Community Preservation Corporation – Affordable Housing – New York
Represented Community Preservation Corporation in connection with its master joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, to develop affordable housing in New York.
Zeta Charter Schools – 25,000-Square-Foot Condominium Unit
Represented Zeta Charter Schools in connection with the negotiation of a lease for a to-be-built 25,000-sq.-ft. condominium unit in the Bronx, which will be occupied by them as a 3rd-8th grade charter school.
Zeta Charter Schools – 72,000-Square-Foot Bronx Charter School
Represented Zeta Charter Schools in connection with the negotiation of a lease for a to-be-built 72,000-sq.-ft. stand-alone building in the Bronx, which will be occupied by them as a pre-kindergarten through 2nd grade charter school.
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.
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.
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.
Qualified Opportunity Zones – Formation and Structuring
Represented multiple clients in the structuring and formation of qualified opportunity funds in connection with Opportunity Zone transactions in the New York metro area and across the United States.
Commercial Properties Realty Trust – Opportunity Zone Development – Louisiana
Represented Commercial Properties Realty Trust in connection with an Opportunity Zone transaction involving an approximately 90,000-sq.-ft. commercial office building located on The Water Campus in Baton Rouge, Louisiana.
KABR Group – Canopy by Hilton Jersey City
Represented the KABR Group in connection with its participation in the development of the Canopy by Hilton Jersey City in downtown Jersey City, New Jersey.
Arch Real Estate Companies – Development & Financing of SoHo Property
Represented a venture that included Arch Real Estate Companies in connection with the development and financing of a planned six-story, mixed-use residential building at 11 Greene Street in Soho.
Fotografiska Park Avenue Flagship
Represent Fotografiska, a Swedish photography destination, in connection with establishing its NYC flagship location at 281 Park Avenue South, New York.
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.
N.E.W. Corp. – Development Rights and Fee Title – 10th Ave. Manhattan
Represented N.E.W. Corp. in the sale of the fee title for 116 10th Avenue, as well as the unused development rights for 453 W 17th Street in Manhattan to GDS Development and Swedish real estate firm Klövern AB. The deal for the development rights for 453 W 17th Street had been in progress for several years and 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 Avenue, the parties were able to restructure and expand the deal to include also the fee title to 116 10th Avenue.
“Penn South” Mutual Redevelopment Houses – Ground Lease
Represented Mutual Redevelopment Houses, also known as Penn South, the 99-year ground lease with MAG Partners. Penn South is a 10-building Mitchell-Lama housing cooperative in the Chelsea neighborhood of Manhattan that sprawls from West 23rd to West 29th streets, between Eighth and Ninth avenues. MAG Partner’s new project at 335 Eighth Avenue will rise seven stories and host 188 units in the mixed-income apartment building, along with ground-floor commercial space.
MAG Partners – South Baltimore Port Covington
Herrick represented MAG Partners in connection with a multi-faceted transaction with MacFarlane Partners, Sagamore Ventures and investment partner Goldman Sachs for the development of a megaproject in South Baltimore’s Port Covington. The $5.5 billion development project spans 235 acres along Cromwell Street; includes up to 14 million square feet of shops, restaurants, office space and housing; and 40 acres of parks across 45 new city blocks. The transaction involved several joint venture agreements, development services agreements, employment agreements and other documentation. MAG and MacFarlane are taking the reins from Weller Development Co. for leasing, marketing and "placemaking" campaigns for the current $500 million, 1.1 million-square-foot phase, and will lead all future development outside that initial phase.
Extell Development Company – Brooklyn Ground Lease
Represented Extell Development Company in connection with a development ground lease from The Feil Organization as part of an assemblage of properties located on Fulton Street in Brooklyn, New York for a term of 199 years.
$36 Million Construction Loan for Roslyn, NY Development
Represented a family office and its joint venture partner in a $36 million construction loan with Provident Bank as well as review of the construction documents for the development of a mixed use building in Roslyn, New York.
Private Lender – Montauk, NY – Acquisition and Construction Loan
Represented a private lender on an $18.5 million loan in Montauk, New York (the easternmost end of Long Island). The property is an expansive waterfront property with sunset views over Lake Montauk, which the borrower plans to redevelop into a condominium complex with a marina, spa, fitness center, pool, restaurant and event space.
Classical Charter Schools – 6-Story South Bronx Charter School
Represented Classical Charter Schools in connection with the negotiation and formation of a leasehold condominium for a 6-story 59,000-sq.-ft. charter school in the South Bronx.
Community Preservation Corporation & Xenolith Partners – Affordable and Transition Housing Development – Brooklyn
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.
