Not-for-Profit Corporation – Manhattan Leasehold Condo
Represented a major not-for-profit and an affiliate of Anbang Insurance Company for a full floor lease of 717 Fifth Avenue for 31 years. The lease will be converted to a leasehold condominium.
Represented a major not-for-profit and an affiliate of Anbang Insurance Company for a full floor lease of 717 Fifth Avenue for 31 years. The lease will be converted to a leasehold condominium.
Represented a national not-for-profit in the acquisition of a New York City full floor office leasehold condominium.
Represented a not-for-profit religious entity in the acquisition of a commercial condominium unit on West 83rd Street.
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.
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.
Represented a church on the Upper West Side of Manhattan in connection with the extension and amendment of a nearly 16,000-square-foot lease to an early childhood school. The representation included receiving approval from the Charities Bureau of the State Attorney General.
Represented a major university as the tenant in connection with a lease of approximately 50,000 rentable square-feet of space within an office building in Manhattan. The lease also provides the university with a right of first offer with respect to another 50,000 rentable square-feet of space.
Represented a major university as landlord in connection with a sublease of a dormitory building in Manhattan.
Represented Cristo Rey Brooklyn High School in the acquisition of its Brooklyn campus from the Sisters of Mercy. The campus consists of a 54,000 square foot school and a 22,000 dormitory.
Represented a university in connection with a nearly $100 million acquisition of a commercial building in Manhattan.
Represented The Community Preservation Corporation in a joint venture with Camber Property Group to acquire Morris Heights Mews, a 100 percent affordable property in The Bronx, for $29 million, which will preserve and extend affordability for 111 units. A new 20-year Section 8 contract was executed, and the joint venture will undertake approximately $3 million in improvements to the complex.
Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, and the construction financing to develop “The Rise” located at 1366 East New York Avenue, Brooklyn, New York. Under the Vital Brooklyn Initiative, “The Rise” will consist of 72 supportive and affordable housing units; approximately 7,000 square feet of community facility space; 3,000 square feet of administrative space for One Brooklyn Health System (OBHS); 5 parking spaces; and a 10,000+ square foot rooftop green space. Supportive services for building residents will be provided by Women's Prison Association and Home (WPA) and the Osborne Association, who will also offer services to eligible members of the community, including case management, job-readiness training and job placement, legal assistance and support groups for re-entry transition and the development of social and wellness skills.
Herrick partnered with the ASPCA on a pro bono basis to enable them, under zoning, to provide overnight animal boarding their veterinary clinics. The Department of Buildings generally does not allow overnight animal boarding in areas not zoned for manufacturing use, and the ASPCA’s property is zoned for residential and commercial use. We drafted a zoning memorandum and a Zoning Resolution Determination (ZRD1) which outlined a legal strategy to allow for overnight animal boarding at clinics they operate in the five boroughs.
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.
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.
Represented New York Racing Association in the formation of a not-for-profit foundation.
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.
Representing a major healthcare institution in zoning and land use matters related to their real estate portfolio, and potential acquisitions.
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.
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.
Represented Ascend Charter Schools on a construction loan for the renovation of its facilities at 1501 Pitkin Avenue in Brooklyn.
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.
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.
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.
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.
Represented major sports league in connection with all employment and personnel issues.
Represented client, as its integrity counsel, in connection with a rate review.
Represented a major sports franchise operator in connection with establishing a deferred compensation plan.
Represented a major sports franchise operator in connection with cyber securities initiatives.
Represented client in a dispute regarding a domestic relations order applying to the client’s pension plan.
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.
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.
Represented a major sports franchise operator in connection with pari-mutuel wagering issues.