NYC Garment District Office Property Commands $108M

NYC Garment District Office Property Commands $108M

Commercial Property Executive
December 30, 2016

ATCO Properties & Management has acquired 240-246 West 35th St., an 18-story Class A office building in Manhattan’s Garment District, from the RPW Group for $108 million.

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Westcore Strikes $340M Growth Capital  Deal With Almanac Realty

Westcore Strikes $340M Growth Capital Deal With Almanac Realty

Real Estate Weekly
November 18, 2016

Industrial and office investor, Westcore Properties has struck a $340 million deal with a fund managed by Almanac Realty Investors.

As part of the agreement, the fund has committed to provide up to $337.5 million of growth capital to Westcore.

Including an investment of $197.7 million made in 2011 by a prior fund, funds managed by Almanac have committed to invest up to $535.2 million of capital in the aggregate into the Westcore platform.

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Bruce Stachenfeld Pens Article For Bisnow "Rebuttal: China Investors in U.S. Real Estate Aren't Crazy At All"

Bruce Stachenfeld Pens Article For Bisnow "Rebuttal: China Investors in U.S. Real Estate Aren't Crazy At All"

Bisnow
August 24, 2016

In response to the article penned last month in Bisnow by his colleague Peter Fuhrman, titled How Chinese Investors Can Find Long-Term Success In US Real Estate, well-known NY real estate attorney Bruce Stachenfeld has written his take on Chinese investment in the US real estate market.

Bruce has practiced real estate law for more than 30 years and his firm, Duval & Stachenfeld, works all over the capital stack. The following from Bruce includes some insight into his views on the US real estate market and how Chinese investors, and their US counterparts, can best invest in the market for long-term success.

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Duval & Stachenfeld's David Samuels, Chair of the Tax Exempt Organizations Practice Group, pens article on Charitable Interests

Duval & Stachenfeld's David Samuels, Chair of the Tax Exempt Organizations Practice Group, pens article on Charitable Interests

New York Law Journal
August 22, 2016

Bequests in wills and trusts can be a considerable source of income for charitable organizations. Over the past few years, as members of the charitably oriented "baby boomer" generation enter their 60s and 70s, such bequests have become increasingly common. An attorney for a charitable organization­—receiving a notice that an individual has died and left a considerable sum to the organization in his or her will or trust instrument—should be prepared to provide appropriate advice to the client on how to proceed.

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Duval & Stachenfeld's David Samuels, Chair of the Tax Exempt Organizations Practice Group, pens article for the New York Law Journal.

Duval & Stachenfeld's David Samuels, Chair of the Tax Exempt Organizations Practice Group, pens article for the New York Law Journal.

New York Law Journal
June 3, 2016

There are significant developments in compensation and employment law relating to charitable organizations of which attorneys counseling New York charities should be aware. This list is illustrative and not inclusive.

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Duval & Stachenfeld Adds Heather Wyckoff as Chair

Duval & Stachenfeld Adds Heather Wyckoff as Chair

CityBizList
May 3, 2016
Media Coverage

The Pure Play in Real Estate Law – announced the expansion of its Fund Formation, Investment Management & Compliance Practice Group with the addition of partner, Heather Wyckoff, who will chair the practice. 

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The Plain & Simple: This is About Tax &#8212 But You Really Should Read This One &#8212 IRS Can Now Collect Partners' Taxes on Audit Directly from Partnerships

The Plain & Simple: This is About Tax — But You Really Should Read This One — IRS Can Now Collect Partners' Taxes on Audit Directly from Partnerships

The Plain & Simple
December 10, 2015
Duval & Stachenfeld LLP

Legislation passed on November 2, 2015 will give the IRS the power to collect taxes directly from partnerships that result from an audit of the partnership’s tax return. 
 
What this means – to make it super simple – is if a partnership has a tax liability as a result of an audit, the partnership will be responsible for paying off that tax liability to the IRS. 

