Matters

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 including significant design and construction related lease negotiations for the clients’ initial improvement work, as well as the negotiation of design, consulting and construction agreements for the improvement work.

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. 

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 Transactions

Represented Keepers Storage in the sale of self-storage facilities located in Manhattan, 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.

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.

Slate Property Group – Zoning Analysis for Forest Hills Development

Represented Slate Property Group by providing a zoning analysis and zoning opinion letter for construction loan financing in connection with the development of a 166-unit, residential development located at In Forest Hills, New York.

CIT Bank – $35.7 Million Construction Loan – Brooklyn, NY

Represented CIT Bank in a $35.7 million construction loan for the development of a property located at 230 Classon Avenue in Brooklyn, New York, which will consist of a 17-story building with residential units and an affordable component.

Centennial Bank – $65 Million Brooklyn Construciton Loan

Represented Centennial Bank on a $65 million construction loan secured by property located at 200 Montague Street in Brooklyn. The borrower intends to construct a 121-unit residential apartment building with retail space of approximately 7,000 square feet above grade and 5,000 square feet below grade.

Goldman Sachs – Zoning for $240 Million Development – 80 Flatbush

Represented Goldman Sachs as zoning counsel for a $240 million construction loan for Phase One of the final major downtown Brooklyn development project at 80 Flatbush Avenue. The overall project includes five buildings and over 800 apartments, 200,000 square-feet of office space, 40,000 square-feet of retail and two schools. Phase One is a nearly 500-foot-tall tower with about half the overall units. The block-sized project included multiple entitlements from the City and a complex development rights arrangement.

Gothic 96th Street LLC – Refinancing and Defeasance

Represented Gothic 96th Street LLC in connection with the refinancing of a property located at 747 Amsterdam Avenue in Manhattan and the defeasance of the existing loan from the lender.

MAXX Properties – $35 Million Acquisition & Financing – Scottsdale, AZ

Represented an affiliate of MAXX Properties in the $35 million acquisition and bank financing of a Scottsdale, AZ multifamily property known as 92Forty. The acquisition was the replacement property for a 1031 Exchange.

Zeta Charter Schools – 124,000 Square-Foot Leasehold Condominium

Represented Zeta Charter Schools in connection with the negotiation of a lease and formation of a leasehold condominium for a to-be-built 124,000 square-foot eight-story stand alone-building in the Inwood section of Manhattan. The building will serve students from pre-K through eighth grade.

Northwind Group – $56 Million Manhattan Mortgage Loan

Represented affiliates of Northwind Group in connection with a $56 million mortgage loan secured by a newly-constructed, thirteen-story, 86,000+ square-foot residential apartment building located on Central Park North.

Metropolitan Commercial Bank – $17 Million Mortgage Loan – Long Island City, NY

Represented Metropolitan Commercial Bank in a $17 million dollar loan for a property located at 9-03 44th Road, Long Island City, New York. Among other things, the deal involved working with the ground lessor, the NYC Industrial Development Agency and the preferred equity investor.

$36.5 Million Sale of TIC Interest – Manhattan, NY

Represented a New York real estate family in the $36.5 million sale of a 50% tenancy in common interest in two buildings at 155 and 165 West 29th Street.

Extell Development – Joint Venture – Yonkers, NY

Represented Extell Development Company in a joint venture agreement for the ownership and development of property in Yonkers, New York.

Centennial Bank – $80 Million Construction Loan – Brooklyn, NY

Represented Centennial Bank in an $80 million construction loan for the ground-up development of the property located at 1100 Myrtle Avenue in Brooklyn, which will consist of an 11-story mixed use project with a ground floor supermarket and residential units.

New York Cooperative – $15 Million Refinance

Represented a 340-unit cooperative in New York City in a $15 million mortgage refinance with a $1 million line of credit.

