501 Madison Redevelopment

501 Madison Avenue, a historically underperforming Midtown Manhattan asset saddled with a below market ground lease, was comprehensively redeveloped, establishing an improved 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 and create a legal structure for the operation of the building by tenants-in-common. Firm attorneys have closed a financing on the property for an additional $10 million. This deal was nominated for the Real Estate Board of New York’s 2014 Sales Brokers Most Ingenious Deal of the Year award.