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Real Estate
Manhattan Condominiums/Rentals/Hotels
Olshan represents developers of several luxury Midtown and Upper East Side mixed use and hotel properties in purchasing and financing real estate. We represent the purchasers of properties at prices up to $500 million, often on an expedited basis. Typically we also represent the developer in the construction and mezzanine financings from institutions such as Lehman Brothers, China Pacific, M&T Bank, and German and other foreign lenders. We are experts in working with the terms offered by various lenders for projects of this kind, including negotiating the carve-outs from non-recourse loans, minimizing mortgage recording taxes and managing the inter-creditor relationships among the lenders and preferred equity holders.
Office, Retail and Specialized Leasing
Representation of the owner of a downtown New York City office building in its leasing program, including a lease of 80,000 square feet to Millennium High School and leases of office space to internet service providers and major telecommunications carriers.
Representation of the owner of two midtown Madison Avenue office buildings in its leasing program, including a lease of ground floor retail space to JP Morgan Chase Bank and a lease of 60,000 square feet to a New York City law firm.
Leasing of retail space in downtown and midtown New York City office and residential buildings to major retail tenants including Sephora, Modell's Sporting Goods, Forever 21 and Staples.
Purchase and re-leasing program for the new owner of a formerly troubled shopping center in Las Vegas, Nevada.
Leasing of a New Jersey office building, including a lease of 60,000 square feet to the provider of E-ZPass Services for the State of New Jersey.
Lease in a midtown luxury building to a high-end sports club.
Lease for a celebrated New York City chef for his debut restaurant.
Florida Office Building
We represented the buyers of the Phillips Point Office tower along the downtown West Palm Beach, Florida waterfront. Our clients were two New York-based private, family-run, independent investment firms, the Winter Organization and Heller Properties. The buyer paid $138 million for the 425,000-square-foot tower. The seller was the State of New Hampshire through its pension fund adviser, Hart Advisors of Connecticut. At the time of the closing, the price was the highest ever per square foot in the Southeast United States. The reason for the high price, according to news reports, is the building's beauty, waterside perch and solid leases.
Office Building Acquisition by Tenants in Common
We represented three groups of investors, each of which wished to acquire a tenant-in-common interest in a $300,000,000 office building in lower Manhattan to effectuate 1031 tax-deferred exchanges (including two reverse exchanges). We prepared the tenants-in-common agreement and handled the securitized mortgage and mezzanine loans.
Glass House Condominium
We sold a downtown industrial building to a residential developer while retaining for our client an economic interest in the buyer. Our client kept the right to surrender the interest in exchange for the commercial condominium unit, which the buyer was obligated to construct pursuant to agreed plans. The condominium declaration was agreed upon in advance in order to protect the commercial unit.
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