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.
Extell Development Company – $66 Million Assemblage Sale
Represented Extell Development Company in the $66 million sale of an assemblage consisting of a fee parcel on East 29th Street in Manhattan, two air parcels, two certificates of eligibility for zoning floor area bonuses, and Extell’s interest in contracts for development rights from adjacent property owners.
Extell Development Company – Upper West Side Assemblage & Development Rights
Represented Extell Development Company in completing an Upper West Side assemblage including the acquisition of 2551 Broadway and development rights from nearby co-op buildings on West 95th Street.
Extell – $360 Million Manhattan Portfolio Purchase
Represented Extell Development Company in the $360 million purchase, flip and financing of multiple properties from the Duell family's real estate portfolio.
Chinese Real Estate Developer – $66 Million Flushing, Queens Parcel Acquisition
Represented a major Chinese real estate developer in its acquisition of a parcel of land in Flushing, Queens for $66 million. The developer plans to build a mixed-use condominium with ground and second-floor retail.
Real Estate Companies – $380 Million National Apartment Complex Acquisition
Represented a joint venture between two major real estate companies in its $380 million acquisition and financing of 52 apartment complexes in 14 states.
Joint Venture Acquisition of Development Rights
Represented a joint venture of prominent real estate companies in connection with the acquisition of unused development rights from a neighboring property through zoning lot merger, along with a related light and air easement and construction license. The development rights will facilitate the redevelopment of a significant Manhattan property.
LargaVista Companies – Long Island City Acquisition
Represented an affiliate of LargaVista Companies in the $18 million acquisition from Zand Development, LLC of 29-00 Queens Plaza East (at the corner of Northern Blvd. & Queens Blvd.), Long Island City, NYC. Our work included a 1031 Exchange, financing, and is part of LargaVista's assemblage for future residential development.
Youngwoo & Associates – Bronx General Post Office Acquisition
Represented Youngwoo & Associates in the acquisition of the Bronx general post office building from the United States Postal Service. We also handled the permanent lease of a section of the building to the USPS so that they maintain a retail presence, a loan agreement related to the Depression-era murals inside the building, and a joint venture agreement.
Schron and Fruchthandler Families – Acquisition of Interest in 1285 Avenue of the Americas
Represented the Schron and Fruchthandler families in the acquisition of a joint venture interest in 1285 Avenue of the Americas, which was purchased by RXR Realty in May 2016 for $1.65 billion.
Joint Venture – $68 Million Woolworth Building Condo Conversion and Sale
Represented a joint venture between Cammeby's International and The Witkoff Group in the conversion of the iconic Woolworth Building's top 30 floors to a condominium unit, and the $68 million sale of the unit to Alchemy Properties.
Clarion Partners Investment Trust – Sale of North Carolina Corporate Center
Represented an investment trust advised by Clarion Partners in the $55 million sale of Durham, North Carolina's Palladian Corporate Center, to a fund managed by Innovatus Capital Partners.
Greenspan Family – Sale of Bronx Multifamily Portfolio
Represented the family of Abraham Greenspan in the sale of four multifamily properties with 250+ units in various neighborhoods in the Bronx, NY.
Real Estate Investor – Utah Resort Acquisition
Represented a principal of a joint venture in the venture’s acquisition, from another of its principals, of a resort condominium in Deer Valley, Utah. In connection with the acquisition and future development of the resort, the joint venture also obtained up to $212 million in construction financing.
Continental Ventures – Upper East Side Joint Venture
Represented Continental Ventures in a joint venture transaction involving the acquisition, financing and development of a luxury mixed-use project on the Upper East Side of Manhattan.
Amity Education Group – Acquisition of St. John’s University Campus
Represented India-based Amity Education Group, a nonprofit international education group, in the $22.4 million purchase of the St. John’s University 170-acre waterfront campus located in Oakdale, Long Island.
Telecommunications Provider – Sale of East Williamsburg Properties
Represented a national telecommunications service provider in the sale of two properties in East Williamsburg, Brooklyn.
Emmes Asset Management – $100 Million California Office Building Acquisition
Represented Emmes Asset Management Company in connection with a joint venture with the investment arm of a major university system and the $100 million acquisition of a prominent Class A office building in Irvine, California. The transaction also included a multi-million dollar investment by a Japanese corporation investing in U.S. property for the first time.
