Matters

Four Building Portfolio Sale – Williamsburg, Brooklyn

Herrick represented four family members in the sale of 536, 546 and 554-558 Metropolitan Avenue in Williamsburg, Brooklyn. The four residential buildings were also the home of a family run hardware store for six decades. The transaction had many nuances, including the fact that originally the three properties had offers to purchase from three different entities. After some weeks, two of the purchasers walked away from the properties and the last remaining buyer opted to purchase all three of them.

Soloviev Group – Land Use & Entitlements for Freedom Plaza

Representing The Soloviev Group in the State Gaming Commission’s land use entitlement process for Freedom Plaza, a potential gaming facility, hotel and residential development on the East Side of Manhattan. Conceived by The Soloviev Group in a joint collaboration with Mohegan Gaming & Entertainment, plans call for two new residential skyscrapers rising 50 to 60 stories tall with 1,325 apartments, including 513 affordable housing units, as well as two 51-story hotel towers with 1,200 guest rooms. A new 4.7-acre landscaped waterfront public open space, a below-grade casino and a museum would sit beneath the towers. The 6.5-acre property is one of the largest undeveloped plots in Manhattan, and is located along First Avenue between East 38th and East 41st Streets. Applications to the State Gaming Commission will be made in the Spring of 2025 and will include a series of public hearings by a to-be-formed Community Advisory Committee. Read more.

Northwind Group – $120 Million Financing for Manhattan Condo

Represented Northwind Group as the lender in connection with a $120 million mortgage and mezzanine refinancing for the 685 Fifth Avenue Condominium in the Midtown Manhattan. 

Major University – Manhattan Dormitory Acquisition

Represented a major university in connection with a nearly $70 million acquisition of a dormitory building in Manhattan.

$52 Million Construction Loan for Manhattan Condo Tower

Represented a private lender in a $52 million construction loan for the building of a condominium tower in the Midtown East neighborhood of Manhattan.

$30 Million Construction Financing for Brooklyn Multifamily

Represented a private lender in a $30 million construction takeout financing for a Brooklyn multifamily development in the Midwood neighborhood of Brooklyn, NY.

Private Lender – Sale of Commercial Property – Long Island, NY

Represented a private lender in connection with a sale of commercial property in Great Neck, New York, as well as the provision of mortgage financing to the new purchaser.     

ACRES Capital – $57.7 Million Loan – Delray Beach, FL

Represented ACRES Capital in connection with the assignment and assumption from an existing borrower/seller to a new borrower/purchaser and conversion of a construction loan into a mortgage loan in the amount of $57.7 million as a result of the sale of The Ray Hotel Delray Beach, Curio Collection by Hilton, a 141-room hotel, located in Delray Beach, FL.

150 Unit Condo Offering Plan – Queens, NY

Represented developer in launch and condominium offering plan for a mixed-use condominium project in Flushing, Queens with total offering price of $135.5 million. 

HOA Documents for Calyer Place – Greenpoint Waterfront – Brooklyn, NY

Represented the developer of a multi-site development in the amendment and restatement of Homeowners Association (HOA) documents and filings with the New York State Attorney General’s office.

Sell-Out of Condo Units – The Grand at Sky View Parc – Queens, NY

Represented Onex Real Estate in the sell-out of all remaining residential condo units at the Sky View Parc mega-development in Flushing, Queens.

Tel Aviv Debt Fund – $180 Construction Loan – Manhattan Condo

Represented a Tel Aviv debt fund in connection with a $180 million construction loan to for the acquisition and redevelopment of a luxury condominium in midtown Manhattan.

Metropolitan Commercial Bank – Commercial Leasing

Represented Metropolitan Commercial Bank in the extension of their retail and office leases at 99 Park Avenue to 2041 and with the expansion of their presence in the building to 82,000 square feet.

Independent Bakery – United Nations Plaza Restaurant Lease – Manhattan, NY

Represented the Taskin Bakery in the negotiation of restaurant and cafe lease at United Nations Plaza in Manhattan, NY.

Charitable Foundation – New Development – Seattle, WA

Represented the real estate arm of a well-known charitable foundation as landlord in an anchor lease, which included restaurant use, for a new development in Seattle, WA.

Rose Associates, Inc. – Restaurant Leases – NYC

Represented Rose Associates in new leases with Chipotle, Knickerbocker, Dig Inn and Starbucks in Manhattan and Brooklyn Heights.

