Kearns and Ross Represent Developers of Luxury Rental at 7 West 21st
The New York Post’s “Between the Bricks” reported on the increased focus that developers are paying to the higher-end rental market because of the healthy residential rental market. The article highlights the development at 7 West 21st Street in Manhattan where a group of owners of a parking lot converted their ownership to an LLC from a tenancy in common, admitted an affiliate of Rose Associates as a member and obtained construction financing for a new 24-story residential rental building. Olshan attorneys Thomas Kearns and Sam Ross represented the tenant in commons in their new LLC joint venture agreement, the LLC agreement admitting Rose and served as co-counsel on the construction loan.
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