Matters

Extell Development Company – Ground Lease & PSA for Wellington Hotel – NYC

Represented Extell Development Company as the tenant under an amended and restated ground lease and purchaser under a purchase and sale agreement for the renovation and redevelopment of the Wellington Hotel located at 871 Seventh Avenue, New York, NY.

Y&T Development – PSA for Brooklyn Residential Development

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.

Extell Development Company – Manhattan Ground Lease

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

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.

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.

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.

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.

$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.

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.

$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.

Cammeby’s International Group – Park Avenue Refinancing

Represented Cammeby’s International Group in the more than $100 million refinancing of a mixed-use multifamily building on Park Avenue in Manhattan.

Muss Development – $165 Million Manhattan Property Sale & Development Rights Transfer

Represented Muss Development in its sale of two fee parcels and one development rights transfer as part of an assemblage on the Upper East Side that, along with the other five fee parcels and three development rights transfers involved, totaled over $165 million.

Muss Development – $29.5 Million Westchester County Acqusition

Represented Muss Development in its $29.5 million purchase of multi-family property in Westchester County, New York.

Harbor Group International – $117 Million Brooklyn Acquisition

Represented an affiliate of Harbor Group International, LLC in the acquisition of a $117 million newly constructed 193-unit multifamily property known as The Frederick, located at 564 St. John’s Place in Crown Heights, Brooklyn.

DH Property Holdings – Financing for Brooklyn Distribution Center

Represented DH Property Holdings LLC in the construction loan and mezzanine loan financing for a distribution center in Brooklyn, New York.

FBE Limited and Adam America Real Estate – $54 Million Manhattan Sale

Herrick represented FBE Limited and Adam America Real Estate in the sale of 4650 Broadway in Manhattan to an affiliate of the Arden Group for $54 million after previously representing FBE/AARE in a joint venture acquiring this site in 2018. The site is eligible for Brownfield Tax Credits and is located in an opportunity zone on the border of Inwood and Washington Heights.

FBE Limited – Brooklyn Acquisition, Including Marina

Represented FBE Limited in connection with the acquisition of waterfront property including a marina located in Brooklyn, New York for $57.5 million and with the related financing.

Cammeby’s International – $1.8 Billion Apartment Community Portfolio Acquisition

Represented Cammeby’s International, in a joint venture with Harbor Group International, in the $1.8 billion acquisition of the five-state, 9,000+-unit Beacon portfolio of 25 apartment communities.

Migdal Insurance Company Ltd. – Manhattan Office Building Investment

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of joint venture arrangements with affiliates of Vanbarton Group and Ohio Public Employee Retirement System in connection with a REIT investment resulting in the purchase of a 34% indirect ownership interest in a 780,000-sq.-ft. office building located at 425 Lexington Avenue in Manhattan.

Migdal Insurance Company Ltd. – Philadelphia Office Building Investment

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of joint venture arrangements with affiliates of Silverstein Properties and the Arden Group in connection with a REIT investment resulting in the purchase of a 49% indirect ownership interest in a 1.3-million-sq.-ft. office building in Philadelphia, Pennsylvania.

FBE Limited and Treetop Development Affiliate – Bronx Refinancing and JV Restructuring

Herrick represented an affiliate of FBE Limited and Treetop Development in the restructuring of the ownership and refinancing of a building located at 1600 Sedgwick Avenue in the Bronx.

Extell – $360 Million Manhattan Portfolio Purchase

Represented Extell Development Company in the $360 million purchase, flip and financing of multiple properties from the Duell family's real estate portfolio.

Schron and Fruchthandler Families – Acquisition of Interest in 1285 Avenue of the Americas

Represented the Schron and Fruchthandler families in the acquisition of a joint venture interest in 1285 Avenue of the Americas, which was purchased by RXR Realty in May 2016 for $1.65 billion.

Migdal Insurance Company Ltd. – Manhattan Garment District Building Investment

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with an affiliate of ATCO Properties and Management Inc. and the associated purchase of a 49% indirect ownership interest in an office building located at 240 W. 35th Street in Manhattan's Garment District. Herrick assisted Migdal with structural and tax related planning including the formation of a REIT to serve as the investment entity in the joint venture and the negotiation of a nominee ownership structure for NYC transfer tax purposes. 

Migdal Insurance Company Ltd. – Multi-State Joint Venture Acquisition

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with affiliates of Rialto Capital Management, Elite Street Capital and Menora Mivtachim Insurance in connection with the purchase of an indirect ownership interest in a portfolio of multi-family properties in Maryland, Texas and Missouri.

DH Property Holdings Affiliate – Brooklyn Industrial Property Acquisition

Represented an affiliate of DH Property Holdings in the acquisition of an industrial development site on Columbia Street in Red Hook, Brooklyn.

The Lightstone Group – $330 Million Manhattan Ground Lease Sale

Represented The Lightstone Group in the combined $330 million sale of a ground lease position owned by Abraham Kamber & Company LLC and a subleasehold estate owned by Lightstone at 1407 Broadway.

