Matters

$36.5 Million Sale of TIC Interest – Manhattan, NY

Represented a New York real estate family in the $36.5 million sale of a 50% tenancy in common interest in two buildings at 155 and 165 West 29th Street.

$430 Million Joint Venture Acquisition – U.S. Bank Tower – Los Angeles, CA

Represented both Migdal Insurance Company Ltd. and Menora Mivtachim Insurance Ltd., two of the largest Israeli insurance companies, in the negotiation of a joint venture with Silverstein Properties to acquire the U.S. Bank Tower in downtown Los Angeles, California for a purchase price of $430 million. The deal involved tax structuring, negotiation of partnership agreements, as well as oversight of the acquisition and loan documents.

FBE Limited – $115 Million Sale of Affordable Housing Complex

Represented FBE Limited LLC in selling an affordable housing complex in the Bronx, New York for $115 million. This transaction involved an assumption by the buyer of the existing mortgage loan, along with obtaining regulatory approvals, as the property is an affordable housing building.

Northwind Group – $56 Million Manhattan Mortgage Loan

Represented affiliates of Northwind Group in connection with a $56 million mortgage loan secured by a newly-constructed, thirteen-story, 86,000+ square-foot residential apartment building located on Central Park North.

Bank Leumi – $79 Million Manhattan Construction Loan

Represented Bank Leumi USA in a $79 million construction loan for development of the properties located at 224 and 238 West 124th Street, New York, which will be developed as an 18-story, “70/30” rental apartment building containing 168 units (51 of which are affordable). This deal involved unusual zoning subdivision issues as well as coordination with HPD and HUD on various deal components.

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.

Empire State Realty Trust – $180 Million CMBS Mortgage Loan

Represented Empire State Realty Trust in a $180 million CMBS mortgage loan secured by 250 West 57th Street, a 542,000 square-foot Manhattan office and retail property.

New Market Tax Credits – Financing for Los Angeles Hospital

Represented a regional bank and their investment partner in financing the ongoing operational costs of a community hospital in Los Angeles, California. Herrick rapidly closed the transaction, contending with a requirement to close by year end to meet regulatory and tax compliance requirements. 

Community Preservation Corporation & Xenolith Partners – Affordable Brooklyn Development

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, to develop a seven-story permanent supportive and affordable housing residence located at 1366 East New York Avenue, Brooklyn, New York. The building will contain forty-four units of permanent supportive housing for formerly incarcerated individuals and their families, twenty-nine units of affordable housing, as well as on-site social services provided by The Women’s Prison Association and other non-profit organizations.

Community Preservation Corporation – Mezz Loan for Affordable Housing with CPC ACCESS

Represented The Community Preservation Corporation in connection with a mezzanine loan for the development and rehabilitation of numerous housing projects located in New York City. The loan was made pursuant to CPC’s new initiative called CPC ACCESS, which focuses on getting more and more flexible capital into the hands of emerging, minority real estate developers in the affordable housing space so they can do more and benefit more from their efforts, thereby building their balance sheets and businesses.

DH Property Holdings – $154.7 Million Financing – Brooklyn, NY

Represented DH Property Holdings LLC in connection with a $154.7 million construction and mezzanine financing for a last-mile distribution facility in Red Hook, Brooklyn.

Harel Insurance – $62.5 Million Manhattan Loan

Represented Harel Insurance Company in the purchase of a $62.5 million portion of a $600 million construction loan made to SL Green and secured by a first mortgage on 410 10th Avenue in Manhattan.

Piedmont Realty Trust – 500,000 Square-Foot Lease to New York State

Represented Piedmont Realty Trust in the lease to the New York Office of General Services for approx. 15 state agencies to use 500,000 square feet of space at 60 Broad Street in Manhattan.

DH Property – Brooklyn Warehouse Sale to Prologis

Represented DH Property Holdings in the acquisition, financing negotiations and ultimate $60 million sale of the purchase contract for a two-acre warehouse site at 150 East 52nd Street in Brooklyn, NY to the mammoth warehouse landlord, Prologis.

Centennial Bank – $54.8 Million Loan for Astoria Development

Represented Centennial Bank in a $54.8 million loan for the construction and development of 186 multifamily units, retail and industrial components, as well as 131 parking spaces at the property in Astoria, NY.

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. 

Community Preservation Corporation – YWCA Supportive Housing – Schenectady, NY

Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority and women-owned business enterprise (MWBE) company, to develop the first phase of a supportive housing and social services community center with the YWCA located in Schenectady, New York.

Greystar – Acquisition of 800 Sixth Avenue

Represented Greystar in connection with the $237.5 million acquisition of a multi-family residential apartment building, 800 Sixth Avenue in Manhattan. This complex deal also entailed assignments of existing mortgages, a 421-a component, New York State Housing Finance Agency assignment approval and bond redemption.

Manhattan Hotel – $11 Million Preferred Equity Investment

Represented the owner of a Manhattan hotel, currently not in operation due to Covid-19, in connection with negotiating an $11 million preferred equity investment by a joint venture. The transaction included the preferred equity investment, a loan modification, and an amendment to the existing hotel management agreement with hotel brand.

