News & Resources

Post Covers Recent $148.5 Million Sale of Viceroy Hotel Under Ground Lease with Olshan Client

November 27, 2013

The New York Post reported that the new Viceroy New York Hotel at 120 West 57th Street is being purchased by American Realty Capital New York Recovery REIT for $148.5 million. The new hotel was developed by ARK Real Estate. It is subject to a development ground lease with Olshan client Ricland LLC, controlled by well-known real estate investors Richard Chapman and Lawrence Friedland. Olshan attorneys Samuel Ross, Thomas Kearns and Hyman Kindler represent the fee owner under the ground lease, and Ross handled the sale from the fee owner’s perspective.