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News

Firm Attorneys Close $20,000,000 Sale of Property in Connection with an Unusual Section 1033 Exchange

Sam Yedid, Marcy Finkelstein and Charles Weiss of the Firm’s Real Estate Practice Group successfully closed the $20,000,000 sale of a 10 acre commercial and industrial parcel in Bethpage to a public benefit corporation.  The sale is the first leg of an exchange in lieu of condemnation under Section 1033 of the Internal Revenue Code. With the assistance of William Gartland and Max Sender of the Firm’s Corporate and Business Practice Group, the collateral for the existing mortgage loan was transferred from real property to a pledged account in order to preserve the swap agreement and avoid incurring a substantial swap breakage fee.

Marcy Finkelstein and Sam Yedid Negotiate Lease for First Retail Location on Long Island of Major New York Coffee Roaster and Retailer

Marcy Finkelstein and Sam Yedid, of the Firm’s Real Estate Practice Group, successfully negotiated a lease for the first retail location on Long Island of a major New York coffee roaster and retailer, Gregorys Coffee, whose cafés are currently located in New York City, Jersey City  and Washington, D.C.  This café will be located in one of our client’s major Deer Park shopping centers.

The Firm is Proud to Welcome Marcia L. Finkelstein as a Partner in the Firm’s Real Estate Practice Group

The Firm is proud to welcome Marcia L. Finkelstein as Partner in the Real Estate practice group in the Firm’s Long Island office. Marcy is a graduate of the University of Pennsylvania (magna cum laude) and Vanderbilt University School of Law, where she was an editor of the Law Review.  Before moving to Long Island, she practiced at several large Manhattan law firms, representing major real estate developers and lending institutions.  Ms. Finkelstein has extensive real estate, commercial lending and transactional experience, including the representation of sellers, purchasers, lenders, borrowers, landlords, tenants and developers. Her experience includes contracts, leases, easements, loan agreements, construction agreements, subdivision applications and other zoning matters.  She has lectured on commercial leasing for the Suffolk Academy of Law.  She has an “AV Preeminent” rating in Martindale-Hubbell and has been selected as a “2013 Top Rated Lawyer in Land Use And Zoning.” She has been listed in Long Island Business News’ “Who’s Who in Commercial & Residential Real Estate Law” and she was included in Long Island Pulse Magazine’s “Top Legal Eagles 2013.”

Charles Weiss, William Gartland and Max Sender Closed the Purchase of an Industrial Building

Charles Weiss of the Firm’s Real Estate Practice Group, with the assistance of William Gartland and Max Sender of the Firm’s Corporate and Business Practice Group, closed the purchase of an industrial building in Bohemia, New York, which is to be converted into a state-of-the-art research and development facility for aerospace technology.  A portion of the property acquisition price was funded by a mortgage loan from an institutional lender, and funding for the development of the building was obtained from the Small Business Administration.

Sam Yedid and Charles Weiss Close $232,500,000 Sale of 915-Unit Apartment Complex

Sam Yedid and Charles Weiss of the Firm’s Real Estate Practice Group successfully closed the $232,500,000 sale of a 915-unit apartment complex in East Patchogue, one of the largest complexes on Long Island.  The project consisted of 626 market-rate apartments and 289 age-restricted apartments for renters age 55 and over on approximately 130 acres, with various including clubhouses, indoor and outdoor pools, a fitness center and tennis courts.  This was the first venture into the New York market for the purchaser, a successful developer who owns thousands of units in New Jersey, Maryland and Virginia.
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