3/13/2013
Gulaylar Group - Acquisition of Three-Story Retail Condo at Extell's International Gem Tower
Representation of Gulaylar Group, in connection with its purchase of a jewelry exchange in the heart of New York City's Diamond District. Istanbul-based Gulaylar Group, is one of Turkey's leading jewelry companies with headquarters located in Turkey's commercial gold center. The Gulaylar Group plans to leverage its retail development expertise to create a world-class jewelry exchange in New York City.
2012
Real Estate Developer - Large Retail Shopping Center
Representing a real estate developer in connection with the development of a large shopping center complex in New York City. Our work includes a significant Uniform Land Use Review Process application involving zoning changes, street mappings, special permits, government relations activities and an environmental impact statement.
2009
Ultra Stores - Successful Chapter 11 Plan
Representation of Ultra Stores—a 200-store jewelry chain—in its recapitalization through an expedited Chapter 11 plan, guiding the company from filing to confirmation in less than four months. We negotiated first lien emergence financing with an institutional lender and a debt-for-equity swap with the second lien lender and the trade creditors. At the same time, management was able to retain 26% ownership in the company.
2009
Kushner Companies – 666 Fifth Avenue Condominium Conversion
We represented an affiliate of the Kushner Companies in the conversion of 666 Fifth Avenue to two condominium units – one mixed office/retail, and one retail. The conversion was the first step in a larger transaction involving the contribution of the $525 million retail condo unit to a joint venture between Kushner Companies, the Carlyle Group and Crown Acquisitions. We helped negotiate the condominium declaration and bylaws between the joint venture partners, and between them and the existing lender, the mortgage loan's main servicer, and new lenders providing financing for the retail unit.
2008
Money Center Bank - $25 Million Facility
Representation of a money center bank in a $25 million asset-based senior secured revolving credit facility of a specialty apparel retailer and distributor.
2007
Lightstone Group - Shopping Center Finance
Representation of the Lightstone Group in an almost $58 million acquisition and construction loan for a shopping center development adjacent to a Prime Outlets center in Williamsburg, VA.
2007
Commercial Bank - New Markets Tax Credit Financing
Representation of a commercial bank in connection with a New Markets Tax Credit financing arrangement under the New Markets Tax Credits Program authorized by the Community Renewal Tax Relief Act of 2000. The bank made a term loan to and an equity investment in, an SPV, which used the proceeds to make an equity investment in a "community development entity" ("CDE"). The CDE then made a loan to, and an equity investment in, a "qualified active low income community business." The business used the proceeds of the loan to acquire and develop property at 126th Street and Lexington Avenue, Manhattan.
2007
Plainfield Asset Management - Asprey
Representation of Plainfield Asset Management LLC in a joint venture that acquired the luxury retailer Asprey through an equity investment and concurrent senior and senior subordinated debt facilities.
2006
Independent Directors - Asset Sale
Representation of the special committee of independent directors in connection with the sale of the publicly held Pharmhouse deep discount store chain to Pharmor.
2004
Lightstone Group - Shopping Center Acquisition
Representation of the Lightstone Group in connection with the acquisition of six retail shopping centers in five states. We also advised Lightstone on the financing of the acquisition.
1999
Sporting Goods Chain - Financing
Counsel to a large retail sporting goods chain in its long term and working capital financing facility with several money center financial institutions.