A large portion of Patterson Belknap’s debtor-creditor practice has been dedicated to real estate projects. The firm has regularly represented secured lenders, developers and the FDIC in efforts to restructure troubled real estate projects and regularly handles foreclosure and related bankruptcy litigation. In late 1991 Patterson Belknap lawyers handled the first truly “prepackaged” real estate reorganization in the Southern District of New York, confirming the transfer of a significant midtown Manhattan property within several weeks after the filing of a bankruptcy petition. Some other noteworthy matters include:
- Representation of a large North American banking corporation in prosecution of secured and unsecured claims against a major New York real estate partnership and related individuals, in both state and federal courts.
- Representation of numerous single-asset borrowers with significant commercial real estate in New York, including the Architects’ & Designers’ Building, the Designers’ & Decorators’ Building, 275 Madison Avenue, 633 Third Avenue and 909 Third Avenue, as well as 114 Sansome Street in San Francisco.
- Representation of a major foreign bank in workout of over 13 single-asset borrowers with shopping centers and other commercial properties located throughout the United States.
- Restructuring the $200 million Americas Tower project in Manhattan in a manner designed to maximize tax benefits for the parties.
- Representation of secured lenders in restructuring of major commercial and residential developments in the Northeast.
- Representation of an investor group in the workout and reorganization proceedings surrounding the New York real estate interests of Joseph Neumann.
- Representing the FDIC, as successor to financial institutions, in workout discussions and later litigation surrounding commercial and residential real estate developments in Texas and New York.
- Obtaining a rarely granted order dismissing a bankruptcy case filed in New York by a developer on the eve of foreclosure.
- Representation of an investor/developer in an attempted debt restructuring concerning a major North Carolina shopping center.
- Representation of an investor/developer in a bankruptcy court struggle with its financial partner over the restructuring of a major midtown Manhattan property.
- Representation of a major New York bank as an investor in the restructuring of significant midtown Manhattan properties.