Olshan Client American Properties Closes on Ground Lease of Historic Bush Tower
Real Estate Weekly and The New York Post reported that American Properties entered into a ground lease of Bush Tower, the historic building at 130 West 42nd Street. At the same time, it defeased a $42 million loan with Deutsche Bank and refinanced its mortgage on its fee position with Teachers Insurance and Annuity Association of America with a new $62 million loan. Olshan Partner Eric Goldberg led the transactions, which took several years of tax planning with Olshan Partner Warren Gleicher and several months of lease negotiations with Olshan Associate Dov Brandstatter. Of Counsel Marty Cooper and Associate Shirley Aminoff worked with Gleicher on restructuring the trusts and foreign entities.