William Macklowe Company – Park Slope, Brooklyn Acquisition
Represented the William Macklowe Company in the acquisition by it and Senlac Ridge Partners of a development property at 120 Fifth Avenue in Park Slope, Brooklyn. This complex deal closed on its original timeline even with the COVID-19 New York State on Pause limitations in effect.
FBE Limited – Brooklyn Acquisition, Including Marina
Represented FBE Limited in connection with the acquisition of waterfront property including a marina located in Brooklyn, New York for $57.5 million and with the related financing.
Not-for-Profit Religious Entity – Commercial Condo Acquisition
Represented a not-for-profit religious entity in the acquisition of a commercial condominium unit on West 83rd Street.
Chinatown Commercial Building Sale Post-Bankruptcy
Represented an affiliate of a New York City-based family office on the approximately $28.6MM sale of a largely vacant commercial building in the Chinatown neighborhood of Manhattan. The sale was following a bankruptcy court order, in a Chapter 11, single-asset bankruptcy case.
Arch Real Estate Companies – North Carolina Acquisition
Represented Arch Real Estate Companies in connection with the $63 million acquisition and financing of the Cambridge Corporate Center in Charlotte, North Carolina.
Mattone Group – Williamsburg, Brooklyn Sale
Represented the Mattone Group and HWM Met/Marcy in connection with the sale of 402-420 Metropolitan Avenue. This deal also involved representing the sellers in the bankruptcy proceeding of the original purchaser who filed for bankruptcy the day prior to the closing date in early April.
Community Development Trust – Finance of Multifamily Housing Complex – Oklahoma
Represented Community Development Trust, LP in the acquisition and financing of a 400-unit affordable multifamily housing complex located in Oklahoma City, OK.
Houlihan-Parnes & CLK Management – Long Island Office Building
Represented affiliates of Houlihan-Parnes and CLK Management in the $65 million acquisition and financing of a suburban office building located at One Old Country Road, Carle Place, NY, together with the assumption of the existing mortgage loan, in a 1031 like kind exchange transaction.
Rabina Properties – $231 Million Sale of 230 Park Avenue South
Represented affiliates of Rabina Properties and other tenants in common in the $231 million sale of 230 Park Avenue South, New York, NY, and the acquisition of replacement like-kind properties in a 1031 like kind exchange transaction. Also represented certain of the sellers in the original acquisition of their interests in 230 Park Avenue South, which was accomplished through a sophisticated restructure of distressed debt secured by partnership interests.
Olnick Organization – Acquisition of 201 West 77th Street
Represented the Olnick Organization in connection with a $106 million acquisition of 201 West 77th Street, a mixed-use property located on the Upper West Side of Manhattan.
$430 Million Joint Venture Acquisition – U.S. Bank Tower – Los Angeles, CA
Represented both Migdal Insurance Company Ltd. and Menora Mivtachim Insurance Ltd., two of the largest Israeli insurance companies, in the negotiation of a joint venture with Silverstein Properties to acquire the U.S. Bank Tower in downtown Los Angeles, California for a purchase price of $430 million. The deal involved tax structuring, negotiation of partnership agreements, as well as oversight of the acquisition and loan documents.
Crescent Sky Capital – $10 Million Apartment Complex Acquisition
Represented Crescent Sky Capital LLC in connection with the $10 million acquisition of the Castle Apartments complex in Tallahassee, Florida from Capital Quad, Inc. and on the related acquisition loan.
FBE Limited – $115 Million Sale of Affordable Housing Complex
Represented FBE Limited LLC in selling an affordable housing complex in the Bronx, New York for $115 million. This transaction involved an assumption by the buyer of the existing mortgage loan, along with obtaining regulatory approvals, as the property is an affordable housing building.
$36.5 Million Sale of TIC Interest – Manhattan, NY
Represented a New York real estate family in the $36.5 million sale of a 50% tenancy in common interest in two buildings at 155 and 165 West 29th Street.
Extell Development – Joint Venture – Yonkers, NY
Represented Extell Development Company in a joint venture agreement for the ownership and development of property in Yonkers, New York.
RAGHSA Real Estate LLC – One Union Square South
Represented RAGHSA Real Estate LLC, a U.S.-based company, in a complex $200+ million acquisition of 100% of the equity interests in the owner of the 240-unit residential component of One Union Square South from The Related Companies, L.P. Additionally, Herrick represented the purchaser in securing a $135 million FNMA loan and preferred equity financing through a joint venture with a Related affiliate entity. The transaction also involved HFA regulatory, 421-a tax abatement, ADA consent decree, fee-over-plane, reciprocal operating agreement and existing bond redemption components.
