Matters

Bank Leumi USA – $30.55 Million Manhattan Acquisition Loan

Represented Bank Leumi USA on a $30.55 million acquisition loan for the planned development of a mixed-use property secured by multiple properties on 14th Street and 6th Avenue in Manhattan.

Harel Insurance Company – Construction Loan for Luxury Residential – Nashville, TN

Represented Harel Insurance Company in connection with a $40 million participation in a $191 million construction loan for the construction of two high-rise luxury multifamily towers in downtown Nashville, Tennessee.

Long Island Property Owners – Eminent Domain Related to Ronkonkoma Hub Project

Herrick is currently representing property owners under the threat of eminent domain takings in property sale negotiations with the developer of The Ronkonkoma Hub project located in the Town of Brookhaven, Long Island. We represent these owners and operators in all aspects of these negotiations with the Town of Brookhaven and the developer, whether it be a sale in lieu of condemnation or a claim for additional compensation in eminent domain litigation. This project has been in the works for many years and is currently in Phase 2 of the overall development.

Long Island Railroad – Third Track Project

Herrick is currently representing owners of property acquired by eminent domain in the LIRR Third Track Project. Formally known as the LIRR Expansion, the project’s goal is to construct a 10-mile long third track on the Long Island Railroad Mainline. The project includes the elimination of eight street-level crossings along the LIRR Main Line, to be replaced by grade crossings with newly constructed bridges that will hold three tracks, and a two-lane underpass for vehicular traffic that also includes a pedestrian sidewalk. Herrick’s clients have had all or portions of their property seized by the New York State Department of Transportation and the MTA by way of eminent domain. Herrick is currently advocating for additional compensation for these property owners in the New York State Court of Claims.

Hudson Yards Redevelopment Plan – Manhattan, NYC

Herrick currently represents property owners and business tenants in the Hudson Yards Redevelopment Plan project. The project affects the area of Manhattan located between 29th and 43rd streets, and 7th Avenue and Hudson River Park. The project goal is to create a mixed-use expansion of the Midtown Central Business District, expand the Number 7 MTA subway line, rezone to permit new residential and commercial space and expand the Jacob Javits Convention Center. Herrick’s clients are slated to have their properties taken by eminent domain in connection with the project. Herrick expects to file claims for additional compensation for the seizure of property, as well as for the seizure of trade fixtures owned/installed by commercial tenants.

Downtown Brewster Urban Renewal – Putnam County, NY

Herrick is representing owners whose properties will be seized by eminent domain in connection with the downtown Brewster redevelopment plan. The Brewster redevelopment project consists of the revitalization of the blighted area situated in downtown Brewster, Putnam County, NY. Herrick’s clients are being asked to sell their properties to the developer for this project under threat of eminent domain. We represent both owners and commercial tenants (who have their own claims for compensation, separate from their landlords) in all aspects of negotiation with the Village of Brewster and the developer, whether it be a sale in lieu of condemnation or a claim for additional compensation in eminent domain litigation.

Community Preservation Corporation – Affordable Housing

Represented long-standing client, The Community Preservation Corporation, in a joint venture that preserves 1,036 high-quality affordable and supportive housing units in 13 buildings located throughout Brooklyn, the Bronx and Manhattan. The proceeds of the joint venture’s purchase will be used to capitalize a newly formed charitable organization, Blue Sky Social Justice Fund, which is focused on social justice and human rights, including LGBTQI+ rights, water and energy access, anti-slavery and the Black developers network.

Ascend Charter Schools – Leasehold Condo

Represented Ascend Charter Schools in the acquisition of a leasehold condo in Brooklyn, NY. The to-be-constructed building will house another first class Ascend middle school. 

Vertex Partnership Academies – Leasehold Condo

Represented Vertex Partnership Academies in its lease from the Archdiocese of New York for its initial high school. 

Tennor Holdings – Lease for One Vanderbilt

Represented Tennor Holdings in a 25,488 square-foot lease at One Vanderbilt Avenue representing the last available full floor in SL Green’s major development near Grand Central Terminal in midtown Manhattan.

Retailer – Leasing Dispute

Represented a children’s retailer in a suit brought by the Metropolitan Transit Authority (MTA) for back rent and future rent (with personal liability) of almost half a million dollars on its lease at Grand Central Terminal. The Herrick team negotiated a favorable settlement on behalf of the client.

Family Office – Refinancing

Represented a New York City based family office in multiple financings and a refinancings for their current portfolio.

Northwind Group – Financing – Chicago, IL

Represented Northwind Group in connection with a $60 million loan for a commercial office building in Chicago, Illinois.

DH Property Holdings – Ground Leasehold Sale to Brookfield

Represented DH Property Holdings in the sale to Brookfield Asset Management of a ground leasehold interest in 55 Bay Street, Brooklyn, NY, which is a distribution facility that our client developed and leased to Amazon.

Apollo Global Management – Land Use Review for Brookfield Properties – Bankside Project

Represented Apollo Global Management in the land use and zoning due diligence for the next phase of Brookfield Properties’ Bankside Project at 101 Lincoln Ave in the South Bronx of NYC.

