Kleenex
November 9, 2008 -- New York Times
In this Fresh Starts column in the Sunday business section, Stephen Selbst examines the restructuring and workout job market for people laid off from financial services positions. He notes that professionals who put together the real estate finance deals that ultimately failed but understand collateral, and M&A bankers who have negotiating and deal-making skills, are best suited for the transition.
Media Mention

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Retail rent drops offset by concessions
November 5, 2008 -- The Real Deal.com
Jonathan Adelsberg opines on the findings of an industry report on Manhattan retail rents and notes that there can be a large delta between asking rents and taking rents.
Media Mention

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2008 Women of Influence
November 2008 -- Real Estate New York
Belinda Schwartz are profiled as women of influence in the New York real estate world.
Media Mention

Federal Law Preempts Option For Tenant Purchase, Panel Says
October 9, 2008 -- The New York Law Journal
Scott Mollen is quoted in this front page story on the Appellate Division’s decision to invalidate the Mitchell Lama Law “Local Law 79.”
Media Mention

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Instruments of Finance -- And Confusion
September 28, 2008 -- The Star-Ledger
Stephen Selbst is quoted in a front-page story on issues related to the $700 billion bailout/rescue -- what the fund's prospectus would look like, and the skepticism it would trigger, if there were a prospectus.
Media Mention

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$500M Wesmont Station's Phase One Passes Muster
September 26, 2008 -- GlobeSt.com
This story notes that our client -- Somerset Development -- received municipal approvals to build the first phase of Wesmont Station, a mixed use development on 70 acres in Wood-Ridge, N.J. The development will turn the property into a transit village.
Media Mention

Homeowners' Suit Over Access to Exclusive Club Goes Forward
September 16, 2008 -- New York Law Journal
John Goldman is quoted about a case in which a Suffolk County judge refused to dismiss allegations including fraud and breach of contract against our client, but expressed serious doubts about the plaintiffs' ability to prove their case.
Media Mention

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Macklowe May Lose $500 Million Site On Park Avenue
September 12, 2008 -- Bloomberg News
Gary Eisenberg is quoted in a Bloomberg News story about the significance of Deutsche Bank's lawsuit that seeks to foreclose on Harry Macklowe's prime development parcel on Park Avenue and 56th Street, former site of the Drake Hotel. Gary notes that the lawsuit does not prevent the parties from continuing to negotiate a possible settlement.
Media Mention

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Oil money props up slowing hotel sales
September 1, 2008 -- The Real Deal
Paul Shapses is quoted in this story on the dynamics in the hotel development market, noting that although the market has slowed, foreign interests continue to invest.
Media Mention

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Clashing with the condo board: Gentrification brings increase in disputes between old resident and new buyers
September 1, 2008 -- The Real Deal
Doug Heller and Scott Mollen are quoted in this story about how gentrification in neighborhoods and specific buildings effect longtime residents, newcomers and condominium boards.
Media Mention

Hedge Funds Help Fill Gap In Lending For Property
August 27, 2008 -- The Wall Street Journal
Irwin Latner is quoted in this article on why hedge funds find real estate lending attractive.
Media Mention

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In Slow Times, Rezoning Appeals To Developers
August 12, 2008 -- New York Times
Mitchell Korbey is quoted at length in a story about how in slow times for development, real estate developers look to rezone their underzoned properties and obtain other special permits.
Media Mention

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Speeding Into Action: Theme Park Smells Like 'Burnt Rubber'
August 10, 2008 -- The Star-Ledger
Matthew Pace is quoted in The Star-Ledger -- New Jersey's largest and most prominent newspaper -- on the viability of motorsports parks in the state.
Press Release

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Herrick Honored by Legal 500, Based on Views of Real Estate Industry Insiders, Clients
July 2008 -- Herrick, Feinstein LLP
NEW YORK -- The 2008 Edition of The Legal 500 United States, a United Kingdom-based law firm directory that ranks firms and individual attorneys by practice area, has ranked Herrick, Feinstein’s commercial real estate practice as one of New York’s best.
Accolade

2008 All Stars
July 23, 2008 -- Real Estate Weekly
Neil Shapiro is featured in the Real Estate Weekly 2008 All Stars -- a special section that the publication says is to "recognize the creme de la creme of the real estate industry." Real Estate Weekly notes that Neil focuses his practice on "sophisticated financings, joint ventures, sales, acquisitions, development and leasing."
Media Mention

