Real Estate

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.

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

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.

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.

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.

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.

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.

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

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

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. 

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.

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.

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.

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

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

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. 

Represented a private real estate investor actively involved in the multifamily space in the closing of three preferred equity investments in multifamily properties located Texas and California.

Represented a real estate joint venture in the acquisition and financing of medical office properties throughout the United States.

Represented Extell Development Company in connection with a development ground lease for a property in Midtown Manhattan.

Represented Rechler Equity Partners in the leasing, financing and development of a distribution facility for Amazon in Suffolk County, New York.

Represented a developer, owner and operator of residential and commercial real estate in New York and Texas, in connection with the $21 million sale of a development site in the Astoria, Queens.

Represented a private lender in a condominium inventory loan in the Gramercy neighborhood of Manhattan.

Represented Y&T Development LLC in connection with the assignment of a purchase and sale agreement, and the closing under the PSA, with respect to a residential development site at 870-888 Atlantic Avenue, Brooklyn.

Represented a joint venture comprised of a prominent real estate development company and a global holding company in connection with the development of a 23-story mixed-use building in the Midtown East neighborhood of Manhattan. This representation has included, among other aspects, representing the joint venture as borrower in connection with a $95 million construction loan, as well as representing the joint venture in connection with the initial acquisition and financing of the development site and related unused development rights from a neighboring property through zoning lot merger.