Real Estate Equities Corporation – $55 Million Manhattan Construction Contract
Represented Real Estate Equities Corporation in the $55 million contract to construct a 165,000-square-foot medical and life sciences building on Third Avenue and 121st Street in Manhattan with The Rinaldi Group.
MRP Realty – 405 Park Avenue – Development Rights Transaction
Represented MRP Realty in connection with the acquisition of over 27K-sq.-ft. of unused development rights from a neighboring property through zoning lot merger, along with a related light and air easement. The development rights will facilitate the expansion and renovation of 405 Park Avenue, a major office building in Manhattan.
Muss Development – $165 Million Manhattan Property Sale & Development Rights Transfer
Represented Muss Development in its sale of two fee parcels and one development rights transfer as part of an assemblage on the Upper East Side that, along with the other five fee parcels and three development rights transfers involved, totaled over $165 million.
NY Opportunity Zone – Structuring & Documentation
Represented the purchaser in the structuring and documentation of the acquisition of a New York development site in an Opportunity Zone transaction.
Rabina Properties – Amazon Fulfillment Center
Represented Rabina Properties in the financing and development of an 855,000-sq.-ft. fulfillment center for Amazon in North Haven, CT.
Rabina Properties – Development of New River Yacht Club, Fort Lauderdale
Represented Rabina Properties in the third phase of a large scale development of the New River Yacht Club project in downtown Fort Lauderdale, Florida. Phase three is slated to be a 230-unit Class A high-rise multifamily rental building being developed by Rabina Properties and the Related Group.
HK Organization – Empire Stores Redevelopment
Represented the HK Organization in a joint venture with Midtown Equities and Rockwood Capital to redevelop Brooklyn’s Empire Stores, a complex of seven historic warehouses. The property was transformed into a mixed-use creative hub with 100,000-sq.-ft. of retail, restaurant and event space in addition to 300,000-sq.-ft. of office space.
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.
Extell Development Company – Upper West Side Assemblage & Development Rights
Represented Extell Development Company in completing an Upper West Side assemblage including the acquisition of 2551 Broadway and development rights from nearby co-op buildings on West 95th Street.
Toll Brothers – Joint Venture Development of Brooklyn Bridge Park
Advised Toll Brothers City Living, the urban development division of Toll Brothers, Inc. (NYSE: TOL), in its joint venture with Starwood Capital Group to develop a 550,000-sq.-ft. luxury hotel and residential complex at Brooklyn Bridge Park.
L+M Development Partners – 25 Park Row Construction Financing
Represented L+M Development Partners in a $350+ million financing transaction for the construction and development of a 45-story mixed-use condominium building at 25 Park Row in lower Manhattan. The site is the former headquarters of J&R Music World.
Privately Held Real Estate Company – Acquisition of Inclusionary Air Rights
Represented a privately held real estate company as purchaser on an approximately $17.7 million acquisition of inclusionary air rights. The contract period was over three years, during which time the seller constructed the applicable affordable housing on the generating site.
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.
Maxx Properties – Mixed-Use Project – Mamaroneck, NY
Represented a group led by MAXX Properties in the joint venture, acquisition and construction financing of the company’s first development project, a mixed-use residential and retail property located in Mamaroneck, NY known as Grand Street Lofts.
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.
Lincoln Square Synagogue – Property Exchange
Represented the Lincoln Square Synagogue in a high-profile exchange of property and development rights that enabled the development of the largest new synagogue in Manhattan since the 1920's. This transaction earned the Real Estate Board of New York's "Most Ingenious Deal of the Year" award.
Somerset Partners Affiliate – Bronx Industrial Site Acquisition and Financing
Represented an affiliate of Somerset Partners in the $7.5 million acquisition and financing of 9 Bruckner Boulevard in the South Bronx. The industrial site, which is situated opposite of Somerset’s planned residential development project along the waterfront, will be converted into a 30,000-sq.-ft. Bruckner Market food hall.
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.
Rechler Equity Partners – Gabreski Airport Lease and Site Development
Represented Rechler Equity Partners on all aspects of their 40-year renewable ground lease to redevelop Suffolk County’s 55-acre Gabreski Airport.
Apartment Building Corporation – Second Avenue Subway Development Transaction
Represented an apartment corporation in a complex transaction involving the Metropolitan Transportation Authority's condemnation of portions of the property to make way for the construction of the Second Avenue subway.
Toll Brothers – Development Rights Acquisition
Represented an affiliate of Toll Brothers City Living in the acquisition of development rights from a site on First Avenue between East 52nd Street and East 53rd Street in Manhattan.
Youngwoo & Associates – Manhattan “Sky Garage” Condo Development
Represented Youngwoo & Associates LLC in developing a unique residential condominium building in New York's West Chelsea neighborhood, which features full-floor units with a parking facility for a car at each level. We advised on the land acquisition, construction financing and zoning issues.