Matters

Goldman Sachs – Zoning for $240 Million Development – 80 Flatbush

Represented Goldman Sachs as zoning counsel for a $240 million construction loan for Phase One of the final major downtown Brooklyn development project at 80 Flatbush Avenue. The overall project includes five buildings and over 800 apartments, 200,000 square-feet of office space, 40,000 square-feet of retail and two schools. Phase One is a nearly 500-foot-tall tower with about half the overall units. The block-sized project included multiple entitlements from the City and a complex development rights arrangement.

Harbor Group International – Purchase of Black Rock Tower – Manhattan

Represented Harbor Group International in the zoning and land use for their $760 million purchase of the granite tower, known as Black Rock, at 51 West 52nd Street in Manhattan from ViacomCBS Inc.

Rabsky Group – Land Use Due Diligence for Gowanus Development

Represented the Rabsky Group in the land use due diligence for the $92 million construction loan for a large mixed-use project in Brooklyn’s Gowanus neighborhood.

Blackstone – Land Use & Zoning for Manhattan Development

Herrick acted as zoning and land use counsel to Blackstone for a $322 million loan to developers Zeckendorf Development, Atlas Capital Group and The Baupost Group to finance a portion of the land acquisition and pre-development work at 570 Washington Street. The planned development is a two-tower condominium development rising 450 feet and encompassing a full city block near Google’s St. John’s Terminal campus.

Property Markets Group – Gowanus Redevelopment, Brooklyn

Representing Property Markets Group (PMG) regarding New York City’s rezoning study for the Gowanus Canal area. Herrick successfully completed a year-long review process at the New York City Planning Department to "certify" the Gowanus Canal public access plan – include a 20,000 sq. ft. shorefront esplanade PMG's development site at Sackett and Bond Streets. We are thrilled that PMG is one of the first developers in the Gowanus to gain approval from City Planning following the November 2021 rezoning of the area. This critical milestone and approval will now allow PMG to proceed with a Building Permit to allow construction at their site – providing the team with enough time to complete construction and qualify for the now-expired 421-a program before the final June 2026 deadline. The Development is currently planned to include 500+ units of housing, including a significant permanently affordable housing component, ground floor retail, and a publicly-accessible esplanade and open space filled with recreational activities, art, and amenities along the Gowanus Canal.

Joint Venture for Mixed Use Development – Manhattan

Represented a joint venture comprised of a prominent real estate development company and a global holding company in connection with the development of a 23-story mixed-use building in the Midtown East neighborhood of Manhattan. This representation has included, among other aspects, representing the joint venture as borrower in connection with a $95 million construction loan, as well as representing the joint venture in connection with the initial acquisition and financing of the development site and related unused development rights from a neighboring property through zoning lot merger.   

Cale Street Partners – Zoning Due Diligence for 80 Clark Street

Represented Cale Street Partners as lender in the zoning due diligence for the financing of Atlas Capital Group’s development at 80 Clarkson Street on Manhattan’s west side waterfront. The new financing, a total $1 billion loan from Cale Street and Farallon Capital Management, is believed to be the largest Manhattan residential-construction loan since before the pandemic.

Soloviev Group – Land Use & Entitlements for Freedom Plaza for 2025 Downstate Casino Bid

Represented The Soloviev Group in the State Gaming Commission’s land use entitlement process for Freedom Plaza, a potential gaming facility, hotel and residential development on the East Side of Manhattan. Conceived by The Soloviev Group in a joint collaboration with Mohegan Gaming & Entertainment, plans called for two new residential skyscrapers rising 50 to 60 stories tall with 1,325 apartments, including 513 affordable housing units, as well as two 51-story hotel towers with 1,200 guest rooms. Additionally, a 4.7-acre landscaped waterfront public open space, a below-grade casino and a museum would have sat beneath the towers. Among the five Manhattan sites vying for a license, the Freedom Plaza was the final surviving application but was unfortunately ultimately turned down by the Gaming Commission's Community Advisory Committee.  

Acquisition of a Development Site – Midtown East, Manhattan

Represented a prominent real estate development company in connection with the acquisition of a development site in the Midtown East neighborhood of Manhattan, along with related unused development rights from a neighboring property through zoning lot merger. This representation has included, among other aspects, representing the client in the formation of joint venture with a real estate development and financing company, and construction license agreements with neighboring properties.    

City Council Approvals for 395 Flatbush Avenue Ext – Brooklyn, NY

Obtained City Council approvals for Rabina on complex land use and zoning work for their project at 395 Flatbush Avenue Extension in Downtown Brooklyn, NY. Their proposed skyscraper – a one-million square foot, 72-story, mixed-use development with over 1,200 dwelling units and over 800-feet tall – will be the second tallest building in Brooklyn upon completion. Herrick worked to (i) rezone the City-owned property to the highest residential and commercial zoning districts permitted by zoning – this is the first property in Brooklyn to receive these zoning classifications; (ii) modify design and bulk restrictions in the Zoning Resolution that affected the property; and (iii) extend Rabina’s ground lease with the City by 99 years.