LAWFUEL – The Law News Network – Yesterday’s New York Times Business section featured an article on a proposed mixed-use development for the intersection of Lexington Avenue and 86th Street in Manhattan, a project that is seen by many as the first step in a major transformation of the area’s shopping district.
Paul, Weiss represented the Goldman family, the owners of the land on which the new project is to be built. Characterizing the deal as “unusually complex” the developer noted that “the negotiations were somewhat innovative and extended.” The proposed project is comprised of approximately 100,000 sq.ft. of retail space and 20 rental apartments subject to a long-term ground lease, with an additional 150 residential condominium units to be constructed within a column of air wholly-owned by the developer and lying directly above the leased parcel.
The Goldmans are sharing in the profits of both the retail space, the sale of the condominium units and the leasing of the rental units. The Paul, Weiss team representing the Goldman family included real estate partner Steven Simkin, counsel Allen Wieder and former associate Manuel Lauredo. Tax advice was provided by partner Richard Bronstein.