Acquisition and Financing for the Development of Luxury Apartment Building in Downtown Manhattan
Tannenbaum Helpern's Real Estate group represented a major New York City developer in connection with the acquisition of a residential and hotel development site in downtown Manhattan, New York City. Tannenbaum Helpern's work included drafting and negotiating the purchase and sale agreement, negotiating the mortgage loan and mezzanine loan financing documents, and closing on the purchase. Following the acquisition of the development site, Tannenbaum Helpern's Real Estate attorneys represented the client in connection with structuring, drafting and negotiating an agreement for the sale of a portion of the development parcel to a hotel developer, which included the reallocation of zoning and development rights, and the closing of the sale of such parcel. Subsequently, Tannenbaum Helpern represented its client in negotiating and closing on construction mortgage and preferred equity financing for the construction of the residential portion of the project, as well as construction contracts entered in connection therewith.