Herrick, Feinstein Acted as Counsel to the Wainland Family in $26.7M Transaction
As reported in the New York Real Estate Journal, Herrick acted as counsel to seller, the Wainland family, in the sale of fee title to 116 10th Avenue and for unused development rights at nearby 453 W. 17th St. for $26.7 million. The properties are in Chelsea between West 17th and West 18th Streets, a block from the Hudson River.
The seller was represented by Michael Smith and Mitchell Korbey of Herrick, while Pillsbury and Kramer Levin helped a GDS Development-Klovern AB joint venture with its purchase of a property.
New York Real Estate Journal reported that, "[t]he deal for the development rights for 453 W 17th St. had been in progress for several years. Following the onset of the COVID-19 pandemic in the spring of 2020, and the consequent shutdown of the seller’s nightclub tenant (Avenue Nightclub) at 116 10th Ave., the parties were able to restructure and expand the deal to also include the fee title to 116 10th Ave."