Rabina Properties – Refinancing of Icon Las Olas, Fort Lauderdale, FL
Represented Rabina Properties in the $139 million permanent refinancing by Sun Trust Bank of the Icon Las Olas, and a sale of a preferred equity interest in the project. The property has been a long term hold by Rabina and its joint venture partner, Related. The 272 unit luxury high-rise apartment tower is currently the tallest building in Fort Lauderdale and includes the highest end amenities in the area..
Bronx Property Sale with Development Rights
Represented a privately owned investment company on the sale of property located in Bronx, New York comprising a development site, as well as unused development rights pursuant to a zoning lot development agreement recorded against neighboring property.
DH Property – Brooklyn Warehouse Sale to Prologis
Represented DH Property Holdings in the acquisition, financing negotiations and ultimate $60 million sale of the purchase contract for a two-acre warehouse site at 150 East 52nd Street in Brooklyn, NY to the mammoth warehouse landlord, Prologis.
Greystar – Acquisition of 800 Sixth Avenue
Represented Greystar in connection with the $237.5 million acquisition of a multi-family residential apartment building, 800 Sixth Avenue in Manhattan. This complex deal also entailed assignments of existing mortgages, a 421-a component, New York State Housing Finance Agency assignment approval and bond redemption.
Cammeby’s International – $1.8 Billion Apartment Community Portfolio Acquisition
Represented Cammeby’s International, in a joint venture with Harbor Group International, in the $1.8 billion acquisition of the five-state, 9,000+-unit Beacon portfolio of 25 apartment communities.
Rabina Properties – 520 Fifth Avenue Development
Represented Rabina Properties in the acquisition, financing, joint venture, restructuring and recapitalization of the vacant development parcel located at 520 Fifth Avenue in Manhattan. The development is initially projected to include an 800-foot-tall tower on the corner of East 43rd Street and Fifth Avenue.
Muss Development – $165 Million Manhattan Property Sale & Development Rights Transfer
Represented Muss Development in its sale of two fee parcels and one development rights transfer as part of an assemblage on the Upper East Side that, along with the other five fee parcels and three development rights transfers involved, totaled over $165 million.
Harbor Group International – $117 Million Brooklyn Acquisition
Represented an affiliate of Harbor Group International, LLC in the acquisition of a $117 million newly constructed 193-unit multifamily property known as The Frederick, located at 564 St. John’s Place in Crown Heights, Brooklyn.
Senior Care Development – 53-story Retirement Community Sale, Chicago
Represented David Reis and Senior Care Development in the structuring and sale of The Clare, a 53-story 338-unit Continuing Care Retirement Community (CCRC) located in Chicago.
HK Organization – Brooklyn Joint Venture Acquisition, Financing and Disposition
Represented an affiliate of HK Organization in the joint venture with a real estate fund to acquire, finance, refinance and subsequently sell the property known as The Chocolate Factory, a large, historic mixed-use building in Brooklyn with over 100 newly renovated residential units.
U.S. Banking Institution – Sale of 77-Property, 15-State Real Estate Portfolio
Represented one of the largest U.S. banking institutions in the sale of a 77-property, 15-state real estate portfolio to a global investment management firm. The transaction also involved the leaseback of 22 properties.
The Lightstone Group – $330 Million Manhattan Ground Lease Sale
Represented The Lightstone Group in the combined $330 million sale of a ground lease position owned by Abraham Kamber & Company LLC and a subleasehold estate owned by Lightstone at 1407 Broadway.
U-Haul International – $200 Million West Chelsea Sale
Represented U-Haul International affiliate AMERCO Real Estate Company, in the $200 million sale of four contiguous industrial properties in Manhattan's West Chelsea neighborhood to Related Companies, along with unused development rights from a fifth parcel that U-Haul retained.
Pro Football Hall of Fame Village – McKinley Grand Hotel
Represented the Hall of Fame Village in the acquisition of the McKinley Grand Hotel in Canton, Ohio. This is part of the efforts to modernize and update the entire Football Hall of Fame complex.
Muss Development – $29.5 Million Westchester County Acqusition
Represented Muss Development in its $29.5 million purchase of multi-family property in Westchester County, New York.
Acquisition & Financing of Multifamily Property – Gainsville, FL
Represented a developer in connection with the acquisition of multifamily property located in Gainesville, Florida and with the related financing.
