Representation of borrower in connection with an approximately $40 Million refinancing of a combination residential and commercial building located on 14th Street in New York City
Representation of borrower in connection with an approximately $27 Million refinancing of a combination residential and commercial building on Third Avenue in New York City
Representation of purchaser in connection with a $30 Million acquisition and related financing of two buildings located on Canal Street in New York City
Representation of private investment fund in its preferred equity investment in connection with the acquisition and related financing of a recreational vehicle park in Orange Grove, Florida.
Represented well-known real estate investment company in connection with the buy-out of its partner’s interest in a prominent NYC office building located in the Times Square area of NYC, which included the formation of a new joint venture, the repositioning of the property, and the financing of the transaction through a European lender with combined loans of approximately $134,000,000.
Represented prominent NYC real estate developer with a $750,000,000 refinancing (including defeasance) of a Park Avenue office building.
Represented a borrower in a deed-in-lieu transaction involving a mid-town office building and a loan of approximately $200,000,000.
Represented the seller of property on which a Pathmark Supermarket is located in Philadelphia, PA. The transaction also involved the assignment of the Pathmark lease, as well as the “defeasance” and refinancing of an existing mortgage loan on the property.
Closed $90,000,000 refinancing of NYC trophy office building on behalf of the owner/developer.
Stuart Berg successfully represented the lenders in two recent commercial foreclosure actions in Queens and Nassau Counties. The lenders obtained Court-appointed receivers to operate the properties, a 70-unit apartment building with 10 stores in Queens County and an 8-unit strip mall shopping center in Nassau County. In both actions, the lenders were the successful bidders at the foreclosure sales.
Represented the borrower in the $10,000,000 refinancing with People's United Bank of an office building and pad site anchored by the Paterson NJ School Authority.
Represented the mortgage holder in a deed in lieu transaction secured by a Queens apartment building
Closed a $130,000,000 sale of an 85% interest in the office building located at 915 Broadway, New York, N.Y.
Closed a $22,000,000 construction loan with Bank of America for the development of a condominium project at 22 Central Park South, New York, N.Y.
Represented the purchasers in a contract for the acquisition of four prime NYC apartment buildings, thirty NYC unsold cooperative apartments and the sale of an ongoing management business.
Excel Associates v. Excelsior 57th Corp. Index No. 108755/09 Stuart Berg recently obtained a favorable decision in Supreme Court, New York County, concerning whether certain repairs to a swimming pool in a Manhattan luxury cooperative were considered non-structural in nature and thus, the obligation of the tenant under a master commercial lease. By Decision and Order dated August 3, 2011, the Court granted that portion of the Co-op’s motion for partial summary judgment declaring that the Co-op was not responsible for the cost of the repairs to the swimming pool, based on its finding that the repairs were of a non-structural nature.
Sassower v. 975 Stewart Avenue Associates LLC (valuation of membership interest in LLC whose sole asset was an office building)
HG Equities v. 2400 Apartments LLC (breach of contract on sale of unsold shares)
Howard Schwartz Commercial R.E. v. Ashkenazi (full faith and credit for foreign judgment relating to broker’s fee)
Excelsior 57th Corp. v. Excel Assoc. (Yellowstone Injunction)
Estate of Arthur Miller v. Baiata (arbitration concerning partnership accounting to R.E. developer and related state court litigation concerning ability of claims)
Successfully recovered real estate developer’s contract and development costs upon refusal of landowners to proceed with residential real estate development project.
Chase Manhattan Mortgage v. Anatian (Appellate Division reversal of lower court’s order vacating Referee’s Deed)