Olshan Client Secures $700 Million Financing to Acquire Leasehold Position in Mobil Building

Firm News

The Real Deal and GlobeSt.com reported that real estate investors David Werner and Mark Karasick have secured a $700 million loan from Morgan Stanley Mortgage Capital Holdings to complete their acquisition of the leasehold position in the iconic Mobil Building at 150 East 42nd Street in one of the biggest financing deals of the year. The deal involved entering into a 99-year ground lease extension with the land owner, purchasing the existing leasehold from Hiro Real Estate, and creating a sub-leasehold condominium for Mt. Sinai Medical Center. Olshan attorneys from several practice groups represented the buyers in the transaction: Warren Gleicher and Shirlee Gordon in Tax and Joint Ventures; Thomas Kearns in Real Estate; Martin Cooper and Jason Saltsberg in Corporate. Steve Holm, Andrew Kellner and Dana Gallo at Levy Holm Pellegrino & Drath LLP, Lisa Rinaldi at Gerstein Strauss & Rinaldi LLP, and Joseph Hershkovitz at Frenkel, Hershkowitz & Shafran LLP served as co-counsel on the deal. Subsequently, Werner and Karasick closed on their purchase for $855.2 million, as reported in The Real Deal.

Media Contact

Marketing Contact
Mizi Mehaj
Marketing & Administrative Manager

Jump to Page

Necessary Cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytical Cookies

Analytical cookies help us improve our website by collecting and reporting information on its usage. We access and process information from these cookies at an aggregate level.