Cammeby’s International Group – JV with Harbor Group – Miami Residential Towers

Represented Cammeby's International Group in its 50% joint venture investment with The Harbor Group to purchase a pair of downtown Miami residential towers for approximately $450 million. This transaction is the highest-priced single asset residential sale of record.

Leumi Partners – $20 Million Mezz Loan – Brooklyn, NY

Herrick represented Leumi Partners in connection with a $20 million mezzanine loan for the development and construction of a property located in the Broadway Triangle of Williamsburg, Brooklyn. The development will consist of five buildings containing approximately 382 residential apartments of which approximately 120 will be affordable residential apartments, ground flood commercial/retail space of approximately 73,000 square feet, second floor community facility space and a 340-space parking garage.

Central Park Conservancy – Manhattan Leasehold Condo

Represented the Central Park Conservancy 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.

Real Estate Partner Settlement and Subsequent Property Sale

Represented a long-standing developer client in the resolution of his twenty plus year acrimonious relationship with his business partner by negotiation of a settlement that settled their litigation and resulted in the sale of their sole asset, a development site in Montgomery County, NY, to a local developer.

Maxx Properties – Sale of Florida Multifamily Portfolio

Represented an affiliate of MAXX Properties in the sale of a three-property 371-unit value add multifamily portfolio located in Miami-Dade and Broward counties, Florida, for $82 million. The sale is the front-end of a 1031 Exchange.

Preferred Bank – $15 Million Refinance – Bronx, NY

Represented Preferred Bank in a $15 million refinance of a loan to an entity controlled by Namdar Realty Group, H Holding Group and Klosed Properties in the Mott Haven area of the Bronx, NY.

Northwind Group – $162 Million Construction Loan – Manhattan

Represented Northwind Group for the $162 million construction loan for a 69-unit rental condominium on fifth Avenue in East Midtown Manhattan owned by SHVO and Bilgili Group.

Bank Hapoalim B.M. – Mortgage Sale – Manhattan

Represented Bank Hapoalim B.M. in connection with a $52 million sale of a $50 million mortgage loan secured by real property and development rights near the High Line in Manhattan.

Churchwick Partners – Preferred Equity Raise

Represented Churchwick Partners in a multi-million dollar preferred equity raise from a specialty finance group to fund the acquisition of a portfolio of extended stay hotels.

G4 Capital Partners – $55 Million Construction Loan – Brooklyn, NY

Represented G4 Capital Partners in a $55 million construction loan secured by property located at 1 Wythe Avenue in Greenpoint, Brooklyn.

Millennium Partners – 500,000 Square-Foot Lease at 399 Park Avenue

Represented Millennium Partners in connection with a new 500,000 square-foot lease with Boston Properties for its international headquarters at 399 Park Avenue in Manhattan.

Community Preservation Corporation – $24 MIllion Loan for Astoria Mixed-Use Development

Represented Community Preservation Corporation in its $24 million construction loan for a mixed-use multifamily residential and commercial rental project located in Astoria, New York. The project included an EB-5 mezzanine loan.

Shefa School – Ground Lease and Bond Financing – Manhattan

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.

Institutional Equity Investor – Durham, NC Development

Represented the institutional equity investor in a joint venture to acquire, finance and develop a 257,000 square-foot 299-unit multifamily project in Durham, NC. Project debt and equity is approximately $66.5 million.

Centennial Bank – $101 Million Construction Loan – Astoria, Queens

Represented Centennial Bank in connection with a $101 million construction loan secured by a Flushing, Queens property for the ground-up development of two 20-story residential condominium towers, comprising 392 dwelling units, interior and exterior recreational amenity spaces and 388 parking spaces.

Bronx Property Sale with Development Rights

Represented a privately owned investment company on the sale of property located in Bronx, New York comprising a development site, as well as unused development rights pursuant to a zoning lot development agreement recorded against neighboring property. 

Bank Leumi – $130 Million Manhattan Mortgage Loan

Represented Bank Leumi USA on a $130 million construction loan secured by a property located at 306-314 East 86th Street in Manhattan. The borrower intends to construct a 20-story luxury condominium apartment building containing approximately 146,640 gross square feet of space consisting of 68 residential units with a ground floor retail.

DH Property Holdings – Philadelphia Industrial Property Acquisition

Represented DH Property Holdings in connection with a $7.1 million purchase of an industrial property located at 8401 Escort Street, Philadelphia, PA, which is adjacent to Philadelphia International Airport. The acquisition involved a joint venture with AIG Global Real Estate Investment Corp. and was financed by Ready Capital Commercial. 

Harbor Group International – Purchase of Black Rock Tower – Manhattan

Represented Harbor Group International in the zoning and land use for their $760 million purchase of the granite tower, known as Black Rock, at 51 West 52nd Street in Manhattan from ViacomCBS Inc.

Keepers Storage – New York Sale

Represented Keepers Storage in the sale of two self-storage facilities located in Staten Island and Nyack, NY.

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.

Bank Leumi USA – $80 Million Construction Loan – Long Island City

Herrick represented Bank Leumi USA on an $80 million construction loan secured by property located at 27-01 Jackson Avenue, Long Island City.