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Gebroe-Hammer Orchestrates Multi-Family Portfolio Sale
July 21, 2008 -- New Jersey & Company
A deal in which we represented TreeTop Development is the subject of this article.
Media Mention

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Paulson Lays Out Plans for Fannie, Freddie Bailout
July 14, 2008 -- GlobeSt.com
Neil Shapiro is quoted in this article about how the Freddie Mac and Fannie Mae woes will affect financing of multi-family developments.
Media Mention

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Cracking Down on Shoddy Condos
July 2008 -- The Real Deal
Doug Heller is quoted in an article on the attorney general's office's effectiveness in reviewing condo offering plans and enforcing codes.
Accolade

The Legal 500 United States
July 2008
Herrick, Feinstein's commercial real estate practice is ranked by The Legal 500 as one of New York's best. The Legal 500 relies on client ratings to form its rankings.
Accolade

Chambers USA: America's Leading Lawyers for Business
2008 -- Chambers USA
Herrick’s Real Estate Practice Group is recognized by Chambers USA for its “full range of development issues, from negotiating construction agreements through to sales and acquisitions,” as well as being active in real estate litigation, leasing and finance.
Media Mention

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Domino Sugar Is Gone, but Sign Will Live On After Ruling
June 25, 2008 -- The New York Times
CPCR -- Herrick's client -- successfully petitioned the Landmark Preservation Commission for approval for an addition to the Domino Sugar refinery in Brooklyn.
Media Mention

Domino Sugar Redevelopment Moves Forward
June 25, 2008 -- The New York Sun
CPCR -- Herrick's client -- successfully petitioned the Landmark Preservation Commission for approval for an addition to the Domino Sugar refinery in Brooklyn.
Media Mention

New Mixed-Use Building in SoHo HD Approved
June 15, 2008 -- Cityland
Mitch Korbey is mentioned regarding his successful representation of Rocksprings before the City Planning Commission.
Press Release

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Herrick advises Quiet Flight in Sale of Retail Operations to Billabong International
June 12, 2008 -- Herrick, Feinstein LLP
Herrick, Feinstein LLP advised renowned surf shop chain Quiet Flight in the sale of its retail operations to Australia-based Billabong International Limited. Quiet Flight is a leading U.S. east coast retailer and the operator of 13 stores, including the flagship Billabong and Element retail stores in New York, and has been one of Billabong Group’s key retail partners in the U.S.
Media Mention

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Macklowe Tower Rises Under Radar
May 16, 2008 -- The Real Deal
Jonathan Adelsberg is quoted on the prospect for leasing deals at Harry Macklowe's speculative office tower project at 510 Madison Ave.
Media Mention

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Cuomo Cracks Down on NY Real Estate Fraud
May 7, 2008 -- Crain's New York Business
Doug Heller is quoted on initiatives of the Attorney General's Real Estate Finance Board to review condo plans more quickly and enforce habitability issues.
Media Mention

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Industry Watchers: Concessions Go Only So Far
April 15, 2008 -- GlobeSt.com
Ben Kursman is quoted on leasing issues and how prevailing markets shape them.
Media Mention

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Low Fees for New Condos? Think Again
March 10, 2008 -- The Real Deal
Doug Heller is quoted on how rising energy costs are increasing monthly maintenance fees for condo-dwellers.
Media Mention

Panel Awards Treble Damages To Evicted Brooklyn Tenant
March 4, 2008 -- New York Law Journal
Scott Mollen is quoted on an Appellate Division decision that held that a lower court should have awarded a tenant treble damages in a wrongful eviction case.
Media Mention

The Divide Between Manhattan, Other Boroughs
February 28, 2008 -- The New York Sun
Doug Heller is quoted on how banks are being more cautious in underwriting loans to developers and purchasers of residential units.
Media Mention

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Court Ruling a Warning to Aggressive Landlords
February 8, 2008 -- The Real Deal
Scott Mollen is quoted on a court ruling that cautions commercial landlords not to exaggerate tenants' violations or be overzealous in their use of notices to cure.
Media Mention

A Fee That Developers Would Like to See Rise
February 6, 2008 -- The New York Times
Doug Heller is quoted regarding condo sponsors' willingness to pay higher filing fees on the assumption that the added money would increase staffing, which in turn would lead to speedier review of their condo plans. The sponsors are, in large numbers, backing legislation that would raise the fees.
Media Mention

