River View Towers – Mitchell-Lama Affordable Housing Refinancing
Represented River View Towers, a 385-unit, 24-story, affordable housing Mitchell-Lama cooperative built in 1964 located in Manhattan’s Hamilton Heights neighborhood for the $33.3 million total financing package comprised of a $12.3 million private loan from CBRE Multifamily Capital Markets, a $20.4 million subordinate Subsidy Loan from the New York State Housing Finance Agency (“HFA”), and a $577K grant from New York State Energy Research and Development Authority (“NYSERDA”). After prepaying existing debt, approximately $26.5 million will be used for property capital improvements including Local Law 11 façade work, new windows and roof, mechanical upgrades and replacements, and numerous other projects. This deal is important not only because it is preserving 300+ units of affordable housing for the long-term, but it is only the fourth refinancing under HFA’s Subsidy Loan Program.
64 University Place – Condo Offering Plan
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.
Central Park Conservancy – Manhattan Leasehold Condo
Represented the Central Park Conservancy and an affiliate of Anbang Insurance Company for a full floor lease of 717 Fifth Avenue for 31 years. The lease will be converted to a leasehold condominium.
New York Cooperative – $15 Million Refinance
Represented a 340-unit cooperative in New York City in a $15 million mortgage refinance with a $1 million line of credit.
Pinnacle Companies & Kohl Partners – Luxury Multifamily Condominium – Cliffside, NJ
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.
Zeta Charter Schools – 25,000-Square-Foot Condominium Unit
Represented Zeta Charter Schools in connection with the negotiation of a lease for a to-be-built 25,000-sq.-ft. condominium unit in the Bronx, which will be occupied by them as a 3rd-8th grade charter school.
Private Lender – $20 Million Condominium Inventory Loan
Represented a private lender on a $20 million condominium inventory loan in the Tribeca neighborhood of Manhattan.
Not-for-Profit Leasehold Condominium
Represented a national not-for-profit in the acquisition of a New York City full floor office leasehold condominium.
F&T Land Group – Tangram Development, Flushing, Queens
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 and two residential buildings totaling 324 units.
Brack Capital Real Estate – Manhattan Condo Offering Plan
Represented Brack Capital Real Estate in the condo offering plan for 90 Morton Street as well as in the closing of multiple condo units for this West Village residential condo.
NYC Economic Development Corporation – Community Facility Condo – Brooklyn, NY
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.
Real Estate Developer – $171.8 Million Condo Project
Represented a real estate developer in filing the offering plans for a $171.8 million, 130-unit condominium development project in Greenwich, Connecticut.
Real Estate Owner/Investor – $320 Million Woolworth Building Refinancing
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.
FL Condominium Developer – $300 Million Construction Loan Facility
Represented one of Florida’s largest condominium developers in a $300 million construction loan facility for eight condominium projects together with a corporate restructuring and a simultaneous $90 million buyout of a major joint venture partner.
115 Spring Street Company – Soho Retail Condominium Formation and Sale
Represented 115 Spring Street Company in the formation and sale of a Soho retail condominium to SL Green.
Real Estate LLC – Manhattan Commercial Condominium Sale
Represented a real estate LLC in the sale of the commercial condominium unit at 205 Bleecker Street to two affiliates of Infinity Real Estate, LLC.
Oases Real Estate – Sale of Rights to Construct 40 Manhattan Condo Units
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.
AEW Capital Management – Brooklyn Residential and Commercial Condominium Joint Venture
Represented AEW Capital Management in a joint venture with Hope Street Capital to acquire and develop residential and commercial condominiums in Brooklyn.
Real Estate Developer – $217.5 Million Condo Project
Represented a real estate developer in filing the offering plans for a $217.5 million, 266-unit condominium development project in Greenwich, Connecticut.
Co-op Board of Directors – Sale of Chelsea Building Shares
Represented the board of directors of a leasehold cooperative building at 101 West 23 rd Street in the $19 million sale of in excess of 85% of its shares. The shares were owned by the individual shareholders and sold to the building’s land owner.
26 West 20th Street Corp. – Cooperative Restructuring
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.
The Cheshire Group Affiliate – $20.5 Million Sale of Manhattan Condo Units
Represented 141 East 88th Street LLC, an affiliate of The Cheshire Group, in the $20.5 million sale of 14 unsold condominium units subject to rent regulation to an affiliate of RFR Holding LLC.
G4 Capital Partners – $11 Million Brooklyn Condo Development Financing
Represented G4 Capital Partners in a $11 million financing for JDS Development Group’s condominium development at 71 North 7th St. in Williamsburg, Brooklyn.
G4 Capital Partners – $41 Million Brooklyn Condo Development Financing
Represented G4 Capital Partners in a $41 million financing for JDS Development Group’s condominium development at 613 Baltic Street in Park Slope, Brooklyn.
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.
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.
Cheshire Partners – Bulk Sale in Westchester County
Represented Cheshire Partners in a $2 million bulk sale of cooperative apartments in Westchester County, New York.
NYC School Construction Authority – 77 Greenwich Street
Assisted the New York City School Construction Authority (“SCA”) in the $104 million purchase of the structure of a multi-story elementary school, from an affiliate of Trinity Place Holdings. SCA will complete a multi-story elementary school and construct a 40-story condominium on the property at 77 Greenwich Street.
DNA Development – Condominium Offering Plan
Represented DNA Development LLC in the preparation of an offering plan for new condominium construction project at 280 St. Marks Avenue in Brooklyn, NY.
Irish Bank – Foreclosure on Battery Park City Building
Represented an Irish bank in a complex foreclosure of a 302-unit leasehold condominium located at 225 Rector Place in New York City. When the developer defaulted on a $165 million acquisition and construction loan, we worked with the lender to foreclose and to fend off a lender liability lawsuit.
Family-Owned Real Estate Developer – Condo Plans
Represented one of the New York region's premier real estate development families in offering plans for Manhattan condominium projects.
Real Estate Developer – $58 Million Brooklyn Condo Project
Represented a condominium developer in crafting and filing the offering plans for a $58 million, 93-unit project in Greenpoint, Brooklyn.
Subsidized Housing Project Sponsor – Market Rate Conversion
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.
CPC/Morton Olshan – Parkchester Condominium Redevelopment
Represented a joint venture between The Community Preservation Corporation, Morton Olshan of Mall Properties Inc., and Jeremiah O'Connor of The O'Connor Group, in the complete renovation and rehabilitation of the 171-building Parkchester condominium in the Bronx, New York, including the acquisition and financing of 6,361 unsold residential condominium units, 500,000 square-feet of retail and commercial space and five parking garages. Our work included government relations, land use, real estate and tax advice. The project required the cooperation of our clients, utility companies, state and city politicians, religious leaders and local residents, and included the passage of special legislation.
Youngwoo & Associates LLC – Art Gallery Condo Development
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.
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.
Real Estate Developer – $200 Million Condo Conversion JV
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.
Developer – $120 Million Condominium Business
Representation of a developer in creating a condominium regime on a commercial property in The Bronx, New York, to facilitate future leasing and potential sales. We are also advising the developer on the project’s associated applications to the New York Attorney General.
342 East 72nd Street Corporation – Second Avenue Subway Entrance Relocation
Represented 342 East 72nd 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.
Roberta Flack – Harlem Property Development
Represented renowned vocalist Roberta Flack in her development of real estate in Harlem.
The Cheshire Group – Share Acquisition
Represented the Cheshire Group in its acquisition of 101 unsold shares of 11 Park Avenue in Mount Vernon, New York.