Moses & Singer has a dynamic real estate practice touching virtually every facet of the industry. The Real Estate practice group regularly counsels owners, developers, private REITs, pension funds, lenders, borrowers, landlords, tenants, hotel operators and property managers in New York City and nationally in the acquisition and divestiture of real estate, sustainable development, leasing transactions, financings, formation of joint ventures and restructuring and insolvency.

Our Real Estate practice group has effectively closed transactions through the peaks and troughs of the last few major real estate cycles. The group is comprised of attorneys with a thorough working knowledge of every aspect of real estate transactional law-attorneys who also have keen market insights into the ever-changing world of real estate and real estate finance gained through varied and challenging representations. To provide comprehensive representation, and assure the best possible result, we frequently call upon resources in other practice groups-including banking, bankruptcy, corporate, tax and litigation. In particular, Moses & Singer has a significant real estate litigation practice representing major developers and owners in a wide range of problem situations.

Acquisitions and Divestitures

The Real Estate practice group of Moses & Singer serves as counsel to buyers and sellers of all types of real estate, including office buildings, apartment projects, shopping centers, hotels, industrial sites and vacant land in New York City, as well as throughout the country. Quite frequently, we structure complex partnership and joint venture arrangements between operators and capital partners. Our experience includes:

• Portfolio acquisitions/dispositions
• Office property acquisitions/dispositions
• Multi-family property acquisitions/dispositions
• Land acquisitions

Representative Acquisitions and Divestitures:

• Acquisition of 60 Wall Street, a 1,600,000 square foot office tower followed by its sale leaseback (which represented the largest single building sale in lower Manhattan history)
• The buy-out of the other partners and the sale by the general partner of a 30-story multi-tenant office tower in the Rockefeller Center area in New York City
• Sale of 130 Liberty Street (a 50-story office building, environmentally compromised by the events of September 11, 2001) to the development authority in-lieu-of eminent domain
• The tax-free exchange of various interests in 280 Park Avenue in New York City and the purchase of the land under the building to consolidate ownership in the tenant, followed by its sale and leaseback
• The arbitration proceedings for the valuation of the remaining interests at 280 Park Avenue and settlement agreements to provide for the acquisition thereof
• Purchase and financing of loft and commercial buildings in lower Manhattan for conversion to residential
• The land acquisition and development of 1,000 townhouse apartments for lease by the U.S. Navy as family housing
• Acquisition of disaster recovery data center site

Financing

The Real Estate practice group is extensively involved in a wide variety of financing transactions. We represent lenders and borrowers in regard to:

• Acquisition, bridge, and construction financing of office, hotel, residential, retail, and multi-use properties
• Revolving loans to real estate ventures collateralized by fee, leasehold, and mortgage interests
• Financings secured by REIT or other equity interests of real estate owners and developers
• Rated financings securitized with U.S. government lease obligations
• Tax exempt bond financings rated and secured by letters of credit for 80/20 housing projects, airport hotels, water treatment plants, and other public purpose projects

Representative Financing Transactions:

• Permanent refinancing of the multi-tenanted portion of a newly-constructed Times Square office building developed as a commercial condominium for the headquarters of a major newspaper publisher
• Term financings for major CBD office properties, including Exchange Place in Boston and 320 Park Avenue in New York City
• Acquisition and construction financing of major office buildings in New York City, such as Financial Square, a 1,000,000 square foot project in lower Manhattan, and two of the office towers and the "Winter Garden" developed in Battery Park City
• $97 million financing securitized with government lease obligations through a public issue of participation certificates rated by the rating agencies
• REIT revolving credit financings cross-collateralized by fee, leasehold, partnership and mortgage interests; revolving line of credit to major REIT umbrella partnership
• Numerous hotel financings such as the Ramada Tropicana Hotel, Atlantic City; Back Bay Hilton, Boston; and the resort assets held by Winthrop Properties on Nantucket Island
• $456 million multi-bank credit facility to a publicly-owned partnership formed by Marriott for "off-balance sheet" financing of various hotel facilities throughout the country
• Representation of credit enhancer in tax exempt financings for construction of $68 million multi-family residential property in New York City, various industrial development revenue bonds and water treatment plant in Arizona

Restructuring and Insolvency

In times of market downturns, our clients - lenders and borrowers alike, look to Moses & Singer for advice on a national basis with regard to troubled real estate, foreclosures, workouts, and re-sales of foreclosed property. We assist our clients in providing creative solutions to restructuring issues. In that connection, we work closely with our Business Reorganization, Bankruptcy and Creditor's Rights Group. Our experience includes:

• Restructuring of mortgage loans
• Restructuring of letter of credit-enhanced debt
• Restructuring of participated mezzanine debt
• Restructuring of participated senior debt

Representative Restructuring and Insolvency Transactions:

• Restructuring of $300 million of mortgage loans in six states, some syndicated, as part of a billion dollar multi-lender global restructuring of a subscription fund
• Modification and extension of an existing $150 million facility secured by a New York City office building in connection with the foreclosure of the mezzanine debt
• Extension of $100 million dollar participated mezzanine loan on behalf of senior participant in respect of three portfolios of multi-family properties
• Representation of senior participant in connection with proposed sale of its interest in a $200 million facility secured by seven office buildings
• Restructuring of $25 million debt secured by net leased properties in three states
• Consensual foreclosure of $20 million financing secured by Dallas, Texas office building
• Restructuring of letters of credit and conventional debt on various hotel properties, including two airport Holiday Inn hotels
• Restructuring of loans secured by fees, leaseholds and partnership interests in joint ventures with IBM for major office building and mixed-use projects in Virginia and Maryland
• Representation of the creditors committee in the Chapter 11 case of a developer of retirement and elder care facilities, after which the creditors represented by the committee took control of the company

Green Building Construction and Construction Law

Moses & Singer's Real Estate practice contains one of a small group of New York City attorneys currently qualified as a Leadership in Energy and Environmental Design Accredited Professional (LEED® AP). A LEED® AP demonstrates an in-depth understanding of the LEED® Green Building Rating System™, the globally accepted rating and certification program for design, construction, operation, and maintenance of green buildings. The rating system is a requirement for green and sustainable building projects.

The Green City Buildings Act now requires many of New York City's new municipal buildings-including additions and renovations to existing municipal buildings-to obtain high standards of sustainability as green buildings. Many other municipalities have or will make green buildings a requirement for new construction. Numerous states and municipalities and a number of federal agencies require or offer valuable incentives for buildings to earn and maintain high LEED ratings. Clients can also earn one point toward LEED certification with a LEED® AP on their team.

A LEED® AP attorney can simplify and expedite a client's LEED or other green building certification as well as offer traditional real estate advice. Our lawyers will take you through every phase of certification, including the contract, financing, land use, and general real estate legal issues as well as potential disputes regarding certification, regulations and green building strategies.

Our Real Estate lawyers also counsel clients on a variety of construction matters. We represent owners, contractors and design professionals in negotiating and drafting construction design contracts, in court disputes, arbitrations and negotiations to resolve differences that arise in the course of construction, and in exercising rights under the New York Lien Law.

Representative Construction Transactions:

• Representation of a major contractor in all aspects of its business, with special emphasis on construction and architectural agreements and the legal issues associated with renovation projects
• Renovation of building to communications switch center
• Negotiation of design and construction agreements for commercial and residential buildings and facilities for not-for-profit institutions

Leasing Transactions

• Ground lease and net lease transactions
• Sale and lease-back transactions
• Representation of corporate real estate departments in their space needs throughout the country
• Disposition of leased space through sublease and surrender of lease
• Lease-up programs for major office buildings

Representative Leasing Transactions:

• Retail and office leases such as for 400,000 square feet plus expansion options at 53rd Street and Avenue of the Americas, New York City
• 500,000 square foot lease of entire building and 250,000 square foot lease, each on the waterfront in New Jersey
• Numerous leases at 31 West 52nd Street, 280 Park Avenue and 130 Liberty Street, New York City
• Various sublettings representing sublessor, especially in corporate consolidations, including 150,000 and 100,000 square foot transactions
• Various sublettings representing sublessee, particularly representing tenants affected by the events of September 11, 2001
• Lease dispositions, such as surrender, "take back sublease" to owner, tri-party sublease and direct lease on long term basis between owner and sublessee
• Takeover of 200,000 square foot lease at 200 Park Avenue and disposition through sublet and surrender
• Data center leases (including focus on infrastructure, emergency power and maintenance protocols)

Memberships

• Association of Foreign Investors in Real Estate
• CoreNet Global Corporate Real Estate
• Mortgage Bankers Association of New York
• International Real Estate Trade Organization
• United States Green Building Council

For more information please email us at realestateinfo@mosessinger.com

Prior results do not guarantee a similar outcome.