3 Law Firms Guide $27M Manhattan Property Deal

September 23, 2020 – Media Mention

As reported in Law360, Herrick functioned 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, Mitchell Korbey and Travis Allen of Herrick, while Pillsbury and Kramer Levin helped a GDS Development-Klovern AB joint venture with its purchase of a property.

Law360 reports that, "The parties had been in the process of putting together the development rights deal for several years, and it wasn't yet wrapped up when the COVID-19 pandemic hit. When the pandemic then caused the nightclub at 116 10th Ave., Avenue, to shut down, the companies added that property to their deal."

While transactions during the pandemic have challenges, Michael Smith stated, "[i]t was seamless — all [parties] worked collaboratively toward the common goal of closing."

This article originally appeared in the September 23, 2019 edition of Law360.