Kearns Represents Kaufman in Recapitalization of Ring Portfolio Flatiron Office Buildings

The Real Deal and GlobeSt.com reported that Olshan client Kaufman Organization has entered into a joint venture agreement with Chinese financial services firm China Orient Asset Management Corporation as a new capital partner for four Flatiron office buildings, formerly part of the Ring portfolio.  The properties are located at 119-125 West 24th Street;  13-15 West 27th Street; 19-21 West 24th Street; and 45-47 West 27th Street and were originally acquired through long term ground leases in 2014 from Extell Development by Kaufman and its original partner, Principal Life.  Real Estate partner Thomas Kearns lead the team of Olshan attorneys that served as counsel for Kaufman on the recapitalization and as co-counsel for the Kaufman/China Orient joint venture on the leasehold financing for the properties, which included Hyman Kindler from Real Estate and Claudia Dubón from Corporate/Securities Law.