Olshan Closes on Sale of Surrey Hotel to International Hotel Investor
Crain's New York Business has reported that on December 3, Olshan closed on the sale of the Surrey Hotel to an international hotel investor. Located at 20 East 76th Street, the hotel is at the heart of the high end upper east side market. The deal not only reaffirms the international business community’s continued interest in investing in prime New York assets but also reaffirms Olshan’s place in the top echelon of New York real estate transactional and bankruptcy lawyers. The hotel was the subject of a very unusual involuntary bankruptcy filing by the leasehold mortgagee against its own borrower. Bankruptcy partners Adam Friedman and Jonathan Koevary, with litigation partners Lori Marks-Esterman and Peter Sartorius, won a fast, decisive victory in the bankruptcy case. Real Estate partners Thomas Kearns, Hyman Kindler, and associate Vesna Naidoo-Chinsammy then navigated the client through a fast “off-market” year-end sale. Also assisting in this deal was of counsel Martin Cooper, litigation associate Joseph Weiner, and summer associate Joe Ferrone.