Matters

NorthEnd Equities – $221 Million Portfolio – Florida

Represented NorthEnd Equities in connection with the financing of $221 million for the acquisition of a 14-property portfolio, consisting of 2,383 units throughout the state of Florida. This sale marks the highest price paid for a deal spanning the state’s Central, Southwest and North areas.

G4 Capital Partners – $95 Million Construction and Mezzinne Loan – Madison Ave NYC

Represented G4 in connection with a $95 million construction and mezzanine loan for the development of a luxury condominium building on Madison Avenue in Manhattan for both residential and commercial use.

Sale of 360 North Rodeo Drive – Beverly Hills, California

Represented the Harkham Family in the sale of their hotel property at 360 Rodeo Drive in Beverly Hills, California to LVMH. The 42,560-square-foot property also includes three high-end retail storefronts leased to Rolex, Patek Philppe and Ferrari. The sale, at around $2.3 million per room, is one of the largest ever in terms of a per key price in California.

Blackstone – Land Use & Zoning for Manhattan Development

Herrick acted as zoning and land use counsel to Blackstone for a $322 million loan to developers Zeckendorf Development, Atlas Capital Group and The Baupost Group to finance a portion of the land acquisition and pre-development work at 570 Washington Street. The planned development is a two-tower condominium development rising 450 feet and encompassing a full city block near Google’s St. John’s Terminal campus.

$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.

$40 Million Refinancing – Red Hook, Brooklyn

Represented a private lender on a $40 million refinancing secured by industrial property in the Red Hook neighborhood of Brooklyn. 

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.

Migdal Insurance Company Ltd. – Joint Ventures with White Oak Partners

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of two joint ventures with White Oak Partners to establish funds to purchase multifamily properties in the United States.

NY-based Nursing Home Owner – Brooklyn Acquisition

Represented a large NY-based nursing home owner in the acquisition of 699 92nd Street in Brooklyn, NY, from a purchaser under contract who had filed for bankruptcy. The site is triple net leased to a non-profit integrated healthcare network that is New York State's largest healthcare provider and private employer.

G4 Capital Partners – $29.5 Million Loan – Brooklyn, NY

Represented G4 in connection with a $29.5 million acquisition and pre-development loan for the development of property located in Brooklyn, New York for both residential and commercial use.

Two Trees – Zoning for Additional Domino Sugar Development – Brooklyn, NY

Herrick partnered with Two Trees to obtain approval from the City Planning Commission for a modification of the Large-Scale General Development Special Permits and Restrictive Declaration for the Domino Sugar Development on the Williamsburg waterfront in Brooklyn, NY. The modified approval will allow for the addition of approximately 1,000 square feet of open space to Domino Square and a modified and design for one of the five buildings within the larger development. The new building will now contain more than 640K square feet of floor area and approximately 560 residential units. When fully built, the entire Domino Sugar Development will include approximately 2.75 million square feet of floor area and 4.8 acres of public open space.

Sale of Astoria Property – Newtown Avenue

Represented D-Ahn Development LLC on the sale of 25-23 Newtown Avenue in Astoria, Queens. The property is a development site that can accommodate future construction of a new residential building, and this transaction included a vehicular access agreement.

G4 Capital Partners – $74.5 Million Construction and Mezz Loan – Long Island City

Represented G4 Capital Partners in connection with a $74.5 million construction and mezzanine loan for the development of property in Long Island City, New York for both residential and commercial use.

GPB Capital – Property Sale – Long Island, NY

Represented GPB Capital in connection with the sale of property in Great Neck, NY. The property is the site of the Biener Ford dealership in Great Neck, and the buyer is an affiliate of the owners of the dealership.

Private Real Estate Investor – Financing – North Carolina and Arizona

Represented a private real estate investor in the purchase of a note secured by a mortgage on a multi-family project in Raleigh, North Carolina. Additionally, Herrick represented the investor in a loan secured by a pledge of membership interests in a multi-family project in Tempe, Arizona.

SR Real Estate Partners – Construction Loan for Student Housing – North Carolina

Represented SR Real Estate Partners in connection with a $75 million construction loan where the proceeds of the loan will be used to construct a 229-unit, 754 bed student housing project at UNC Charlotte in North Carolina.

ASPCA – Zoning Resolution Determination

Herrick partnered with the ASPCA on a pro bono basis to enable them, under zoning, to provide overnight animal boarding their veterinary clinics. The Department of Buildings generally does not allow overnight animal boarding in areas not zoned for manufacturing use, and the ASPCA’s property is zoned for residential and commercial use. We drafted a zoning memorandum and a Zoning Resolution Determination (ZRD1) which outlined a legal strategy to allow for overnight animal boarding at clinics they operate in the five boroughs. 

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.

MAXX Properties – 1031 Acquisition & Financing – Sandy, Utah

Represented an affiliate of long-time client MAXX Properties in the acquisition and life insurance company financing of a 261-unit luxury apartment community in Sandy, Utah known as The Ridge. The acquisition was the replacement property for a 1031 Exchange.

Rabina Properties – New River Yacht Club II Construction Loan

Represented Rabina Properties in a $99 million construction loan to build New River Yacht Club II in Fort Lauderdale, FL, a 349-unit 36-story luxury high rise rental that is being developed in a joint venture with the Related Group.

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.

Achieved Eminent Domain Award of Nearly Six Times Initial Offer for Property Owner in Long Island Railroad/Third Track Project

Herrick represented 150 D&A Co. of Nassau Inc. when their property was seized by the New York State Department of Transportation and the MTA by way of eminent domain in the LIRR Third Track Project. Formally known as the LIRR Expansion, the project’s goal was to construct a 10-mile long third track on the Long Island Railroad Mainline. The project included the elimination of eight street-level crossings along the LIRR Main Line, to be replaced by grade crossings with newly constructed bridges that hold three tracks, and a two-lane underpass for vehicular traffic that also included a pedestrian sidewalk. Herrick advocated for additional compensation for these property owners in the New York State Court of Claims and obtained a settlement of close to six times the amount of the initial payment made to its client for the loss of its property (a 600 percent increase in the eminent domain award).

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.

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.

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.

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.

Rabsky Group – Land Use Due Diligence for Gowanus Development

Represented the Rabsky Group in the land use due diligence for the $92 million construction loan for a large mixed-use project in Brooklyn’s Gowanus neighborhood.

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.

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.