Matters

Shefa School – Ground Lease and Bond Financing – Manhattan

Herrick represented the Shefa School in its 99-year ground lease of 17 West 60th Street in Manhattan’s Lincoln Square neighborhood. The Shefa School is a Jewish community day school serving students in grades 1 through 8 who benefit from a specialized educational environment to address language-based learning disabilities. Constructed in 1921, the 11-story building is adjacent to Columbus Circle. The school is undertaking a complete renovation of the building and will relocate its operations to the new facility upon completion. Herrick also represented the Shefa School in a tax-exempt and taxable bond financing through Build NYC Resource Corporation. The school is using proceeds from the financing to renovate, furnish and equip the property acquired through the ground lease.

Convene – NYC Leasing Counsel

Represented Convene in multiple New York City leases, including their flagship location with more than 70,000-sq.-ft. of retail/event space at Brookfield Place in downtown Manhattan. The space comprises the former Saks Fifth Avenue lower Manhattan flagship location.

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.

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.

William Macklowe Company – Lease to Memorial Sloan Kettering Cancer Center

Represented the William Macklowe Company in connection with the long-term lease to Memorial Sloan Kettering Cancer Center of an approximately 60,000-sq.-ft. medical facility on the Upper East Side of Manhattan.

Roseland Residential – $300 Million Construction Loan

Represented Roseland Residential, a subsidiary of Mack-Cali Realty Corp., in connection with a $300 million construction loan for its 750-unit, 57-story residential development project in Jersey City, New Jersey.

Roseland Residential – Construction Loan for Port Imperial Building – New Jersey

Represented Roseland Residential, a subsidiary of Mack-Cali Realty Corp., in connection with a $92 million construction loan for its Port Imperial Building 8/9, an approximately 313-unit residential development project in Weehawken, New Jersey.

Piedmont Realty Trust – 500,000 Square-Foot Lease to New York State

Represented Piedmont Realty Trust in the lease to the New York Office of General Services for approx. 15 state agencies to use 500,000 square feet of space at 60 Broad Street in Manhattan.

Gazit Horizons – $134.4 Million Manhattan Financing

Represented Gazit Horizons in its $134.4 million permanent credit term lease (CTL) bond from Mesirow Financial to refinance its retail property at 410 East 61st Street. The CTL bond retires Gazit’s $80 million investment in the property and generates additional proceeds of $30 million.

Millennium Partners – 500,000 Square-Foot Lease at 399 Park Avenue

Represented Millennium Partners in connection with a new 500,000 square-foot lease with Boston Properties for its international headquarters at 399 Park Avenue in Manhattan including significant design and construction related lease negotiations for the clients’ initial improvement work, as well as the negotiation of design, consulting and construction agreements for the improvement work.

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.

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.

William Macklowe Properties – Large Supermarket Lease for LIDL

Represented William Macklowe Properties in connection with a large supermarket lease to German retailer LIDL for their new ground-up development in Park Slope, Brooklyn.

William Macklowe Properties – Significant Brooklyn CVS Lease

Represented William Macklowe Properties in connection with a significant retail lease to CVS Pharmacy in a new ground-up development in Park Slope, Brooklyn.

Eminent Domain – Second Avenue Subway – Phase 2 Expansion

Herrick is currently representing various owners and developers whose properties have been slated for eminent domain acquisitions by the MTA for the expansion and development of the Second Avenue Subway. Phase 2 of this project extends service north from 96th Street to 125th Street in Manhattan, creating three new stations at 106th, 116th, and 125th streets.

DH Property Holdings Affiliate – Red Hook, Brooklyn – Ground Lease of Industrial Property

Represented an affiliate of DH Property Holdings, LLC in the 99-year ground lease of an industrial property in Red Hook, Brooklyn.

U.S. Banking Institution – Sale of 77-Property, 15-State Real Estate Portfolio

Represented one of the largest U.S. banking institutions in the sale of a 77-property, 15-state real estate portfolio to a global investment management firm. The transaction also involved the leaseback of 22 properties.

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.

U-Haul International – $200 Million West Chelsea Sale

Represented U-Haul International affiliate AMERCO Real Estate Company, in the $200 million sale of four contiguous industrial properties in Manhattan's West Chelsea neighborhood to Related Companies, along with unused development rights from a fifth parcel that U-Haul retained.

Reuters 3 Times Square Development

Represented Reuters in the development, construction and leasing of 3 Times Square, an 855,000-sq.-ft. office tower in Times Square.

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.

Wells Fargo – Park Avenue Office Lease

Represented Wells Fargo in a new office lease at 280 Park Avenue, a joint venture of Vornado and SL Green.

Republic of Turkey – New York Consulate

Representing the Republic of Turkey in the development and construction of a new and expanded consulate at 46th Street and 1st Avenue across from the UN's General Assembly. Our work includes advice on government relations, real estate development and construction, leasing, land use and zoning.

LVMH Moët Hennessy Louis Vuitton – New York Counsel

Counsel to LVMH Moët Hennessy Louis Vuitton and the company's luxury brands in all New York real estate transactions.

Edison Properties Affiliate – 620 12th Avenue Acquisition

Represented an affiliate of Edison Properties in the purchase of 620 12th Avenue.

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.

U-Haul International – Real Estate Financings

Representing U-Haul International in a wide range of real estate financings, secured by properties in New York and New Jersey.

Large U.S. Financial Institution – Branch and Office Leases

Represented a large U.S. financial institution in subleasing 800,000 square-feet at One New York Plaza, a 400,000 New York City brokerage center lease, and various branch and office leasing matters in the Northeast.

U.S. Bank – Branch and Office Leases

Represented a top five U.S. bank in its retail branch and office leases throughout New York and New Jersey.

CAPTOR RE – Real Estate Fund Program

Represented CAPTOR RE in the acquisition and sale of multi-million dollar real estate projects to non-U.S. investors using private REITs.

Gemini Real Estate Advisors – Manhattan Construction Access Agreements

Represented Gemini Real Estate Advisors in the negotiation of two construction access agreements in connection with their development of a building in Midtown South.

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.

Escorial Affiliate – Prospect Heights Condominium Development

Represented an affiliate of Escorial in the redevelopment of a former parking garage in Prospect Heights into residential condominiums, including counsel on land acquisition, unused development rights, 421-a certificates, design and construction agreements and the condominium approval process.

Jonathan A. Adelsberg, Partner