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Real Estate Law

Sophisticated and practical solutions for clients

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We leverage our in-depth Real Estate law knowledge, deal-making skills and cost-efficient service.

Across the nation and especially in and around New York, our skilled handling of real estate transactions has helped our real estate lawyers achieve an outstanding reputation in the industry. Leveraging our in-depth knowledge, creative deal-making, and diligent and cost-efficient service, we negotiate and close some of the country’s most sophisticated and significant real estate transactions on behalf of our clients.

We have particular experience serving real estate law clients in the areas of major office buildings, including purchases, sales, space leasing and ground leasing of office buildings, hotels and development sites, retail leasing, where we represent major brand retailers in leasing retail space in Manhattan and across the U.S., commercial condominiums, where we create, manage and enforce the rights concerning various mixed-use properties and air rights conveyance.

Our real estate attorneys also handle joint ownership arrangements, including condominiums, cooperatives and tenancies-in-common, negotiate like-kind 1031 exchanges, arrange workouts of distressed properties and counsel owners and investment bankers in offering real estate investment trust (REIT) shares.

Our real estate law clients include:
  • Purchasers and sellers of office, retail, industrial and residential properties
  • Builder-developers of mixed-use residential complexes in New York and other major cities
  • Office, retail and industrial landlords
  • Ground lessors/lessees of high-end office buildings
  • Borrowers of construction, mezzanine and permanent loans
  • Foreign, domestic and institutional investors in the New York metropolitan area
  • Major property owners in the midtown and downtown New York markets
  • Tenants leasing office, retail, industrial and theater space, galleries and artist studios
  • Institutional lenders
  • REITs

When it comes to the purchase, sale, leasing or development of real property in New York and beyond, the Real Estate Law Group at Olshan Law has the experience and skill to close the deal to our clients’ best advantage.

Office/Condominiums/Rentals/Hotels Development & Sales
  • In one of the biggest financing deals of 2014, Olshan represented the purchaser of the iconic Mobil Building at 150 East 42nd Street, including securing a $700 million loan from Morgan Stanley Mortgage Capital Holdings to complete their acquisition of the leasehold position. The deal included a 99-year ground lease extension with the land owner, purchasing the existing leasehold from Hiro Real Estate, and creating a sub-leasehold condominium to accommodate Mt. Sinai Medical Center. Several Olshan practice groups represented the buyers in the transaction: Tax & Planning, Real Estate and Corporate/Securities. News reports may be found at The Real Deal and GlobeSt.com.
  • Represented Bonjour Capital as it took title to 333 Greene Avenue, Brooklyn, New York from two bitterly fighting debtors. Originally, Olshan represented Banco Popular in a mortgage foreclosure action against the debtors. After achieving summary judgment, Banco sold the mortgage to a third party. Olshan represented Bonjour in the purchase of the mortgage from that third party, then moved to lift the stay. After negotiating with the debtors, Bonjour took title through a plan of reorganization. The deal will allow the new owner to proceed with the 57-unit rental project, which was on hold for six years.
  • Represent developers of several luxury midtown and Upper East Side mixed-use and hotel properties in the acquisition and financing of the development projects.
  • Lead counsel for a joint venture of Boston Properties and Madison Equities for the $200 million acquisition of office building assemblage for what became 250 West 55th Street and which originally consisted of nine separate lots, two air rights parcels and three different simultaneous sellers.
  • Purchase of defaulted mortgages and the workout, foreclosure and bankruptcy aspects related thereto.
  • Represented a joint venture between Invesco and the Kaufman Organization in the 2010 acquisition of the 277,000 sq ft. office condominium unit of 100-104 Fifth Avenue, New York from the bankruptcy estate of Rock US Holdings for $93.5 million including the acquisition loan and a construction loan for improvements; the resolution of various operating issues after acquisition; and the 2013 sale of the property to Clarion for $230 million.  See The Wall Street Journal, The New York Law Journal, Bloomberg and GlobeSt.com for press reports.
  • Sale of 295 Madison Avenue office tower for $180 million by the Korein family.
  • Ground lease on behalf of the fee owner of the landmarked Lever Building, 390 Park Avenue.
  • Represent developers in construction and mezzanine financings, skillfully working with the terms offered by various lenders, 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.
  • Represented three groups of investors, each of which wished to acquire a tenant-in-common interest in a $300 million 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.
  • Sold a downtown Manhattan 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.
Office, Retail and Specialized Leasing
  • Atlantic City's Resorts Casino Hotel lease to Margaritaville casino-entertainment complex, including the leasing of outdoor seating along the Boardwalk and Beach Area.
  • VF Sportswear, Inc. in leasing of corporate headquarters of approximately 175,000 square feet of office space in midtown Manhattan.
  • Tommy Hilfiger complex leasing transactions involving four tenants at the Starrett-Lehigh Building in space relinquished by Lord&Taylor, allowing the Harry Fox Agency (HFA) to relocate and permit the arrival of advertising firm McGarry Bowen.
  • Represent the landlord in lease by the New York City Opera at 75 Broad Street for 14,000 square feet for its administrative office space and 4,000 square feet for storage space.
  • Represent the owner of a downtown New York City office building in a lease of approximately 240,000 square feet to an agency of the State of New York.
  • Represent the landlord in two significant leases at Corporate Center One in Tampa, FL. OSI Restaurant Partners, the parent company of Outback Steakhouse, renewed its headquarters’ lease for 120,000 square feet and added an additional 60,000 square feet. Consulting firm PB Americas agreed to a 29,000 square foot lease, relocating its headquarters from Atlanta, GA.
  • Represent landlord in lease by Trane Inc., the well known HVAC company, for the entire 625,000 square foot building on Tradeport Drive in Memphis, Tennessee, the largest new industrial lease in Shelby County since early 2010.
  • Fashion retailer Chris Burch’s C Wonder lease for an 8,000 square foot flagship store at the Shops at Columbus Circle at Time Warner Center.
  • Kaufman Astoria Studios lease with Theatre Development Fund, a nonprofit theatre service organization that operates the TKTS booths, for approximately 16,000 square-feet for its costume collection.
Florida Hotels, Retail and Office Buildings
  • Represented the Korein Family in its sale of 605 Lincoln Road in South Beach to Thor Equities for $22.5 million. The retail property includes three street-level retail suites in an office building in the heart of the Art Deco District.
  • Represented long time client and New York-based developer, David Edelstein of Tristar Capital, in his purchase of the Raleigh Hotel, located in Miami Beach with partner, hotelier Sam Nazarian of SLS Hotels.
  • Represented long time client and New York-based developer, David Edelstein of Tristar Capital, in his record setting $139 million sale of a three-building portfolio in Miami, Florida.
  • Represented the buyers of the 425,000-square-foot Phillips Point Office tower along the downtown West Palm Beach, Florida waterfront, in a deal worth $138 million. Our clients were two New York-based, independent investment firms, the Winter Organization and Heller Properties. 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 U.S. The reason for the high price, according to news reports, was the building’s beauty, waterside perch and solid leases.

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