Real Estate Owner/Investor – $320 Million Woolworth Building Refinancing

Represented the owner of the office condominium portion of the Woolworth Building, a joint venture between the Schron family and Steve Witkoff, in a $320 million refinancing from Blackstone.

Schron Family – $252 Million Manhattan Multifamily Acquisition

Represented the Schron family in connection with the $252 million acquisition of the Monterey, a 521-unit multifamily property located at 175 East 96th Street.

Joint Venture – $220 Million Chicago Office Tower Acquisition

Represented The World-Wide Group and Cammeby's International in the $220 million joint venture acquisition of a Class A tower in Chicago, Illinois.

FBE Limited – $195 Million Long Island City Property Sale

Represented FBE Limited LLC in the $195 million sale of 24-02 49th Avenue, Long Island City, along with the defeasance of a REMIC mortgage that was encumbering the property, and the completion of a reverse 1031 exchange transaction.

Schron and Fruchthandler Families – $161 Million Brooklyn Warehouse Sale

Represented an entity owned by the Schron and Fruchthandler families in the $161 million sale of 9-47 Hall Street, a warehouse building near Brooklyn's Navy Yard. 

DH Property Holdings and FBE Limited Affiliates – $151.5 Million Ten-Property Portfolio Acquisition

Represented affiliates of DH Property Holdings and FBE Limited LLC in the $151.5 million acquisition of a ten-property multifamily and office property portfolio from affiliates of the Braun Family, and the flip of parts of the portfolio to other investors.

Youngwoo & Associates – $150 Million Acquisition of 70 Pine Street

Represented Youngwoo & Associates in the $150 million acquisition of 70 Pine Street and an adjacent building in Manhattan.

Schron Family – $92 Million Acquisition of 1501 Lexington Avenue

Represented the Schron family in the $92 million acquisition of a multifamily building located at 1501 Lexington Avenue.

FBE Limited LLC – $84 Million Bronx Apartment Building Acquisition and Financing

Represented FBE Limited LLC in the $84 million acquisition and financing of 1600 Sedgwick Avenue in the Bronx, a HUD-subsidized low income housing property.

Joint Venture – $68 Million Woolworth Building Condo Conversion and Sale

Represented a joint venture between Cammeby's International and The Witkoff Group in the conversion of the iconic Woolworth Building's top 30 floors to a condominium unit, and the $68 million sale of the unit to Alchemy Properties.

Woolworth Building Owners – Loan Modification & Extension

Represented the owners of the Woolworth Building, the Schron family and The Witkoff Group, in the modification and extension of a mortgage loan and a mezzanine loan for the property. 

Extell Development Company – $75 Million Bronx Property Sale

Represented Extell Development Company in the $75 million sale of 2505 Bruckner Boulevard in the Bronx to Innovo Property Group RE, LLC.

Extell Development Company – $66 Million Assemblage Sale

Represented Extell Development Company in the $66 million sale of an assemblage consisting of a fee parcel on East 29th Street in Manhattan, two air parcels, two certificates of eligibility for zoning floor area bonuses, and Extell’s interest in contracts for development rights from adjacent property owners.

Extell Development Company – $61.5 Million Sale to S.W. Management

Represented Extell Development Company in the $61.5 million sale of 134 West 58th Street in New York City to S.W. Management. 

The Lightstone Group – Long Island City Development Financing

Represented The Lightstone Group in the permanent financing of its residential development in Long Island City.

Extell Development Company – Upper West Side Assemblage & Development Rights

Represented Extell Development Company in completing an Upper West Side assemblage including the acquisition of 2551 Broadway and development rights from nearby co-op buildings on West 95th Street. 

Migdal Insurance Company Ltd. – San Francisco Office Building Investment

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with a domestically controlled REIT that is an affiliate of KBS Realty Advisors and the associated purchase of a 45% indirect ownership interest in an office building located at 353 Sacramento Street, San Francisco, California.

Youngwoo & Associates – Bronx General Post Office Acquisition

Represented Youngwoo & Associates in the acquisition of the Bronx general post office building from the United States Postal Service. We also handled the permanent lease of a section of the building to the USPS so that they maintain a retail presence, a loan agreement related to the Depression-era murals inside the building, and a joint venture agreement.

Youngwoo & Associates LLC – Art Gallery Condo Development

Represented Youngwoo & Associates LLC in developing a 16-story condominium in New York's West Chelsea neighborhood. The building is designed to be an art gallery, and our work included an air rights acquisition and construction loan financing.

Youngwoo & Associates – Manhattan “Sky Garage” Condo Development

Represented Youngwoo & Associates LLC in developing a unique residential condominium building in New York's West Chelsea neighborhood, which features full-floor units with a parking facility for a car at each level. We advised on the land acquisition, construction financing and zoning issues.