Richard L. Sussman

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Richard L. Sussman

Member
Location:
New York, New York
Phone:
212-551-8469
Fax:
212-551-8484
E-mail:

Richard L. Sussman joined Rosenberg & Estis, P.C. in 1995 and is a member with the firm's Transactional Department. Already an experienced transactional attorney, during Mr. Sussman's tenure at the firm his knowledge and experience have solidified his status as a skillful and highly valued practitioner. For Sussman, the goal is creativity, creating solutions to complex problems toward the goal of achieving the objectives of his clients.

Mr. Sussman has had no shortage of opportunities to engage in creative solutions. His wide-ranging and sophisticated practice encompasses all phases of real estate. Over the years, he has been integrally involved as lead attorney in many sophisticated transactions in New York City, the greater metropolitan area, and nationwide.

Mr. Sussman's client base is unusually broad. He represents everyone from individual and institutional developers, owners and lenders to syndicators, investors and brokers. He has structured and negotiated complex transactions involving multi-family buildings and complexes, office buildings, shopping centers, hotels, air and development rights, development parcels and mixed-use facilities. The nature of the transactions on which Mr. Sussman has worked is also diverse, including purchases and sales, partnerships and joint ventures, workouts, and complex leasing and financing.

Notable Work 

  • City Point, Brooklyn: Represented developer in the acquisition of leasehold position, creation of condominium and construction of a market rate residential tower, including construction financing in the amount of $76,000,000. Subsequently, represented owner in permanent financing in the amount of $165,000,000.
  • Morningside Heights: Represented developer in the acquisition of leasehold position, and construction of an 80/20 residential tower containing, including construction financing in the amount of $75,000,000. Subsequently, represented owner in permanent financing in the amount of $145,000,000.
  • 1031 Exchange: Represented seller of a retail condominium unit on the Upper East Side of Manhattan in the sale thereof in the amount of $73,000,000 and subsequent acquisition as part of a 1031 exchange of leasehold position in the City Point project consisting of a mixed income affordable residential tower for a price of $96,000,000 with financing in the amount of $58,000,000.
  • Willoughby Square, Brooklyn: Represent developer of a subterranean automated garage in the acquisition of a leasehold interest in the site, all financing, construction and development, joint ventures and parking license agreements.
  • 47th Street and Third Avenue: Represented long-time owner of primarily residential building in a $285,000,000 sale. 
  • Development Rights: Represented various entities in the same and acquisition of development rights in various parts of Manhattan.
  • Lower Broadway: Represented the owner of a building in a long term net lease valued at in excess of $50,000,000 in the triple net lease of an entire building to adapt by the tenant for use as a private membership club.
  • University: Represented a NYC based university in the $100,000,00 sale of a two (2) buildings in Midtown West and Upper West Side and the acquisition of a building in Greenwich Village for $140,000,000.
  • Joint Ventures: Represented a family owner in connection with a joint venture with a developer for two (2) properties owned for many years and being re-developed into residential premises with 200+ apartments each, one in Brooklyn and one in Queens.
  • Roseland, New Jersey: Represented long-time owners of office property in a complex loan workout.
  • World Trade Center: Represented The Durst Organization in connection with its negotiations with The Port Authority concerning a joint venture with regard to One World Trade Center.
  • One Bryant Park: Represented The Durst Organization on all phases of its site acquisition, joint venture with the Bank of America, development and financing (both construction and permanent), including $1.3B permanent financing which was a never before done combination of Liberty Bond and CMBS debt within the same debt instrument.
  • East 79th Street/East 118th Street: Represented The Brodsky Organization in connection with complicated, tri-party transaction involving the construction by The Brodsky Organization of a new facility for CUNY (Hunter School of Social Work) on East 118th Street and CUNY's vacancy of its existing school facility on East 79th Street. Upon vacancy, the existing school facility on East 79th Street will be demolished and a luxury condominium building will be erected.
  • Chelsea Development: Represented The Brodsky Organization in connection with a number of transactions with The General Theological Seminary, including the acquisition, development and financing of The Enclave Condominium located at 177 Ninth Avenue New York, New York, as well as certain other buildings and development sites owned by The General Theological Seminary.
  • HYDC - Extension of 7 Train: Represented Extell Development in connection with its negotiations with the City of New York, the MTA and HYDC with respect to an Easement Agreement pursuant to which a new subway station for the 7 line, park and related facilities will be built adjacent to the Javits Convention Center at 34th Street and 11th Avenue.
  • 1212 Fifth Avenue: Represented DFR Realty on all phases of its site acquisition from the Mount Sinai School of Medicine, development and construction financing. Negotiations also involved construction on additional sites in connection with a new laboratory facility for Mount Sinai, as well as a new residential tower to be owned by Mount Sinai.
  • Seventh Avenue: Represented the fee owner/net lessor of a major residential building in connection with a settlement of litigation with the net lessee and take-back of the operational position from the net lessee.
  • Conversions/Re-organization of Portfolio: Represented a major owner/operator of property in New York City in connection with conversions of partnerships into limited liability companies and re-organization of rights with holders of minority interests.
  • Commercial Condominium Units: Represented a number of different purchasers who acquired and financed commercial condominium units (occupied and unoccupied) in prime locations in New York City.
  • Lending: Represented various banking institutions in loans of all varieties: first mortgages, subordinate mortgages, leasehold mortgages, construction loans, credit facilities and mezzanine loans.
  • Sale of Development Parcel by Receiver: Represented a court-appointed Receiver in connection with the sale of a development parcel in Chelsea.

Year Joined Firm

  • 1995

Areas of Practice

  • Transactional Law
  • Real Estate Leasing
  • Real Estate Development

Bar Admissions

  • New York, 1985

Education

  • Boston University School of Law
    • J.D. (Cum Laude) - 1984
    • Law Journal: Boston University International Law Journal, Articles Editor, 1983 - 1984
  • Wesleyan University
    • B.A. (Cum Laude) - 1979

Published Works

  • "The Genocide-Convention Revisited: A New Case for Ratification," Boston University International Law Journal, Vol. 2, p. 241, 1983

Classes/Seminars

  • IMN-2nd Annual Real Estate General Counsel's Forum (New Construction, Development & Financing), September 10-11, 2012
  • Massey Knakal Multifamily Summit (Speaker), 2010
  • New York Law School (Occasional Lecturer)

Honors and Awards

  • AV Rated by Martindale Hubbell
  • Selected for inclusion in New York Super Lawyers, 2007, 2016-Present

Professional Associations and Memberships

  • New York City Bar Association, Member
  • New York State Bar Association, Real Estate Section, Member