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Bernanke's Easing Thwarted by Surging Commercial Mortgage Rates
January 25, 2008 -- Bloomberg News
Scott Tross is quoted on rising interest rates in commercial lending and the deteriorating commercial real estate market.
Media Mention

Realty Law Digest
January 9, 2008 -- New York Law Journal
Ben Kursman is quoted on the perils of using email exchanges to form a contract to purchase real estate.
Media Mention

Judge Upholds NY Approval of Condo Conversion Plan
January 8, 2008 -- New York Law Journal
Scott Mollen is quoted on the significance of a major court decision regarding a dispute over one of the largest rental-to-condo conversions in New York.
Media Mention

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Who's On The Hook? Brokers Shun Listing Duties
January 2, 2008 -- The Real Deal
Doug Heller is quoted in an article examining condo brokers' increasing reluctance to become listing brokers of record because of obligations and liabilities that attach to that designation.
Media Mention

Make The Grade
January 2008 -- Commercial Property News
Neil Shapiro is quoted in a story about how commercial real estate investors are becoming increasingly involved in developing and owning student housing.
Media Mention

Cure Notice to Tenant Found 'Deficient' Due to Insufficient Claims
December 7, 2007 -- New York Law Journal
Scott Mollen is quoted regarding issues surrounding notices to cure.
Media Mention

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Big Block Leasing Activity Taps the Brakes
December 5, 2007 -- The Real Deal
Richard Brown is quoted regarding how financial services companies have become more cautious about leasing large blocks of office space because of fears driven by uncertainty in the credit markets.
Media Mention

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Industry Debates Bush Bailout
December 5, 2007 -- GlobeSt.com
Scott Tross is quoted on the likely effects of the Bush Administration's plan to freeze rates on performing sub-prime mortgages.
Media Mention

Realty Law Digest
November 12, 2007 -- New York Law Journal
Neil Shapiro is quoted, explaining that well-crafted lending documents give lenders broad discretion in how they handle loan collateral upon borrowers' defaults. Neil also analyze the need for loan officers to consult with counsel when loan issues arise, because letters, emails, and phone conversations may be exhibits in subsequent litigation.
Media Mention

Realty Law Digest
November 7, 2007 -- New York Law Journal
Ray Hannigan's litigation success on behalf of a commercial tenant who sued a landlord for failing to complete construction of a leased premises in a timely manner is mentioned in this column. The court awarded direct damages and attorneys' fees, and also damages arising from lost profits.
Media Mention

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Scarano Pointing the Finger Back
November 2007 -- The Real Deal
Ray Hannigan is quoted on his client's suit against architect Robert Scarano over Scarano's alleged misuse of air rights above buildings adjacent to the "finger building" in Brooklyn.
Media Mention

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Domino Developers $weet on Lobbyists
October 5, 2007 -- New York Post
This story notes Herrick's involvement as counsel and government relations specialist on behalf of clients CPC Resources and Isaac Kataan in connection with their development of the Domino Sugar factory in Brooklyn.
Media Mention

49 WB LLC v. Village of Haverstraw
October 2007 -- Law.com
Scott Mollen's New York Law Journal column on eminent domain takings post-Kelo is noted.
Media Mention

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Landmark Status Is Approved for Domino Refinery in Brooklyn
September 26, 2007
This article examines the attempt by Herrick's client Community Preservation Corporation Resources to develop residential units at the Domino Sugar factory site in Brooklyn, and how that attempt intersects with the site being granted landmark status.
Media Mention

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Sweet Success: W'burg's Domino Plant Landmarked
September 26, 2007 -- New York Post
This article examines the attempt by Herrick's client Community Preservation Corporation Resources to develop residential units at the Domino Sugar factory site in Brooklyn, and how that attempt intersects with the site being granted landmark status.
Media Mention

Sugar Factory Named Landmark
September 25, 2007 -- The New York Sun
This article examines the attempt by Herrick's client Community Preservation Corporation Resources to develop residential units at the Domino Sugar factory site in Brooklyn, and how that attempt intersects with the site being granted landmark status.
Media Mention

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Events For September
September 25, 2007 -- The New York Observer
This article examines the attempt by Herrick's client Community Preservation Corporation Resources to develop residential units at the Domino Sugar factory site in Brooklyn, and how that attempt intersects with the site being granted landmark status.
Media Mention

