Real Estate Investment Fund – Action to Foreclose on $39.5 Million Mortgage Secured by New Jersey Office Building
Delivered a series of important victories on behalf of a real estate investment joint venture in hard fought litigation to foreclose on a $39.5 million mortgage secured by an Edison, New Jersey office building. After obtaining rulings that struck or dismissed all of the defendant debtors’ affirmative defenses and the majority of their counterclaims and third-party claims, the firm won the appointment of a special fiscal agent to oversee the receipt and disbursement of all future revenue from the building as well as an order requiring the return of all misappropriated funds. In the wake of these successes, the parties were able to reach a settlement on extremely favorable terms for the client.
Condominium Owner – Property Damage Claims
Representing a retired hedge fund manager in pursuing claims related to significant property damage to his unit in a 51-story luxury midtown Manhattan tower caused by an overflowing swimming pool located in a neighboring unit.
International Real Estate Investment Firm – Real Estate Brokerage Dispute
Negotiated a favorable settlement on behalf of the North American arm of an international real estate investment and finance company to resolve litigation over a brokerage commission in connection with the client’s acquisition of an iconic Los Angeles building.
Dismissal of Hurricane Sandy Class Affirmed on Appeal
Successfully defended three owners of sizable residential portfolios and five managing agents of rental properties located in downtown Manhattan in a putative bi-lateral class action brought by three plaintiffs seeking statutory rent reimbursement for loss of services during Hurricane Sandy. Herrick obtained dismissal of the complaint on a pre-class certification motion for summary judgment made prior to any discovery, asserting that the class claims as pled failed to satisfy the statutory requisites of a class action. On plaintiffs’ appeal, the Appellate Division, First Department unanimously affirmed.
Board of Managers – Construction Defect Litigation with Sponsor
Representing the Board of Managers of a two-building condominium in Brooklyn Heights in a dispute with the building’s sponsor over a myriad of alleged constructions defects and instances of non-compliance with the offering plan.
Affordable Housing Developer – Resolution of Breach of Contract Claims against NYCHA
Negotiated a favorable settlement on behalf of a national developer of affordable housing, resolving a breach of contract litigation against the New York City Housing Authority related to a high-profile and long-stalled project to redevelop a large New York City public housing complex.
