Recent Transaction Archive 2017
Astoria, New York: Rosenberg & Estis served as legal counsel to The Durst Organization in connection with the $125 Million construction loan from The New York State Housing Finance Agency and Wells Fargo Bank, NA for Building 1 at the Halletts Point development in Astoria, New York. The total development costs (exclusive of land costs and a credit for operating income) are currently estimated to be in excess of $300 Million. The building (which topped out prior to the closing of this loan) will include 324 market rate apartments, 81 affordable apartments and approximately 23,000 square feet of retail space leased to Brooklyn Harvest and parking spaces.
(Closed: December 28, 2017)
(Rosenberg & Estis, P.C. Team: Dennis I. Hellman, Arielle Frost, and Kamilla Bogdanov.
Manhattan, NY: Rosenberg & Estis served as legal counsel to The Durst Organization in connection with the $260 Million refinancing of the residential and retail condominium units in the newly constructed building called EOS at 100 West 31st Street (formerly known as 855 Avenue of the Americas) in Manhattan. The financing included a combination of tax exempt bonds issued by The New York State Housing Finance Agency and a conventional (taxable) loan made by Wells Fargo Bank, NA. The mortgaged property contains approximately 375 residential units and more than 46,000 square feet of retail space, occupied by Nordstrom Rack. The building’s office condominium unit, leased by Durst to Nike, was excluded from this financing and is now owned free and clear of any mortgage debt.
(Closed: December 14, 2017)
(Rosenberg & Estis, P.C. Team: Dennis I. Hellman, Arielle Frost, and Kamilla Bogdanov.
Manhattan, NY
(Rosenberg & Estis, P.C. team: William Byers, Jr..
180 Ludlow Development LLC v. Olshan Frome Wolosky LLP
(Rosenberg & Estis, P.C. team: Frank E. Chaney.
Manhattan, NY: Rosenberg & Estis, P.C. served as legal counsel for The Durst Organization in its purchase of 1801 Park Avenue in Harlem from the Northern Manhattan Rehabilitation & Nursing Center. R&E represented The Durst Organization in all phases of the acquisition of the vacant “L”-shaped lot, located between East 124th and East 125th streets. The purchase adds to The Durst Organization’s portfolio in the area, following its acquisition of 1800 Park Avenue this past year.
(Rosenberg & Estis, P.C. Team: Larry R. Mergentime, Frank E. Chaney and David Fries.
(Closed: March 15, 2017)
(Rosenberg & Estis, P.C. Team)
Manhattan, New York: R&E served as legal counsel for WTC Tower 1 LLC in its 5-year agreement with meeting and event operator, Convene One World Trade LLC, to manage One World Trade Center’s new 31,300 square foot amenity space, on the 64 th floor in the 3.1 million square foot tower. Convene will manage the newly built amenity space, which will feature meeting, conference, and game rooms, in addition to a café, and areas for yoga and other programming. The amenity floor opened to building tenants and guests Monday, February 27 th.
(Rosenberg & Estis, P.C. Team: William Byers.
Manhattan, New York: R&E served as legal counsel for The Durst Organization in a lease for approximately 47,000 square feet of retail space located on the ground floor, lower level, and second floor of the Durst Organization’s new mixed use building, EOS, located at 855 Sixth Avenue in Manhattan. The 15-year lease is for a Nordstrom Rack and the store is expected to open this fall. In addition to the retail space, the building contains approximately 150,000 square feet of office space (which has been fully leased) and approximately 375 residential rental apartments.
(Lease signed February 2, 2017)
(Rosenberg & Estis, P.C. Team: Dennis I. Hellman , Jolie E. Meer )
Manhattan, NY: Represented New York Trans Harbor LLC, d/b/a New York Water Taxi, owned by The Durst Organization, in the sale of the New York Water Taxi business to a subsidiary of New York Cruise Lines, Inc. The transaction included substantially all of the assets of the business, including vessels, customer contracts, leases and licenses.
(Closed: January 12, 2017)
Rosenberg & Estis, P.C. Team: Arielle Frost, Robert M. Kessler.