Cooperative Board – Sale of 66 Manhattan Cooperatives
Represented the Board of Directors of 715-723 Sixth Avenue Owners Corp. to facilitate the sale of 66 apartments at the leasehold cooperative building located at 101 West 23rd Street in New York City.
Financial Institutions – South Street Seaport Development Rights Sale
Advised a consortium of four large financial services companies on the sale of 333,000-sq.-ft. of development rights in Manhattan's South Street Seaport to the Howard Hughes Corporation.
Maxx Properties – Omaha Portfolio Sale
Represented MAXX Properties in the sale of their portfolio of multifamily properties located in Omaha, Nebraska, which included a securitized loan defeasance. The transaction is the front-end of a 1031 tax-deferred exchange. MAXX Properties has retained Herrick in connection with the acquisition of the replacement property.
Yeshiva University – $58 Million Apartment Portfolio Sale
Represented Yeshiva University in the $58 million sale of 20 cooperative apartments and 78 condominium apartments located at 13-15 East 11th Street to Alabama Apartments Investors, LLC, an affiliate of Pebb Capital.
DH Property Holdings and FBE Limited Affiliates – $151.5 Million Ten-Property Portfolio Acquisition
Represented affiliates of DH Property Holdings and FBE Limited LLC in the $151.5 million acquisition of a ten-property multifamily and office property portfolio from affiliates of the Braun Family, and the flip of parts of the portfolio to other investors.
Extell Development Company – $75 Million Bronx Property Sale
Represented Extell Development Company in the $75 million sale of 2505 Bruckner Boulevard in the Bronx to Innovo Property Group RE, LLC.
Somerset Partners Affiliate – Bronx Industrial Site Acquisition and Financing
Represented an affiliate of Somerset Partners in the $7.5 million acquisition and financing of 9 Bruckner Boulevard in the South Bronx. The industrial site, which is situated opposite of Somerset’s planned residential development project along the waterfront, will be converted into a 30,000-sq.-ft. Bruckner Market food hall.
FBE Limited – $195 Million Long Island City Property Sale
Represented FBE Limited LLC in the $195 million sale of 24-02 49th Avenue, Long Island City, along with the defeasance of a REMIC mortgage that was encumbering the property, and the completion of a reverse 1031 exchange transaction.
Edison Properties Affiliate – 620 12th Avenue Acquisition
Represented an affiliate of Edison Properties in the purchase of 620 12th Avenue.
Schron and Fruchthandler Families – $161 Million Brooklyn Warehouse Sale
Represented an entity owned by the Schron and Fruchthandler families in the $161 million sale of 9-47 Hall Street, a warehouse building near Brooklyn's Navy Yard.
Schron Family – $92 Million Acquisition of 1501 Lexington Avenue
Represented the Schron family in the $92 million acquisition of a multifamily building located at 1501 Lexington Avenue.
FBE Limited LLC – $84 Million Bronx Apartment Building Acquisition and Financing
Represented FBE Limited LLC in the $84 million acquisition and financing of 1600 Sedgwick Avenue in the Bronx, a HUD-subsidized low income housing property.
Real Estate Developer – Sale of Otis Elevator Building
Represented a real estate developer in the $80 million sale of Manhattan's historic Otis Elevator Building to a major REIT, the negotiation of a long-term ground lease for the property, and related mortgage loan amendments.
Rabina Properties – $175 Million North Carolina Office Building Purchase
Represented Rabina Properties in the $175 million purchase and financing of a 640,000-sq.-ft. office building in Charlotte, North Carolina's downtown business district.
Private Client – Long Island Vineyard Acquisition
Represented a client in the acquisition of a residence and 33-acre operating vineyard in Long Island's North Fork area.
Real Estate Companies – $315 Million Office Portfolio Acquisition
Represented a joint venture between two major real estate companies in its $315 million acquisition and financing of a 43-property portfolio of office and commercial buildings in Long Island, New York.
Schron Family – $252 Million Manhattan Multifamily Acquisition
Represented the Schron family in connection with the $252 million acquisition of the Monterey, a 521-unit multifamily property located at 175 East 96th Street.
Real Estate Companies – $161 Million Long Island Office Acquisition
Represented a joint venture between two major real estate companies in its $161.5 million acquisition and financing of two Long Island, New York office buildings.
KRE Group – 281 Fifth Avenue Assemblage and Sale
Represented the KRE Group in the assemblage of a development site including 281 Fifth Avenue, and the sale of the assemblage to Victor Nomad LLC. The deal included an adjacent air parcel with additional development rights and inclusionary housing certificates.