Shorenstein Properties – Nashville, TN
Represented Shorenstein Properties in connection with its purchase of a 28-story office building containing over 600,000 rentable square feet in Nashville, TN. The purchase represents Shorenstein’s first acquisition in the Nashville market.
Maxx Properties – Acquisition & Financing – Las Vegas, Nevada
Represented Maxx Properties in their acquisition, financing and 1031 exchange for Madison at Spring Valley, a 168-unit multifamily community in Las Vegas.
DH Property Holdings Affiliate – Brooklyn Industrial Property Acquisition
Represented an affiliate of DH Property Holdings in the acquisition of an industrial development site on Columbia Street in Red Hook, Brooklyn.
Vanbarton Group – $450 Million Sale of 180 Water Street
Represented Vanbarton Group in the $450 million sale of its remaining interest in 180 Water Street to MetroLoft Management. The sale was the second largest New York City real estate transaction in 2017, according to data from The Real Deal.
FBE Limited and Adam America Real Estate – $54 Million Manhattan Sale
Herrick represented FBE Limited and Adam America Real Estate in the sale of 4650 Broadway in Manhattan to an affiliate of the Arden Group for $54 million after previously representing FBE/AARE in a joint venture acquiring this site in 2018. The site is eligible for Brownfield Tax Credits and is located in an opportunity zone on the border of Inwood and Washington Heights.
$17.65 Million Apartment Acquisition by Chinese Investor – St. Petersburg, FL
Represented the U.S. real estate arm of a large global conglomerate headquartered in China on the approximately $17.65MM acquisition of an apartment complex in St. Petersburg, Florida, as well as related agency financing.
Criterion Group – Long Island City Acquisition
Represented Criterion Group in the purchase of two parcels just north of Queensboro Plaza between 22nd and 23rd streets for $79.95 million.
Harel Insurance – Acquisition in Nashville, Tennessee
Represented Harel Insurance Company in the acquisition of a fifty-percent interest in an $82 million construction facility for the ground up construction of a 420-unit rental property in Nashville, Tennessee.
The Sabet Group – Crosby Street Acquisition
Represented The Sabet Group in their purchase and development of 35 Crosby Street in Manhattan.
Privately Held Real Estate Company – Acquisition of Inclusionary Air Rights
Represented a privately held real estate company as purchaser on an approximately $17.7 million acquisition of inclusionary air rights. The contract period was over three years, during which time the seller constructed the applicable affordable housing on the generating site.
Greystar Real Estate Partners – $211 Million Chelsea Multifamily Acquisition
Represented Greystar Real Estate Partners in the $211 million acquisition and mortgage financing of a 204-unit multifamily building in Manhattan's Chelsea neighborhood.
RXR Realty – $800 Million Acquisition of 237 Park Avenue
Represented RXR Realty in its joint venture acquisition of 237 Park Avenue, a 1.2-million-sq.-ft. office building located in the heart of the Grand Central District, between 45th and 46th Streets.
Rabina Properties – $131 Million Manhattan Development Site Sale
Represented Rabina Properties LLC in the $131 million sale of a development site consisting of six properties in Manhattan's NoMad neighborhood. The sale also included additional Inclusionary Housing benefits and an investment by our client in the acquiring entity.
Kiska Developers – $104 Million Manhattan Sale with Development Rights
Represented Kiska Developers, Inc. in the $104 million sale of a development site on 56th street and Lexington Avenue to an entity controlled by Rotem Rosen. The development included ten lots, unused development rights purchased from a neighboring property and Inclusionary Housing Air Rights from an affordable development.
Beijing Developer – Manhattan Development Site Acquisition
Represented a Beijing-based developer in the acquisition and financing of a gas station on Manhattan's west side. The developer intends to create a mixed-use building that will include residential condominiums and ground floor retail space.
Vanbarton Group – Acquisition of New York and San Francisco CRE Portfolio
Represented Vanbarton Group in the multi-million dollar acquisition of a portfolio of commercial properties located in New York and San Francisco.
AEW Capital Management – 175 Varick Street Leasehold Interest Sale
Represented AEW Capital Management in the sale of its leasehold interest in 175 Varick Street to an affiliate of Tishman Speyer.
Joint Venture – $220 Million Chicago Office Tower Acquisition
Represented The World-Wide Group and Cammeby's International in the $220 million joint venture acquisition of a Class A tower in Chicago, Illinois.