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 $28.6 million 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 Holdings – Philadelphia Industrial Property Acquisition
Represented DH Property Holdings in connection with a $7.1 million purchase of an industrial property located at 8401 Escort Street, Philadelphia, PA, which is adjacent to Philadelphia International Airport. The acquisition involved a joint venture with AIG Global Real Estate Investment Corp. and was financed by Ready Capital Commercial.
Keepers Storage – New York Transactions
Represented Keepers Storage in the sale of self-storage facilities located in Manhattan, Staten Island and Nyack, NY.
DH Property Holdings – Massachusetts Warehouse Acquisition
Represented DH Property Holdings in connection with a $37 million purchase of an industrial property located at 94-104 Glenn Street, Lawrence, MA, which houses a warehouse facility. The acquisition involved a joint venture with AIG Global Real Estate Investment Corp., and was financed by Ready Capital Commercial.
DH Property Holdings – Ground Leasehold Sale to Brookfield
Represented DH Property Holdings in the sale to Brookfield Asset Management of a ground leasehold interest in 55 Bay Street, Brooklyn, NY, which is a distribution facility that our client developed and leased to Amazon.
Cammeby’s International Group – JV with Harbor Group – Miami Residential Towers
Represented Cammeby's International Group in its 50% joint venture investment with The Harbor Group to purchase a pair of downtown Miami residential towers for approximately $450 million. This transaction is the highest-priced single asset residential sale of record.
Maxx Properties – Sale of Florida Multifamily Portfolio
Represented an affiliate of MAXX Properties in the sale of a three-property 371-unit value add multifamily portfolio located in Miami-Dade and Broward counties, Florida, for $82 million. The sale is the front-end of a 1031 Exchange.
GPB Capital – Property Sale – Long Island, NY
Represented GPB Capital in connection with the sale of property in Great Neck, NY. The property is the site of the Biener Ford dealership in Great Neck, and the buyer is an affiliate of the owners of the dealership.
Sale of 360 North Rodeo Drive – Beverly Hills, California
Represented the Harkham Family in the sale of their hotel property at 360 Rodeo Drive in Beverly Hills, California to LVMH. The 42,560-square-foot property also includes three high-end retail storefronts leased to Rolex, Patek Philppe and Ferrari. The sale, at around $2.3 million per room, is one of the largest ever in terms of a per key price in California.
Migdal Insurance Company Ltd. – Joint Ventures with White Oak Partners
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of two joint ventures with White Oak Partners to establish funds to purchase multifamily properties in the United States.
NY-based Nursing Home Owner – Brooklyn Acquisition
Represented a large NY-based nursing home owner in the acquisition of 699 92nd Street in Brooklyn, NY, from a purchaser under contract who had filed for bankruptcy. The site is triple net leased to a non-profit integrated healthcare network that is New York State's largest healthcare provider and private employer.
Sale of Astoria Property – Newtown Avenue
Represented D-Ahn Development LLC on the sale of 25-23 Newtown Avenue in Astoria, Queens. The property is a development site that can accommodate future construction of a new residential building, and this transaction included a vehicular access agreement.
Shorenstein Properties – Building Sale – Nashville, TN
Represented Shorenstein Properties in connection with its sale of a 28-story office building containing over 600,000 rentable square feet in Nashville, TN.
Sale of Hyatt Hotel in Jersey City, NJ
Represented Veris Residential, Inc. in the sale of the Hyatt Hotel located in Jersey City, NJ to a joint venture between affiliates of Taconic Capital Advisors LP and HEI Hotels & Resorts.
Office Building Acquisition – Queens, NY
Represented an investor in the acquisition of a 35,000-square-foot office building in Forest Hills. The transaction included a Purchase and Sale Agreement; an acquisition loan; an LLC agreement; multiple estoppels and SNDAs; the refinancing of another property owned by the investor to raise equity for the acquisition following two aborted sales of a Maine property that had previously been acquired in a 1031-exchange; and a 99-year license agreement from the LIRR to provide parking for the tenants at the office building.
Cristo Rey Brooklyn High School – Acquisition of Brooklyn Campus
Represented Cristo Rey Brooklyn High School in the acquisition of its Brooklyn campus from the Sisters of Mercy. The campus consists of a 54,000 square foot school and a 22,000 dormitory.
University Acquisition of $100 Million Manhattan Commercial Building
Represented a university in connection with a nearly $100 million acquisition of a commercial building in Manhattan.
Sabet Group – Chelsea Apartment Building Acquisition
Represented the Sabet Group in the acquisition of 224 & 228 Eighth Avenue, a 44-unit apartment building spanning 30,075 square feet in Manhattan.
Acquisition of 216 Plymouth Street, Brooklyn
Represented the Charles F. Parker Revocable Trust and its affiliate in connection with the acquisition of a building in Dumbo located at 216 Plymouth Street, Brooklyn, New York, which took approx. two years of negotiations with the relevant parties.
Real Estate Joint Venture – Medical Office Portfolio Acquisitions
Represented a real estate joint venture in the acquisition and financing of medical office properties throughout the United States.
$21 Million Sale of Development Site – Astoria, Queens
Represented a developer, owner and operator of residential and commercial real estate in New York and Texas, in connection with the $21 million sale of a development site in the Astoria, Queens.
Sale In Lieu of Condemnation – Ronkonkoma Hub & Station Yards
Herrick represented the Estate of Gregory J. Mensch in the sale of five properties in lieu of condemnation to the master developer for the Ronkonkoma Hub Transit Oriented Development Project (now renamed "Station Yards"). Station Yards is one of many Transit Oriented Development projects happening all across Long Island, NY. This project has been in the works for more than ten years and is currently in Phase 2A. After years of negotiation, Herrick successfully obtained a sales price for the Estate in an amount that exceeded the initial offer presented by the potential condemnor by almost 200%.
Y&T Development – PSA for Brooklyn Residential Development
Represented Y&T Development LLC in connection with the assignment of a purchase and sale agreement, and the closing under the PSA, with respect to a residential development site at 870-888 Atlantic Avenue, Brooklyn.
Extell Development Company – Ground Lease & PSA for Wellington Hotel – NYC
Represented Extell Development Company as the tenant under an amended and restated ground lease and purchaser under a purchase and sale agreement for the renovation and redevelopment of the Wellington Hotel located at 871 Seventh Avenue, New York, NY.
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.
KABR Group – $120 Joint Venture for 600 Columbus Avenue
Represented KABR Group in the $120 million joint venture to acquire 600 Columbus Avenue, a 14-story multifamily building plus additional air rights on Manhattan’s Upper West Side. The property, spanning the block between 89th and 90th Streets, features 166 apartments, 27,500 square feet of retail space, and 100 parking spots. The acquisition is the largest single multifamily purchase in New York City in 2023.
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.