Sale caps 18-months of negotiations with various bidders and a litigation; contiguous parcels land Spanish buyer
NEW YORK, Oct. 3 /PRNewswire/ — In a package deal, two Tribeca properties were sold by the Usdan Family for $57 million with partners in the real estate practice of Thelen Reid Brown Raysman & Steiner LLP acting as legal advisor. The contiguous properties, 401 Washington Street and 422 Greenwich Street, were purchased by 71 Laight Street LLC, a company based in Burgos, Spain.
A six-story, 57,500-square-foot building occupies 401 Washington Street and a 10,000-square-foot parking garage sits on 422 Greenwich Street. The properties had been in the Usdan family for decades and were most recently owned by Nathanial Usdan and his brother Martin in a tenant-in-common arrangement.
The sale was complicated by an initial buyer who failed to close on the contract and subsequently sued the Usdans for specific performance. At the same time, several interested purchasers bid on the properties, resulting in numerous negotiations and several contracts drafted. When 71 Laight Street LLC was identified as the winning bidder, Thelen moved to settle litigation to remove the lis pendens that was placed on the properties.
“This was a complex transaction that had many side issues that could have easily derailed the ultimate sale. Despite the lengthy process, we were able to keep the deal on track and the outcome was very favorable for the owners,” said Dennis A. Konner, partner with the real estate practice at Thelen. In addition to Konner, Allen Ross of Thelen represented Nathanial Usdan, and Abraham Borenstein & Associates, P.C. represented Martin Usdan.
Mario Diaz-Cruz, Andrew Donovan and Martin Pomerance of Dorsey & Whitney LLP represented the buyer, 71 Laight Street, LLC.
This is the latest in a string of transactions by Thelen’s Konner in 2007. Some of his more recent deals include:
— Representation of a hotel chain in the sale of four properties in a combined transaction in excess of $325,000,000 where the client retained operation and management for 25 years.
— The simultaneous purchase of 34 multi-family residential apartment buildings on the upper east side of Manhattan with loans and equity in excess of $229,000,000.
— The assemblage of several parcels on 14th Street in Manhattan for a planned commercial office/hotel.
Thelen has closed several major Real Estate transactions in New York City recently, including:
— The $350 Million Purchase of New York’s 14 Penn Plaza
— Two Properties in Meatpacking District Valued at $70 Million
For more information, contact:
Kevin Livingston
National Manager of Public Relations
Thelen Reid Brown
Raysman & Steiner LLP
415.369.7224
klivingston (at) thelen (dot) com
About Thelen Reid Brown Raysman & Steiner LLP
Thelen Reid Brown Raysman & Steiner LLP is an international law firm with approximately 600 attorneys, and offices in New York, San Francisco, Washington, DC, Los Angeles, Silicon Valley, Hartford, Northern New Jersey, Shanghai, and London. The firm provides superior legal services in complex commercial litigation; corporate and capital markets transactions; project and asset finance; construction; labor and employment; intellectual property; information technology; domestic and international tax; employee benefits; government affairs; and real estate.
SOURCE Thelen
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