Realty Law Digest
September 19, 2007 -- New York Law Journal
Mark Levine is quoted regarding the need for purchasers of real estate to consult with land use counsel prior to going to contract if they intend to develop the property further or alter its current use, or if changes to prevailing zoning would affect the property's value.
Media Mention

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The Big Comedown
September 1, 2007 -- Retail Traffic
Scott Tross is quoted in a story regarding investors' concerns with CMBS loans.
Media Mention

Building Prices Poised For a Drop-Off
September 2007 -- The Real Deal
Scott Tross is quoted analyzing how the subprime default threat was spreading and would likely threaten commercial real estate deals -- or at least prices for the deals -- in New York City.
Media Mention

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Construction Begins at Aurora Over the Hudson
August 6, 2007 -- New Jersey & Company
This story notes the start of construction of a New Jersey project where Herrick represented the borrower group in its financing of the project.
Media Mention

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2,400 New Residential Units on Brooklyn Waterfront: Supporters, Opponents About Equal at Domino Project Scoping Session
August 2, 2007 -- Brooklyn Daily Eagle
Mark Levine is quoted in this story about community reaction to a plan to develop residential units at the site of the Domino Sugar factory in Brooklyn.
Media Mention

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Real Estate Round-Up
July 25, 2007 -- Brooklyn Daily Eagle
Irwin Kisnher is quoted on the regional market for luxury suits at stadiums and arenas, opining that the area would sustain many more than currently exist.
Media Mention

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CBRE Brokers Sale of 25 A & B Vreeland Road for $33.65 Million
July 11, 2007 -- New Jersey & Company
This story notes that sale of a New Jersey property for nearly $34 million -- a deal in which Herrick represented the seller.
Media Mention

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Extell Buys Chelsea Garage, Flea Market Site
July 3, 2007 -- The Real Deal
This story notes that Extell Development Company bought 112-118 West 25th Street in New York City -- a deal on which Herrick represented the buyer.
Media Mention

Realty Law Digest
June 20, 2007 -- New York Law Journal
Arthur Jakoby is quoted on the importance of title-related litigation, emphasizing that title companies are entitled to prompt notice of claims and that purchases are obligated to conduct due diligence prior to a transaction.
Media Mention

Mortgage Fraud Skyrocketing in Jersey
June 17, 2007 -- The Star-Ledger
Jaimee Katz Sussner is quoted on the proliferation of mortgage fraud in New Jersey, and authorities; and attorneys' attempts to curb it.
Media Mention

REITs Pouring Investment Into Dense Urban Corners
May 31, 2007 -- The New York Sun
Mark Levine is quoted on the residential development boom sparking commercial development in downtown Brooklyn.
Media Mention

Realty Law Digest
May 9, 2007 -- New York Law Journal
Jonathan Adelsberg is quoted on the need to address carefully issues of percentage of gross receipts in assignment and subletting clauses in retail leases.
Media Mention

REBNY Wins Mitchell Lama Cast to Scrap Local Law 79
May 2, 2007 -- Real Estate Weekly
Scott Mollen, who successfully represented REBNY in this matter, is quoted on why overturning Local Law 79 is a just outcome and benefits affordable housing development.
Media Mention

REBNY's Win in Mitchell Lama Case Regarding Local Law 79
April 30, 2007 -- therealdeal.com's webcast
Scott Mollen is the subject of this webcast interview, in which he describes his successful representation of REBNY as it sought to strike Local Law 79 as it related to Mitchell Lama housing. Mollen also opined on why striking the law was a just outcome and will enable additional affordable housing development.
Media Mention

Debating the Benefits of Eminent Domain
April 15, 2007 -- The Record of Hackensack
Scott Mollen is quoted on how the U.S. Supreme Court eminent domain ruling in Kelo did not create a license for abuse, and that private developer involvement is often necessary to accomplish projects that serve important public purposes.
Media Mention

Litigation Just Starting in Subprime Meltdown
April 12, 2007 -- New York Law Journal
Scott Mollen is quoted in a story on how the mortgage industry has been adversely affected by the collapse of lenders that provide subprime home mortgates to borrowers with poor credit.
Media Mention

Devious Deeds: Mortgage Fraud on Rise, With Losses Doubled in 2005
April 1, 2007 -- Commercial Property News
Jaimee Katz Sussner is quoted in a story that noted the dramatic rise in mortgage fraud from year to year.
Media Mention

