Firm Secures Two Nominations for Real Estate Board of New York’s 2014 “Most Ingenious Deal” Award
Attorneys from Patterson Belknap’s Real Estate group advised on two of the deals nominated for the Real Estate Board of New York’s 2014 Sales Brokers Most Ingenious Deal of the Year award. In announcing the nominees, REBNY has listed both the “Leasehold Condominium Brain Surgery for Mount Sinai Medical Center” at 150 East 42nd Street and “Transformation of 501 Madison Avenue” among the most noteworthy and complex lease, sale, and finance transactions of the past year. Award winners will be announced on April 28, 2015, at the REBNY Sales Brokers Committee’s 70th Annual Cocktail Party.
At 150 East 42nd Street, the Patterson Belknap attorneys assisted Mount Sinai Health System in its signing of a $900 million lease of 450,000 square feet of office space at the Socony-Mobil Building. Mount Sinai, which will occupy the second through fifth floors as well as the ninth and tenth, took the lease as a critical first step in its strategy to consolidate corporate office space following its merger with Continuum Health Partners. Patterson attorneys Andrew Herz and Hope Plasha led the team for the tenant.
501 Madison, a historically underperforming Midtown asset saddled with a below market ground lease, was comprehensively redeveloped, establishing an aspirational rental structure and rebranding the retail space to cater to Madison Avenue’s luxury retail corridor. As part of the redevelopment team, Patterson Belknap attorneys helped obtain financing for the redevelopment costs, establish a higher building standard with market competition in mind to attract prospective tenants, and create a legal structure for the operation of the building by tenants-in-common. The Patterson team was led by Andrew Herz and Kerri Alessi.
At last year’s Deal of the Year awards, REBNY honored another transaction in which Patterson played a pivotal role by awarding its Robert T. Lawrence Award for the master leasing of the retail space at 650 Fifth Avenue in Manhattan. Leading the Patterson team in that transaction were again Andrew Herz and Kerri Alessi.
To read more about the nomination, click here.