Kenbar Partners – Restaurant Leasing – Manhattan, NY

Represented Kenbar Partners, a family office, in connection with leases of several restaurants in Carnegie Hill neighborhood of Manhattan.

Continental Ventures – Restaurant & Bar Lease – Manhattan, NY

Represented Continental Ventures, a New York City owner/developer, in the lease of a restaurant and bar in Midtown Manhattan.

JennAir – Showroom Lease – Manhattan, NY

Represented JennAir, a multinational home appliance company, in a showroom lease in Manhattan's A&D Building.

Stonebridge Companies – Ground Lease – Manhattan, NY

Represented Stonebridge Companies, a hotel developer, in the 75-year ground lease for 148 E. 48th Street in Manhattan, NY.

Family Office – Long-Term Ground Lease – Queens, NY

Represented a family office in the 99-year ground lease of an under-performing retail property in Queens to a developer for conversion to multi-family building. 

G4 Capital Partners – Construction and Mezz Loan – Brooklyn Heights, NY

Represented G4 Capital Partners in connection with a $130 million construction and mezzanine loan for the construction of a residential building near Prospect Park in Crown Heights, Brooklyn, New York.

Bank Hapoalim B.M. – Modification of Note-on-Note Financing

Represented Bank Hapoalim B.M. in connection with the modification of a note-on-note financing in the amount of $57 million made by BHI to an affiliate of the Northwind Group, and the Chapter 11 plan of reorganization and modification of the underlying mortgage loan in the amount of $85.3 million secured by the hotel located at 225 Bowery, New York, New York. The modification of the note-on-note financing was a result of the Bankruptcy court’s approval of the Chapter 11 plan of reorganization of the underlying mortgage loan.

Bank Hapoalim B.M. – Intercreditor Agreements

Represented Bank Hapoalim B.M. in connection with the negotiations of an intercreditor agreement among the senior lenders of a senior loan in the amount of $165 million and a new incoming mezzanine lender for the mezzanine loan in the amount of $39.77 million for the construction of an approx. 257,000 gross square foot mixed-use multifamily, hospitality and retail property located in downtown Manhattan.

Gazit Horizons – $153 Million Commercial Retail Condos – Manhattan, NY

Represented Gazit Horizons in connection with the sale of two commercial retail condominium units at 401 East 60th Street, New York, New York, for an aggregate of $153 million.

Times Square Lease – National Geographic Ocean Giants Exhibit

Represented the tenant in the structuring and retail concession agreement in connection with the National Geographic Times Square "Ocean Giants" exhibit in New York City.

ACRES Capital – $72.5 Million Refinance – Columbus, OH

Represented ACRES Capital in connection with the $72,500,000 refinance of an existing construction loan for a mixed-used project with a 311-unit multifamily component and two retail suites located in Columbus, Ohio.

RXR Realty – 11 Newly Negotiated Property Management Agreements

Represented RXR Realty as they replaced their existing residential property management firms and property management agreements in eleven of their tri-state area residential buildings with a single new property management company pursuant to a newly negotiated property management agreement. Herrick negotiated a master form of agreement and then used that master form to negotiate each of the eleven properties at issue.

Leumi Partners Ltd. – $12 Million Loan for Manhattan Mixed-Use Development

Represented Leumi Partners Ltd. in connection with a $12 million mezzanine loan to finance the development of two mixed-use buildings at 355 East 86th Street. The development will consist of 4,682 square feet of commercial space as well as 198 residential units with 80% market rate and 20% affordable units to comply with the 485-x Affordable NY Program.

Private Investment Fund $33.4 Million Construction Loan – Portland, CT

Represented private investment fund in a $33.4 million construction loan for a property in Portland, CT. The structure of local zoning approvals required the formation of a commercial condominium in order to separate the existing financed project and the additional collateral.

Joint Venture Sale of a Resort Hotel – Sedona, AZ

Represented a joint venture in the sale of a resort hotel in Sedona. The sale also included the land under thirty-three villa timeshares, land in different municipalities and the resolution of lot boundary issues with a neighboring land owner.

The Community Preservation Corporation – Master Participation & Construction Loan Participation Agreements

Represented The Community Preservation Corporation in the preparation and negotiation of their Master Participation Agreement and various Construction Loan Participation Agreements.

