Represented L+M Development Partners in a $350+ million financing transaction for the construction and development of a 45-story mixed-use condominium building at 25 Park Row in lower Manhattan. The site is the former headquarters of J&R Music World.
Represented an affiliate of Edison Properties in the purchase of 620 12th Avenue.
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.
Represented Friedland Properties in the joint venture acquisition of the operating lease for a large Madison Avenue office building.
Represented a New York State pension fund in a $91 million construction loan made to the owners of a Gramercy Park building.
Represent major real estate owner and operator in the formation and organization of a title company.
Represented Northwind Group as the lender in connection with a $120 million mortgage and mezzanine refinancing for the 685 Fifth Avenue Condominium in the Midtown Manhattan.
Represented Silver Creek Development, a real estate development and investment company, in the Chapter 11 cases of real estate developer and hotelier, Urban Commons 2 West LLC and certain affiliates, which defaulted on hotel loans regarding the former Ritz-Carlton of Battery Park (now called The Wagner) in downtown Manhattan. After almost three years in Chapter 11, including 13 months of mediation, the Bankruptcy Court issued a favorable ruling on behalf of our client which: (i) approved the debtors’ sale of its hotel lease interests to our client; (ii) confirmed the debtors’ Chapter 11 plan; (iii) approved a global 9019 settlement reached between our client, the Battery Park City Authority, the Union, the Residential Board and the debtors negotiated over two and a half years; and (iv) overruled the sole objection interposed by a junior, out-of-the-money mechanic’s lienholder who argued that the debtors could not sell their property free and clear of its lien. After navigating a range of complex legal, financial and regulatory post-confirmation challenges, our client successfully closed on the acquisition of the leasehold interests of the property.
