Condominium and Cooperative Law

Represented a private lender on a $20 million condominium inventory loan in the Tribeca neighborhood of Manhattan.

Represented a joint venture between Brian Stolar’s Pinnacle Companies and Kohl Partners in the development of a 131-unit luxury multifamily condominium complex in Cliffside Park, NJ known as Aurora Over the Hudson.

Represented Bsafal Inc and Argo Real Estate in the condo offering plan for 64 University Place as well as in the contract negotiations for residential units at this luxury Manhattan mixed-use condo.

Represented a private lender in a $51 million condominium inventory loan in New York City’s Financial District.

Represented the condominium board of the Beekman East, a 141-unit condominium in midtown Manhattan, in a hoarding case against a shareholder for breach of contract and various equitable relief. The board was granted a preliminary injunction directing the shareholder to allow the condo and its contractors access to the unit in order to cure the hoarding conditions, exterminate and make all necessary repairs.

Prevailed on a matter of first impression before the Appellate Division, First Department. At issue was the statute of limitations under Real Property Law (“RPL”) section 339-l, which provides that condominium common charges are to be held in trust for the benefit of materials suppliers, laborers, contractors, and other construction professionals, provided that (i) those individuals provided services benefitting condominium common elements and (ii) the services were provided at the request or consent of the board of managers. RPL § 339-l does not specify a statute of limitations, and a contractor sued Herrick’s client for a violation of the statute based on a five-year-old claim. At the trial court level, Herrick prevailed on a motion to dismiss, successfully arguing that, under prevailing law, a three-year statute of limitations applies to claims under RPL § 339-l, thus rendering the contractor's claims untimely. The motion to dismiss was unanimously affirmed on appeal, thus representing a complete victory for Herrick’s client. The case is ELM Suspension Sys., Inc. v. 45 E. 33rd St. Condo., 201 A.D.3d 498 (1st Dep’t 2022).

Represented F&T Group in the financing, development and construction of the Tangram development, an approximately 1.2-million-sq.-ft. mixed use project located in Flushing, Queens. Herrick assisted in the $230 million construction loan as well as in the filing of a condominium offering plan for a 48-unit office building, hotel, open air mail, movie theatre, restaurants and two residential buildings totaling 324 units.

Represented the NYC Economic Development Corporation in the formation of a condominium at 20 Lafayette Avenue, Brooklyn, in order to facilitate the acquisition of a community facility unit with rights to a 16,000-sq.-ft. outdoor plaza (known collectively as BAM South) to be used by various artist groups licensed by NYC.

Represented the owner of the office condominium portion of the Woolworth Building, a joint venture between the Schron family and Steve Witkoff, in a $320 million refinancing from Blackstone.

Represented 115 Spring Street Company in the formation and sale of a Soho retail condominium to SL Green.

Represented Oases Real Estate in the sale of its right to construct 40 condominium units over a working post office on the west side of Manhattan.

Represented a real estate developer in filing the offering plans for a $217.5 million, 266-unit condominium development project in Greenwich, Connecticut.

Represented 26 West 20th Street Corp., the shareholders of which are the tenants of the building, in restructuring the corporation into a cooperative housing corporation. After converting to a cooperative, Herrick represented the cooperative board by acting as transfer agent for the sale of the third floor of the building.

Represented G4 Capital Partners in a $11 million financing for JDS Development Group’s condominium development at 71 North 7th St. in Williamsburg, Brooklyn.

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.

Represented Cheshire Partners in a $2 million bulk sale of cooperative apartments in Westchester County, New York.

Represented DNA Development LLC in the preparation of an offering plan for new condominium construction project at 280 St. Marks Avenue in Brooklyn, NY.

Represented one of the New York region's premier real estate development families in offering plans for Manhattan condominium projects.

Represented a sponsor in settling a litigation involving the sponsor's effort to convert one of New York City's largest Mitchell-Lama subsidized housing projects (1,200 units on Manhattan's Upper East Side) to market rate housing. The settlement involved the creation of entirely new subsidy programs by the city and by the sponsor, and an approximately $550 million condominium conversion.

Represented Youngwoo & Associates LLC in developing a 16-story condominium in New York's West Chelsea neighborhood. The building is designed to be an art gallery, and our work included an air rights acquisition and construction loan financing.

Representation of developer in a joint venture with an asset management company and a financial services firm in a condominium conversion and a $200 million offering of an occupied 117-unit rental building on Manhattan’s Upper West Side.

Represented 342 East 72^nd Street Corporation in fighting the relocation of a new subway entrance. The original plans called for the entrance to be embedded in the basement of a building at the corner of 72nd Street and Second Avenue, but the MTA announced a new plan to move the entrance to the middle of the block on 72nd Street between First and Second Avenues—directly in front of residential buildings. Herrick helped the local building owners fight this plan.