Real Estate Litigation and Hearing – Nonprofit Facility
Herrick represented PEY Realty LLC, which is an entity formed for the benefit of the Chabad Lubavitch of the West Side, in an arbitration against an affiliate of Sackman Enterprises. In 2017, PEY entered into a contract to purchase a $30m community facility condominium unit in a new building being developed on W 96th St. The condominium unit, 6 floors and a cellar, was intended to house the Chabad’s permanent operations, including all religious, educational, and community services. In connection with the contract, PEY tendered a multi-million dollar down payment. The project experienced years of construction delays. Once it became clear that litigation was imminent, each party called defaults under the contract. After a three-day hearing, The Herrick team was able to secure an award directing that the down payment be returned to PEY, together with a significant award in additional money damages, including the lion’s share of attorneys’ fees. The Chabad can finally put the down payment to a productive use and resume its efforts to find a permanent home.
Not-for-Profit Religious Entity – Commercial Condo Acquisition
Represented a not-for-profit religious entity in the acquisition of a commercial condominium unit on West 83rd Street.
Not-for-Profit Leasehold Condominium
Represented a national not-for-profit in the acquisition of a New York City full floor office leasehold condominium.
Amity Education Group – Acquisition of St. John’s University Campus
Represented India-based Amity Education Group, a nonprofit international education group, in the $22.4 million purchase of the St. John’s University 170-acre waterfront campus located in Oakdale, Long Island.
University of Nevada, Las Vegas – $1.9 Billion Las Vegas Stadium Development
Representing the University of Nevada, Las Vegas, in negotiating a joint-use agreement with the NFL’s Las Vegas Raiders related to the development of the $1.9 billion Las Vegas Stadium.
New York Racing Association – Not-for-Profit Foundation
Represented New York Racing Association in the formation of a not-for-profit foundation.
Community Preservation Corporation – $500+ million renovation of 16 Manhattan NYCHA Buildings
Represented the Community Preservation Corporation as the equity provider in the $500+ million renovation of 16 New York City Housing Authority buildings in Manhattan. NYCHA is partnering with the Community Preservation Corporation, Community Development Trust, Monadnock Development LLC, Lemor Development Group, Kalel Holdings LLC and the Community League of the Heights on the acquisition of a ground lease and massive renovation of 1,700 apartments. The upgrades come as part of the “NYCHA 2.0” initiative. This investment is in keeping with the Community Preservation Corporation’s mission of maintaining and providing affordable housing.
Major Healthcare Institution – Zoning & Land Use Matters
Representing a major healthcare institution in zoning and land use matters related to their real estate portfolio, and potential acquisitions.
Terra Holdings – Hospital for Special Surgery Commercial Lease
Represented Terra Holdings in the Hospital for Special Surgery’s lease of 17,000-sq.-ft. of space at 770 Lexington Avenue in New York City.
Ascend Charter Schools – Mortgage Loans for Renovations
Represented Ascend Charter Schools in connection with two leasehold mortgage loans, totaling more than $10 million, to renovate two school facilities in Brooklyn, New York.
Ascend Charter Schools – Brooklyn Construction Loan
Represented Ascend Charter Schools on a construction loan for the renovation of its facilities at 1501 Pitkin Avenue in Brooklyn.
Ascend Learning Affiliates – Charter School Mortgages and Lease Amendments
Represented affiliates of Ascend Learning on three leasehold mortgages for its Brooklyn facilities, and the amendment of a lease for two of its other Brooklyn facilities.
NYC Cooperative Housing Corp. – Sale of Development Rights by Zoning Lot Merger
Represent a New York cooperative housing corporation on the sale of development rights by zoning lot merger. The development rights will be used to facilitate the construction of a new condominium building.
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.
Yeshiva University – Multifamily Portfolio Sale
Represented Yeshiva University in the sale of a portfolio of ten multifamily properties in the vicinity of its undergraduate campus in Washington Heights. In addition to the sale of the buildings, the transaction included multiple leasing arrangements between Yeshiva University and the buyer, to provide Yeshiva University with the opportunity to continue renting apartments to students and faculty.
Not-For-Profit Association – Executive Transition
Represented major sports league in connection with all employment and personnel issues.
Not-For-Profit Association – Rate Review
Represented client, as its integrity counsel, in connection with a rate review.
Not-For-Profit Association – Compensation Plan
Represented a major sports franchise operator in connection with establishing a deferred compensation plan.
Not-For-Profit Association – Cyber Securities
Represented a major sports franchise operator in connection with cyber securities initiatives.
Not-for-Profit Sports Association – ERISA Matters
Represented client in a dispute regarding a domestic relations order applying to the client’s pension plan.
POTS Not-For-Profit – Bronx Building Acquisition
Provided pro bono representation to Part of the Solution ("POTS"), for the acquisition of a building adjacent to their Bronx headquarters. We helped negotiate the contract for purchase and the mortgage financing, which was provided by a not-for-profit entity specializing in loans to comparable borrowers.
Non-Profit Organization – Wrongful Termination and Discrimination Claims
Representing a New York City non-profit organization in a dispute with former employees claiming wrongful termination and discrimination based on age and sexual orientation.
Not-For-Profit – Pari-Mutuel Wager Matters
Represented a major sports franchise operator in connection with pari-mutuel wagering issues.