Rabsky Group – Commercial Floor Area Disposition Approved

Represented the Rabsky Group in obtaining authorization for New York City to sell approximately 100,000 square feet of commercial floor area to our client. The commercial space will be added to the 150,000 square feet of residential space already existing on our client’s property to facilitate the construction of our client’s proposed 25-story, approximately 250,000 square foot mixed-use development at 69 Adams Street in the DUMBO neighborhood of Brooklyn.

FBE Limited – $115 Million Sale of Affordable Housing Complex

Represented FBE Limited LLC in selling an affordable housing complex in the Bronx, New York for $115 million. This transaction involved an assumption by the buyer of the existing mortgage loan, along with obtaining regulatory approvals, as the property is an affordable housing building.

Bank Leumi – $79 Million Manhattan Construction Loan

Represented Bank Leumi USA in a $79 million construction loan for development of the properties located at 224 and 238 West 124th Street, New York, which will be developed as an 18-story, “70/30” rental apartment building containing 168 units (51 of which are affordable). This deal involved unusual zoning subdivision issues as well as coordination with HPD and HUD on various deal components.

Private Lender – Montauk, NY – Acquisition and Construction Loan

Represented a private lender on an $18.5 million loan in Montauk, New York (the easternmost end of Long Island). The property is an expansive waterfront property with sunset views over Lake Montauk, which the borrower plans to redevelop into a condominium complex with a marina, spa, fitness center, pool, restaurant and event space.

Empire State Realty Trust – $180 Million CMBS Mortgage Loan

Represented Empire State Realty Trust in a $180 million CMBS mortgage loan secured by 250 West 57th Street, a 542,000 square-foot Manhattan office and retail property.

New Market Tax Credits – Financing for Los Angeles Hospital

Represented a regional bank and their investment partner in financing the ongoing operational costs of a community hospital in Los Angeles, California. Herrick rapidly closed the transaction, contending with a requirement to close by year end to meet regulatory and tax compliance requirements. 

Community Preservation Corporation & Xenolith Partners – Affordable and Transition Housing Development – Brooklyn

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, and the construction financing to develop “The Rise” located at 1366 East New York Avenue, Brooklyn, New York. Under the Vital Brooklyn Initiative, “The Rise” will consist of 72 supportive and affordable housing units; approximately 7,000 square feet of community facility space; 3,000 square feet of administrative space for One Brooklyn Health System (OBHS); 5 parking spaces; and a 10,000+ square foot rooftop green space. Supportive services for building residents will be provided by Women's Prison Association and Home (WPA) and the Osborne Association, who will also offer services to eligible members of the community, including case management, job-readiness training and job placement, legal assistance and support groups for re-entry transition and the development of social and wellness skills.

Community Preservation Corporation – Mezz Loan for Affordable Housing with CPC ACCESS

Represented The Community Preservation Corporation in connection with a mezzanine loan for the development and rehabilitation of numerous housing projects located in New York City. The loan was made pursuant to CPC’s new initiative called CPC ACCESS, which focuses on getting more and more flexible capital into the hands of emerging, minority real estate developers in the affordable housing space so they can do more and benefit more from their efforts, thereby building their balance sheets and businesses.

DH Property Holdings – $154.7 Million Financing – Brooklyn, NY

Represented DH Property Holdings LLC in connection with a $154.7 million construction and mezzanine financing for a last-mile distribution facility in Red Hook, Brooklyn.

Harel Insurance – $62.5 Million Manhattan Loan

Represented Harel Insurance Company in the purchase of a $62.5 million portion of a $600 million construction loan made to SL Green and secured by a first mortgage on 410 10th Avenue in Manhattan.

Piedmont Realty Trust – 500,000 Square-Foot Lease to New York State

Represented Piedmont Realty Trust in the lease to the New York Office of General Services for approx. 15 state agencies to use 500,000 square feet of space at 60 Broad Street in Manhattan.

DH Property – Brooklyn Warehouse Sale to Prologis

Represented DH Property Holdings in the acquisition, financing negotiations and ultimate $60 million sale of the purchase contract for a two-acre warehouse site at 150 East 52nd Street in Brooklyn, NY to the mammoth warehouse landlord, Prologis.