Hunter College – Building Acquisition – New York City

Represented Hunter College of the City University of New York (CUNY) in the $18 million acquisition of a building located near their campus on 67th Street in New York City from the Catholic Charities of the Archdiocese of New York. The building is known as the Baker Theatre Building

Development of Indoor Sports Facility – Westchester County, NY

Represented a group of investors in the development of an indoor sports facility in Westchester County, New York, which will be financed by municipal bonds.

92nd Street Y – Bond Financing

Represented the 92nd Street Y (92NY) in a tax-exempt bond financing through Build NYC Resource Corporation with respect to its campus on the Upper East Side.

Israeli Debt Fund – $29 Million Portfolio Purchase

Represented an Israeli debt fund in the $29 million purchase of a portfolio of performing construction loans located in New York City.

Canada Global – Acquisition of 8500 Biscayne Boulevard

Herrick represented Canada Global (T.R.) Ltd., a publicly traded company in Israel, to acquire 8500 Biscayne Boulevard, a 15.9-acre parcel of land in Miami, Florida, as part of a joint venture with Flow Global Holdings LLC.

Community Preservation Corporation – Sale of Membership Interests

Represented The Community Preservation Corporation in the sale of membership interests in an affordable multifamily project in Brooklyn, NY and in a LIHTC multifamily and senior housing project in the Bronx, NY.

Acquisition & Financing of Unsold Condo Units – Upper West Side

Represented an investor in the acquisition and financing of 129 unsold condo units located on the Upper West Side of New York City.

Acquisition of Controlling Interests in Office Properties – West & Southwest USA

Represented a client in the acquisition of controlling interests in four office campus properties in tertiary markets located in the west and southwest of the United States.

MAXX Properties – Financing – Tampa, FL

Represented MAXX Properties in the $22 million Fannie Mae mortgage financing of a multifamily property located in Tampa, FL.

Community Preservation Corporation and Xenolith Partners – Affordable & Supportive Housing – Brooklyn, NY

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, in collaboration with Family Services Network of New York, Inc. to develop 95 units of supportive and affordable housing and ground-floor community facility space located at 1546 East New York Avenue, Brooklyn, New York.

Valley National Bank – $252 Million Construction Loan – Brooklyn, NY

Represented Valley National Bank on a $252 million syndicated construction loan for a property located in Coney Island, Brooklyn. The planned development includes a three-tower complex with 499 luxury rental units, 38,276 square feet of street-level retail space and 21,500 square feet of community facility space. This complex deal also involved series mortgages, zoning challenges, an amended and restated condominium declaration and a 421-a tax component.

$130 Million Refinance – NYC Owner/Operator & JV with Investment Fund

Represented a New York City owner/operator as part of a joint venture with an investment fund entity in a $130 million refinance of a loan secured by a multi-state portfolio of over 20 commercial-use properties. Herrick advised our client in its negotiation and execution of the loan transaction and a preferred equity arrangement. Herrick also represented our client in the concurrent reorganization at closing of the existing property-owning entities into Delaware-domiciled entities by merger or conversion with simultaneous qualification to transact business in their states of original formation.

Leumi Partners – $123 Million Mezzanine Loan for Brooklyn Development

Represented Leumi Partners Ltd., as mezzanine lender, in an aggregate construction financing facility of $123 million for a mixed-use development construction project in Brooklyn, New York.

University Sublease of Dormitory Building – Manhattan

Represented a major university as subtenant in connection with a sublease of a dormitory building in Manhattan. 

$51 Million Manhattan Condominium Inventory Loan

Represented a private lender in a $51 million condominium inventory loan in New York City’s Financial District.

Sabet Group – Chelsea Apartment Building Acquisition

Represented the Sabet Group in the acquisition of 224 & 228 Eighth Avenue, a 44-unit apartment building spanning 30,075 square feet in Manhattan.

Acquisition of 216 Plymouth Street, Brooklyn

Represented the Charles F. Parker Revocable Trust and its affiliate in connection with the acquisition of a building in Dumbo located at 216 Plymouth Street, Brooklyn, New York, which took approx. two years of negotiations with the relevant parties.

Manhattan Landlord – National Grocery Store Lease

Represented a university as landlord in connection with the extension and amendment of a lease to a national chain of neighborhood grocery stores, with respect to property located in Manhattan.