Class Action Lawyers Pounce on Subprime Crisis
March 14, 2007 -- Reuters
Scott Tross is quoted in this story about potential class action litigation against lenders and possibly their auditors and bankers, and possible defenses against investors' claims arising from the subprime meltdown.
Media Mention

Realty Law Digest
February 7, 2007 -- New York Law Journal
Mitch Korbey is quoted on pre-application conferences.
Media Mention

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In Hotel-Condo Debate, Weighing Tourism vs. Industry
February 2007 -- The Real Deal
Mark Levine is quoted on how a SoHo hotel-condo plan might set precedent for development in areas zoned for industrial use.
Media Mention

How To Get Sued
January 15, 22 and 29, 2007 -- Real Law Central
Scott Mollen is quoted in this three-part series on why real estate brokers get sued and what they can do to avoid litigation and liability.
Media Mention

The Outlook For Distressed Commercial Debt in 2007
January 2, 2007 -- CNBC's Squawk Box
Scott Tross is part of a panel discussing how much commercial debt will become distressed in 2007, and the market for buying and selling that paper.
Media Mention

Herrick, Feinstein Brings Together the Dealmakers
January 2007 -- Mann Report
Herrick, Feinstein's fall real estate event is covered.
Media Mention

Accused: How to Survive a Fair Housing Violation
January 2007 -- RealLawCentral.com
Mara Levin is quoted on how real estate agents face claims of violations of fair housing laws, and how they can protect themselves against liability.
Accolade

Chambers USA: 2007 America's Leading Lawyers for Business
2007 -- Chambers USA
Herrick's Real Estate Practice Group is recognized by Chambers USA as one of the best in New York.
Media Mention

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Cuomo Considered the Ultimate Pragmatist
December 2006 -- The Real Deal
Doug Heller is quoted regarding the likelihood that Andrew Cuomo, then incoming New York State Attorney General, would create processes for speedier review of condo plans.
Press Release

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Herrick Engineers Complex Land Acquisition, Equity and Construction Financing and Development Transaction
November 15, 2006 -- Herrick, Feinstein LLP
Herrick facilitated a complex transaction in which a Harlem church sold land to a development partnership that will build condominiums, in exchange for the developer’s building and selling back to the church a sanctuary and income-producing apartments.
Media Mention

Builder Licensing Bill Heads For Approval
November 2006 -- The Real Deal
Kevin Fullington is quoted in a story regarding new rules that would regulate developers of one-, two- and three-family homes in New York.
Media Mention

Best Deal On Insurance That Won't Leave You Stranded
November 1, 2006 -- Real Estate Weekly
Doug Heller authors an article about the importance of shopping for condominium insurance coverage, understanding it and reviewing it -- before disaster strikes.
Press Release

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Herrick Represents SL Green-Sutton Joint Venture in $100 MM Financing
November 2006 -- Herrick, Feinstein
Herrick, Feinstein represented a joint venture of SL Green Realty Corp. and Jeff Sutton in a complex $100 million financing of the joint venture's fee interest in a net-leased property on 34th Street.
Press Release

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Herrick Represents Joint Venture on Land Acquisition, Loan for NYC Condos
November 2006 -- Herrick, Feinstein LLP
Herrick's Real Estate Practice Group has represented a joint venture in its acquisition of seven parcels of land on the Upper East Side and a $157 million loan to acquire the land and build 92 luxury condominium units there.
Media Mention

Property & The Law: Top Real Estate Attorneys Talk About the Key Issues of the Day
July/August 2006 -- Real Estate New Jersey
Scott Tross is featured in an article that analyzes key issues facing real estate entities, including litigation trends and the possibility of an increasing amount of distressed commercial real estate debt.
Media Mention

Distressful Opportunities
February 20, 2006 -- Barron's
Scott Tross is quoted in a story that examines how delinquent and defaulted commercial loans are purchased by funds and opportunistic investors.
Media Mention

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Partnership in Deal for Empire State Building
March 19, 2002 -- The New York Times
This article details the historic sale of the Empire State Building to a group led by Peter Malkin.
Media Mention

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Empire: A Tale of Obsession, Betrayal, and the Battle for an American Icon
2002 -- By: Mitchell Pacelle
Ray Hannigan represented Japanese billionaire Hideki Yokoi in the case Nihon Sangyo Kabushiki Kaisha v. Nakahara, which is chronicled extensively in Mitchell Pacelle's book.