Cantor Fitzgerald Securities – Administrative and Collateral Agent in Exit Facility

Represented Cantor Fitzgerald Securities as the administrative agent and collateral agent under an $85 million exit facility following the successful Blackhawk Mining, LLC, et al. (Bankr. D. Del.), chapter 11 cases, which involved over 100 properties, encompassing active mining complexes in West Virginia and Kentucky and substantial metallurgical and thermal coal reserves in West Virginia, Kentucky, Indiana, Illinois and Ohio. The real estate component included terminating existing mortgages encumbering the properties, preparing new mortgages to secure Cantor’s interest, preparing as-extracted collateral filings, reviewing specific requirements related to leasehold properties and title review. Herrick previously represented Cantor Fitzgerald as the administrative agent and the collateral agent under Blackhawk’s (i) pre-petition $660 million first lien term loan facility and (ii) $150 million DIP term loan facility in connection with the pre-packaged restructuring of approximately $1.1 billion of debt, which involved assigning the previous administrative agent’s interest in all of Blackhawk’s properties in West Virginia, Kentucky, Indiana, Illinois and Ohio to Cantor Fitzgerald, as administrative agent.

Domino Refinery Building – Special Permit Modification

Obtained approval from the City Planning Commission of a minor modification of a special permit in connection with the Domino Sugar Development on the Williamsburg waterfront. The City Planning approval, along with a previously granted Landmarks Preservation Commission approval, will allow for the historic facades of the Domino Refinery building to be preserved within a 14-story 195-foot tall dramatic glass barrel-vault.

Mattone Group – Williamsburg, Brooklyn Sale

Represented the Mattone Group and HWM Met/Marcy in connection with the sale of 402-420 Metropolitan Avenue. This deal also involved representing the sellers in the bankruptcy proceeding of the original purchaser who filed for bankruptcy the day prior to the closing date in early April. 

Marcus & Millichap – Mission Capital Acquisition

Represented Marcus & Millichap, a publicly traded company, in their acquisition of New York-based real estate finance advisory firm Mission Capital Debt & Equity.

DH Property Holdings – Financing for Brooklyn Distribution Center

Represented DH Property Holdings LLC in the construction loan and mezzanine loan financing for a distribution center in Brooklyn, New York.

The New York Islanders – Belmont Park

Representing the New York Islanders Hockey Club in the development of its new arena complex at Belmont Park.

Cammeby’s International Group – Park Avenue Refinancing

Represented Cammeby’s International Group in the more than $100 million refinancing of a mixed-use multifamily building on Park Avenue in Manhattan.

The Promotion In Motion Companies – 98,000-Square-Foot Lease – New Jersey

Represented The Promotion In Motion Companies in a ten-year lease of approximately 98,000-sq.-ft. of office and warehouse space with a fitness center and a private lobby in Park Ridge, New Jersey. Promotion In Motion is one of the nation’s leading makers of brand name snacks and confections and one of the 50 largest global candy companies.

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.

Classical Charter Schools – Leasehold Condo – South Bronx, NY

Represented Classical Charter Schools in connection with the negotiation and formation of a leasehold condominium for a new 54,000-sq.-ft. school being constructed in the South Bronx.

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.

Chinatown Commercial Building Sale Post-Bankruptcy

Represented an affiliate of a New York City-based family office on the approximately $28.6MM sale of a largely vacant commercial building in the Chinatown neighborhood of Manhattan. The sale was following a bankruptcy court order, in a Chapter 11, single-asset bankruptcy case.

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.

Sky Harbour Group – Financing & Ground Leasing for Aviation Hangers – Texas

Represented Sky Harbour Group in connection with its ground lease of development parcels at Sugar Land Regional Airport in Sugar Land, Texas, for private aviation hangars as well as the construction financing for the hangars.

Sky Harbour Group – Ground Lease for Aviation Hangers – Florida

Represented Sky Harbour Group in connection with its ground lease of a development parcel at Miami-Opa Locka Executive Airport in Miami, Florida for private aviation hangars.

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.

William Macklowe Company – Lease to Memorial Sloan Kettering Cancer Center

Represented the William Macklowe Company in connection with the long-term lease to Memorial Sloan Kettering Cancer Center of an approximately 60,000-sq.-ft. medical facility on the Upper East Side of Manhattan.

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.

Fleet Center – Zoning Approved for 14 Stories in Brooklyn

Represented Fleet Center, Inc. in obtaining approval of a zoning map amendment by the New York City Council to modify the decision by the City Planning Commission restoring our client’s proposed building to 14-stories with over 200,000-sq.-ft. for planned community facility and office uses.

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.

Wells Fargo – Branch Lease at 545 Madison Avenue

Represented Wells Fargo Bank in a high profile bank branch lease at 545 Madison Avenue, a prime location in the Plaza District, and in the termination of their existing bank branch lease at 540 Madison Avenue.

New York State Pension Fund – $100 Million Mortgage Loan – Bergdorf-Goodman Building

Represented a New York State pension fund in a $100 million additional mortgage loan on the Bergdorf-Goodman Building, located at 754 Fifth Avenue in Manhattan.

Olnick Organization – Acquisition of 201 West 77th Street

Represented the Olnick Organization in connection with a $106 million acquisition of 201 West 77th Street, a mixed-use property located on the Upper West Side of Manhattan.

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.

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.

Israeli Pension Fund Manager – Acquisition Administration of $58.6 Million Inventory Loan

Represented an Israeli pension fund manager in the acquisition and administration of $58.6 million inventory loan for a mixed used condominium in Harlem, New York. In addition to the administration of the loan, Herrick facilitated the closings for each of the condominium units.

MLA Properties – Retail Lease – Sanford, North Carolina

Represented MLA Properties in a retail lease to Spectrum Communications at The Shops at Cameron Place in Sanford, NC.

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.

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.

Senior Care Development – 53-story Retirement Community Sale, Chicago

Represented David Reis and Senior Care Development in the structuring and sale of The Clare, a 53-story 338-unit Continuing Care Retirement Community (CCRC) located in Chicago.

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.