69 Adams LLC – Zoning & Land Use Review

Represented 69 Adams LLC in the drafting and review of Restrictive Declarations and zoning lot merger documents opposite NYC’s Economic Development Corporation. Herrick also provided a zoning opinion letter for construction loan financing in the amount of approximately $150 million to allow for the development of a 26-story, approximately 250,000 square foot mixed-use development at 69 Adams Street in the DUMBO neighborhood of Brooklyn.

DH Property Holdings – Massachusetts Warehouse Acquisition

Represented DH Property Holdings in connection with a $37 million purchase of an industrial property located at 94-104 Glenn Street, Lawrence, MA, which houses a warehouse facility. The acquisition involved a joint venture with AIG Global Real Estate Investment Corp., and was financed by Ready Capital Commercial.

The Forest Road Company – $17 Million Loan Secured by Tax Credits

In the first transaction of its kind in New York, Herrick represented The Forest Road Company in connection with a $17 million mortgage loan secured primarily by up to $22 million in New York Brownfield Tax Credits relating to a property located in New York City. The Tax Credits and related proceeds will be earned after demolition of the existing structure, performance of environmental remediation pursuant to a Brownfield Cleanup Agreement overseen by the NYS Department of Environmental Conservation, and construction and placing into service of a new residential building at the site.

Institutional Equity Investor for Multifamily Development – Durham, NC

Represented the institutional equity investor in a joint venture to acquire, finance and develop a 146,000 square-foot 176-unit multifamily project, including related amenities, in Durham, North Carolina. The debt and equity on the project was approximately $36 million.

MAXX Properties – Long-Term Incentive Plan (LTIP)

Represented MAXX Properties in the structuring of their state of the art Long-Term Incentive Plan, including the preparation of the Plan documents.

Kirov Academy – Washington D.C. Mortgage Loan

Represented The Holy Spirit Association for the Unification of World Christianity in connection with a mortgage loan secured by a property located in Washington, DC. The borrower operates the Kirov Academy, a renowned non-profit ballet school.

G4 Capital Partners – Construction and Mezz Loan – Brooklyn

Represented G4 Capital Partners in connection with the $130 million construction and mezzanine loans to affiliates of The Jay Group for the development of a residential building located at 101 Fleet Place in Brooklyn.

Private Real Estate Investor – National Preferred Equity Investments

Represented a private real estate investor in the preferred equity investments involving two multi-family developments in North Carolina and South Carolina, and an investment in a portfolio of fifteen properties across the U.S. which were net-leased to Dollar General. 

RAGHSA Real Estate LLC – One Union Square South

Represented RAGHSA Real Estate LLC, a U.S.-based company, in a complex $200+ million acquisition of 100% of the equity interests in the owner of the 240-unit residential component of One Union Square South from The Related Companies, L.P. Additionally, Herrick represented the purchaser in securing a $135 million FNMA loan and preferred equity financing through a joint venture with a Related affiliate entity. The transaction also involved HFA regulatory, 421-a tax abatement, ADA consent decree, fee-over-plane, reciprocal operating agreement and existing bond redemption components.

$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.

Blackstone – Land Use & Zoning for Terminal Warehouse – Manhattan

Herrick acted as zoning and land use counsel to Blackstone for a $1.2 billion construction loan to L&L Holding Company and Columbia Property Trust for redevelopment of the Terminal Warehouse in West Chelsea, Manhattan. The 1.3 million-square-foot asset occupies the entire block bounded by 11th and 12th avenues (the West Side Highway), and West 27th and West 28th streets.

Mitsui Fudosan and SJP Properties – 200 Amsterdam

Achieved significant victory in a high-profile, multi-year dispute over the approximately $1 billion dollar development at 200 Amsterdam—an important ruling for both Herrick clients and developers throughout New York City. Herrick represented Mitsui Fudosan and SJP Properties as co-counsel in the zoning litigation involving their development of the luxury high rise building when a neighborhood coalition of Upper West Side residents and politicians challenged the Department of Building's approval of the project and two approvals by the NYC Board of Standards and Appeals. The community groups argued that the developers created an illegal zoning lot - which was an unusual shape and utilized partial tax lots. In 2020, even though a N.Y.S. trial judge previously denied an injunction and held that the opponents failed to show a likelihood of success, the judge thereafter ordered that our clients deconstruct several floors of the already built same 52-story building. In March 2021, the N.Y.S. Appellate Division unanimously reversed and ruled in favor of the developers, finding that the building permit was lawful and that the trial court should have deferred to the N.Y.C. Board of Appeals. Opponents sought leave to appeal to the N.Y. Court of Appeals. In September 2021, the N.Y. Court of Appeals denied the opposition group’s motion for leave to appeal.

Rabina Properties – Refinancing of Icon Las Olas, Fort Lauderdale, FL

Represented Rabina Properties in the $139 million permanent refinancing by Sun Trust Bank of the Icon Las Olas, and a sale of a preferred equity interest in the project. The property has been a long term hold by Rabina and its joint venture partner, Related. The 272 unit luxury high-rise apartment tower is currently the tallest building in Fort Lauderdale and includes the highest end amenities in the area..