PORTFOLIO
Condominium Sales Program
Toren Condominium
Address: 150 Myrtle Avenue, Brooklyn, NY
Developer: BFC Partners
Sq Ft: 21,237
No. of Units Closed: 240 Residential, 4 Commercial
Sky House Condominium
Address: 11 East 29th Street, New York, NY
Developer: Clarett Group
Sq Ft: 27,638
No. of Units Closed: 138 Residential
PS 90
Address: 220 West 148th Street, New York, NY
Developer: L+M Development Partners
Sq Ft: 29,974
No. of Units Closed: 75 Residential, 1 Community Facility
10 West End Avenue
Address: 10 West End Avenue, New York, NY
Developer: Ten West End Avenue Holdings LLC
Sq Ft: 19,687
No. of Units Closed: 173 Residential
Argyle Condominium
Address: 251 7th Street, Brooklyn, NY
Developer: Wheaton TMW Fourth Avenue LP
Sq Ft: 13,000
No. of Units Closed: 59 Residential
Novo Condominium
Address: 353 Fourth Avenue, Brooklyn, NY
Developer: 343 LLC
Sq Ft: 20,555
No. of Units Closed: 112 Residential, 2 Commercial
Developer Legal Services
Marans Weisz & Newman, LLC represents developers in connection with site acquisition, constructions loans, and project loans. Often the transactions required complex legal structures, including several-tiered bankruptcy remote special purpose vehicles with intricate tax considerations. The following is a brief description of some of the more challenging transactions in which we participated:
- Restructured mezzanine loan of $180 million, created multi-entity structure to aid participants in transforming ordinary income to tax-deferred 1031-available property and capital gains with respect a condominium project in downtown, Manhattan.
- Structured, negotiated and completed acquisition, construction and project financing for new construction of 120 unit condominium in Greenpoint, Brooklyn, including multi-tiered corporate structure, nuanced guarantee commitments and debt and equity formations.
- Refinanced senior and mezzanine loans for new construction of 113 unit condominium in South Slope, Brooklyn, including complex corporate-entity structure, Delaware and New York bankruptcy remote special purpose entities, several take-out mortgages and debt and equity components.
- Structured, negotiated and completed acquisition, construction and project financing for new construction of 151 unit condominium in Park Slope, Brooklyn, including several staged closings and renegotiations of the loan size, timing and amendments.
- Structured, negotiated and completed acquisition, construction and project financing for senior and subordinated debt for new construction of 93 unit condominium in Greenpoint, Brooklyn, including structuring of several subsidiary and inter-related equity entities.
- Represented developers in a structured buy-out and reorganization of equity members in a to-be-developed project in Prospect Heights, Brooklyn.
- Represented a consortium of developers in a structured buy-out by Avalonbay Communities in downtown Brooklyn.
- Created a tenants-in-common agreement to restructured former partnership allowing the creation of 1031 tax-deferred transaction.
- Represented not-for-profit in co-op conversion for affordable housing in northern Manhattan.
Marans Weisz & Newman, LLC | 29 Broadway, Suite 2400, New York, NY | Tel: 212-968-0244
Marans Weisz & Newman
Attorneys At Law