Significant matters include Mr. Ross’ representation of:
- The New York City Housing Authority (a New York Public Benefit Corporation), as tenant, in its 600,000 rentable square foot lease at 24-02 49th Avenue, Long Island City, New York from a joint venture of Westbrook Partners and Innovo Property Group. The transaction included establishing a condominium regime for the property to enable NYCHA to obtain an exemption for real estate taxes, entering into an easement for the use by NYCHA of certain adjoining property and a complex work letter providing for upgrades to the property and the construction of NYCHA’s tenant improvements.
- A joint venture of Takenaka Corporation and Kennedy Wilson in the $135 million acquisition and leaseback of 430 and 400 California St., in San Francisco, Calif. Located in the heart of San Francisco’s financial district, 430 California St. is a 247,000-square-foot office tower and 400 California St. is one of San Francisco’s most iconic retail buildings.
- American Continental Properties in connection with the $275,000,000 sale to a joint venture of SJP Properties and Mitsui Real Estate of 200 Amsterdam Avenue, New York, NY and in connection with the long term ground lease of 170 Amsterdam Avenue, New York, NY to an affiliate of Equity Residential, for the development of a 200,000 square foot residential building.
- Albee Phase 3 Development LLC in the $120 million sale of a tenancy in common interest of the last development site at City Point, Brooklyn. Our client, a joint venture of entities affiliated with Washington Square Partners and Acadia Realty Trust, sold the tenancy in common interest to an affiliate of Extell Development Company. City Point is a $1 billion, 1.8 million-square-foot mixed-use development in Downtown Brooklyn. The transaction included an agreement for the construction of a 60-story building and its conversion to a condominium regime. Albee will own the 60,000-square-foot retail unit, and Extell will own the residential units comprising the balance of the building. The transaction also included the negotiation and execution of a complex reciprocal easement and operating agreement between the new building and the rest of City Point.A consortium of Hong Kong companies in their acquisition and subsequent sale of the Four Seasons Hotel in New York City and the acquisition of the Regent Beverly Wilshire Hotel in Beverly Hills, CA.
- The Cathedral of St. John the Divine (the seat of the Episcopal Bishop of New York and the largest Gothic Cathedral in the world) relating to the development of its campus on Amsterdam Avenue in Upper Manhattan. Among the matters we have handled for the Cathedral are the long term ground leases with AvalonBay Communities and an affiliate of The Brodsky Organization, for the development of portions of the campus.
- The Jewish Theological Seminary of America in its $96 million sale of two properties on the Upper West Side of Manhattan to Savanna, a real estate development firm. The transaction included the negotiation and execution of a complex zoning lot development and easement agreement that will govern the development of the zoning lot shared by The Jewish Theological Seminary and Savanna on which The Jewish Theological Seminary will construct a new library and dormitories, and Savanna will construct a 250,000 square foot residential building.
- Hudson Waterfront Associates (a consortium of Hong Kong based companies) in the $1.76 billion sale of the Riverside South development project. This sale is one of the largest real estate transactions in the history of New York City and included 3 residential towers containing more than 865 rental apartments, 4 commercial condominium units, 4 garages and 7 unimproved sites.
- Hudson Waterfront Associates in the $1.2 billion acquisition of 1290 Avenue of the Americas in New York City, and the $1.1 billion acquisition of The Bank of America Building, the most prestigious business address in San Francisco, CA.
- TF Cornerstone in its sale of an "air rights" condominium unit (which sits above a major distribution facility on the West Side of Manhattan) and the sale of a vacant parcel of land adjacent to such facility; the negotiation and amendment and restatement of the condominium declaration and by-laws that govern such condominium; the negotiation of the zoning lot declaration that govern certain development issues between the facility and the adjacent parcel; and the documents that govern the construction of an approximately 300,000 square foot Lexus and Toyota dealership.
- Wachovia Bank National Association (now a Fortune 50 financial services company) in the $550 million sale of 150 properties to American Financial Realty Trust. This transaction included 94 bank branches and a portfolio of office buildings located in the eastern United States. Of the 8.2 million square feet of space involved in this transaction, Wachovia leased back 5 million square feet for 20 years, as well as 1 million square feet for a shorter term.
- Crown Center Development Corporation (a wholly owned subsidiary of Hallmark Cards Inc.) with respect to its $156 million sale of 2555 Grand Street, Kansas City, MO. This 600,000+ square foot office building is one of several office buildings that along with two hotels, a shopping center and a number of common facilities comprise Crown Center – one of the first central city mixed use developments in the country. In addition to handling the sale of this property, the representation included the negotiation of a reciprocal easement agreement that provided, inter alia, parking to the building and access to an enclosed pedestrian skylink that runs throughout Crown Center.
- HIH Insurance Company, an Australian company, in a restructuring of its interest in the former St. Moritz Hotel in Manhattan. Working with our client to maximize the value of this asset, we divided the property into several commercial and residential condominium units. These units included a 287-room hotel unit, which our client net leased to an affiliate of Millennium Partners and which is now operated as a Ritz-Carlton Hotel. We subsequently represented our client in the sale of its fee interest in the hotel unit to a well-known New York City based real estate owner/operator.
- American Financial Realty Trust in its $889 million sale of State Street Financial Center located in Boston, MA, to an affiliate of Fortis Property Group.