Matters

“Penn South” Mutual Redevelopment Houses – Ground Lease

Represented Mutual Redevelopment Houses, also known as Penn South, in the 99-year ground lease with MAG Partners. Penn South is a 10-building Mitchell-Lama housing cooperative in the Chelsea neighborhood of Manhattan that sprawls from West 23rd to West 29th streets, between Eighth and Ninth avenues. MAG Partners' new project at 335 Eighth Avenue will rise seven stories and host 188 units in the mixed-income apartment building, along with ground-floor commercial space.

G4 Capital Partners – $95 Million Construction and Mezzanine 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.

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.

Shorenstein Properties – Building Sale – Nashville, TN

Represented Shorenstein Properties in connection with its sale of a 28-story office building containing over 600,000 rentable square feet in Nashville, TN.

CIT Bank – $88 Million Construction Loan – Brooklyn, NY

Represented CIT Bank, a division of First-Citizens Bank & Trust Company, on an $88 million construction loan secured by property located at 380 4th Avenue in Gowanus, Brooklyn.

Sale of Hyatt Hotel in Jersey City, NJ

Represented Veris Residential, Inc. in the sale of the Hyatt Hotel located in Jersey City, NJ to a joint venture between affiliates of Taconic Capital Advisors LP and HEI Hotels & Resorts.

Office Building Acquisition – Queens, NY

Represented an investor in the acquisition of a 35,000-square-foot office building in Forest Hills. The transaction included a Purchase and Sale Agreement; an acquisition loan; an LLC agreement; multiple estoppels and SNDAs; the refinancing of another property owned by the investor to raise equity for the acquisition following two aborted sales of a Maine property that had previously been acquired in a 1031-exchange; and a 99-year license agreement from the LIRR to provide parking for the tenants at the office building.

Kriss Capital – $37 Million Construction Loan

Represented Kriss Capital LLC on a $37 million construction loan secured by property located at 4560 Broadway. The Herrick team also represented Kriss Capital in connection with the syndication of the loan with Valley National Bank and LibreMax.

1534 Second Avenue – Lease to Goldfish Swim School

Represented the former owners of the iconic Lester's apparel store located on the Upper East Side at 1534 Second Avenue in a long term lease of the entire building to the Goldfish Swim School. 

64 University Place – Condo Offering Plan

Represented Bsafal Inc and Argo Real Estate in the condo offering plan for 64 University Place as well as in the contract negotiations for residential units at this luxury Manhattan mixed-use condo.

Upper West Side House of Worship – Lease Extension & Amendment

Represented a church on the Upper West Side of Manhattan in connection with the extension and amendment of a nearly 16,000-square-foot lease to an early childhood school. The representation included receiving approval from the Charities Bureau of the State Attorney General.

Bank Hapoalim – $165 Million Manhattan Acquisition & Construction loan

Represented Bank Hapoalim as senior co-lender in a $165 million acquisition and construction loan to Moinian Group for the construction of mixed-use residential and hotel property at 7 Platt Street in Manhattan.

ACRES Capital – Loan for Self-Storage Facility – Marietta, GA

Represented ACRES Capital, LLC in connection with a $16 million first mortgage loan to refinance debt on a newly constructed 77,060 square foot, 806-unit self-storage facility in Marietta, GA.

Brasseria Family Hospitality – Large Manhattan Restaurant Lease

Represented Brasseria Family Hospitality in the lease for more than 8,000 square feet at 85 10th Avenue in Manhattan for their first restaurant in the United States.

Sumitomo Mitsui Trust Bank – Acquisition & Construction Loan – Houston, TX

Represented Sumitomo Mitsui Trust Bank as lender in connection with an acquisition and construction loan of approx. $76 million to a developer who plans to demolish an existing retail strip center and build an approximately 12 story, 209-unit market rate multifamily project with approximately 2,867 square feet of ground floor retail in Houston, TX.

Community Preservation Corporation – $29 Million Morris Heights Mews Affordable Housing Joint Venture in The Bronx

Represented The Community Preservation Corporation in a joint venture with Camber Property Group to acquire Morris Heights Mews, a 100 percent affordable property in The Bronx, for $29 million, which will preserve and extend affordability for 111 units. A new 20-year Section 8 contract was executed, and the joint venture will undertake approximately $3 million in improvements to the complex.

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. 

MAXX Properties – 1031 Acquisition & Financing – Sandy, Utah

Represented an affiliate of long-time client MAXX Properties in the acquisition and $55 million 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.

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.

Not-for-Profit Corporation – Manhattan Leasehold Condo

Represented a major not-for-profit 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.

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.