Sadis' Real Estate group delivers a full spectrum of legal services and solutions related to property investment, land development and management, and real estate finance.
Our integrated approach produces results that address your immediate needs while remaining mindful of overall project and business objectives, through all stages of the process. We assist a wide variety of clients, including property developers, lenders, funds, private owners and individuals in matters related to various types of commercial, retail and residential real estate transactions.
Our practice focuses on joint ventures, partnerships and equity investments; real estate finance and capital investments; commercial leasing and retail; and hospitality development, resorts and clubs. The property sectors we serve include single family homes and apartments; condominiums, cooperatives and conversions; residential, commercial and mixed-use properties; hotels; and retail properties and shopping centers.
For a more in-depth understanding of our work, we have provided a few Representative Matters on our website. Some of these examples demonstrate our ability to handle complex matters while others provide the scope and depth of our capabilities. The list of Representative Matters is not comprehensive of all the work we do. They represent a sampling. If you are unable to find an example of a transaction that reflects your particular need, please contact Jeffrey Goldberg at jgoldberg@sglawyers.com for more information.
Experience
Represented the Purchaser of a portfolio consisting of over 50 properties located in New York City with an aggregate purchase price of $340,000,000.00. The purchase of the portfolio was considered a “flip” of the portfolio by the contract vendee. On behalf of our client, in the course of only two weeks we were able to successfully negotiate the assignment of contract, obtain traditional bank financing from a large local bank, negotiate a mezzanine loan with a New York based private investment firm, renegotiate the underlying contract with the seller of the properties, obtain and review the necessary title insurance, prepare and negotiate the equity and prepare all the necessary organizational documents required in connection with the purchase.
Represented the seller of a portfolio of buildings located in the Bronx, New York in the negotiation and sale of over 40 buildings which took place in separate transactions throughout the course of the year.
Represented a group of investors in the partial ownership of 650 co-operative apartments located in two buildings in the Bronx, New York. The representation included negotiation of the Joint Venture Agreement and the careful review of the offering plan, by-laws, as well as the preparation and review of 650 separate stock certificates to reflect such transfer.
Represented the Seller of two large buildings comprised of 500 apartments in the Bronx, New York which buildings had previously been purchased by our client a year earlier while the buildings were in foreclosure.
Represented the purchaser of an apartment building located in Washington Heights, New York that comprised over 600 apartments. Such building was previously owned by the Lehman Brothers.
Represented the purchaser of a portfolio of 24 buildings located in Washington Heights and Harlem, New York comprised of approximately 1000 apartments.
Represented the owner of a portfolio of over 50 buildings comprised of approximately 1200 apartments throughout New York City in the refinance of the portfolio with traditional bank financing of about $180,000,000. This office had previously represented the owner in the purchase of this portfolio through the bankruptcy court and successfully re-negotiated the loan terms with the securitized lender upon very favorable terms to our client which included the reduction of the principal balance of the loan by approximately $80,000,000.00.
Represented a client in a $100,000,000 transaction that involved simultaneously refinancing 20 buildings with bank financing, refinancing 1 building with non-traditional financing, and the sale of another building due to the fact that all 22 buildings had been cross-collateralized with financing from Fannie Mae. In connection with the refinancing, we were able to negotiate a reduced prepayment penalty with Fannie Mae.
Represented a client in the refinancing of a portfolio of 25 buildings with traditional financing valued at over $125,000,000.00.
Represented the sponsor of new construction condominiums located in Brooklyn, New York in the sale of condominium units.
Represented a client in the purchase of certain interests which owned 11 properties located in Harlem, New York. The properties were in default with their current lender and the purchaser was able to refinance the properties with the same lender.
Represented various clients in the purchase of promissory notes secured by mortgages on real property.
Represented a group of investors who purchased a portfolio of 25 buildings, containing approximately 1,800 residential units, from a large private equity fund. In connection with the purchase, our negotiation with Fannie Mae on behalf of our client resulted in a very favorable modification of the loan terms of the portfolio. Our client received an extension of the maturity date without the need to pay down any principal on the loans.
Represented the Seller of a multifamily apartment building containing approximately 76 residential units located in Harlem, New York. The apartment building is a HUD project and is subject to a housing assistance payment contract. With the help of Sadis, the Seller was able to obtain a special resolution from the New York City Council for the sale of the building that was required pursuant to certain restrictions and covenants that ran with the land.
Represented the owner of a multifamily apartment building containing approximately 915 residential units located in Queens, New York, in connection with financing of a loan in excess of $83 million.