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Duval & Stachenfeld Expands Leasing Practice Group With the Addition of Partner, Risa Letowsky

Duval & Stachenfeld Expands Leasing Practice Group With the Addition of Partner, Risa Letowsky

Real Estate Weekly
August 25, 2015
Media Coverage

Duval & Stachenfeld LLP announced the expansion of its Leasing Practice Group with the addition of partner, Risa Letowsky.

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Duval & Stachenfeld Represents Boies, Schiller & Flexner as First Tenant at 55 Hudson Yards

Duval & Stachenfeld Represents Boies, Schiller & Flexner as First Tenant at 55 Hudson Yards

citybizlist
June, 11, 2015
Media Coverage

New York City-based Duval & Stachenfeld LLP represented Boies, Schiller & Flexner LLP in its lease of 83,000 square feet of office space (subject to expansion rights set forth therein) at 55 Hudson Yards.  The 51-story tower in Manhattan’s Hudson Yards is still being developed and the law firm’s space will span initially three floors. The lease marks the first tenant to sign on to 55 Hudson Yards, which is a roughly $1.4 billion building being developed by a joint venture of Related Cos., Mitsui Fudosan America Inc. and Oxford Properties Group.  

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Duval & Stachenfeld Nabs Ex-Proskauer Real Estate Pro In NY

Duval & Stachenfeld Nabs Ex-Proskauer Real Estate Pro In NY

Law 360
May 8, 2015
Media Coverage

Duval & Stachenfeld LLP has recruited a former
Proskauer Rose LLP attorney experienced in
wide-ranging real estate transactions to expand its
New York-based real estate capital markets practice
group, according to the firm. 

Evan Hudson arrives at Duval & Stachenfeld as a
partner, where he will co-chair the firm’s real estate
and capital markets group, the firm announced
Wednesday. He represents issuers, underwriters
and real estate entrepreneurs in capital markets and
securities compliance matters.

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Duval & Stachenfeld Launches Tax Controversy Practice Group

Duval & Stachenfeld Launches Tax Controversy Practice Group

New York Real Estate Journal
February 24, 2015
Media Coverage

Duval & Stachenfeld LLP, New York’s preeminent “Pure Play” real estate law firm, has launched its tax controversy practice group. The practice group will meld the extensive expertise of the firm’s tax, litigation, not-for-profit, real estate and general counseling practices into an integrated practice group that is dedicated to protecting the Firm’s clients from adverse results in controversies or other situations in which there is a real risk of actual liability, litigation from the government or a third party, or reputational damage.

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Duval & Stachenfeld Launches Strategic Non-Profit Practice

Duval & Stachenfeld Launches Strategic Non-Profit Practice

Real Estate Weekly
February 18, 2015
Media Coverage

Duval & Stachenfeld LLP announced the launch of its Strategic Non-Profit Practice Group. The group will combine the expertise of the Firm’s Non-Profit Group, Tax Group, Real Estate Group, and Business Reorganization Group to provide mission-critical and strategic advice to non-profit organizations as they navigate this rapidly-changing sector.

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Tax Controversy Group Co-Chair Stephen Land Quoted by Bloomberg on UBS Bond Probe

Tax Controversy Group Co-Chair Stephen Land Quoted by Bloomberg on UBS Bond Probe

Bloomberg Business
February 12, 2015
Media Coverage

U.S. investigators scrutinizing whether UBS Group AG illegally used unregistered securities to help Americans dodge taxes want to know whether such conduct occurred while the bank was under Justice Department supervision in an earlier tax-evasion case, a person familiar with the probe said.

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Duval & Stachenfeld Names Five New Equity Partners

Duval & Stachenfeld Names Five New Equity Partners

citybizlist
January 7, 2015
Media Coverage

New York-based Duval & Stachenfeld LLP has announced that five lawyers in the Real Estate Practice Group have been elected to the partnership of the firm as equity partners effective as of January 1, 2015. The new equity partners are Randy Eckers, Michael Estreicher, Pejman Razavilar, Zachary Samton and Stacie Trott.

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Caribbean team works $30M mezz loan

Caribbean team works $30M mezz loan

Real Estate Weekly
December 24, 2014
Media Coverage

New York-based law firm Duval & Stachenfeld LLP represented Melody Capital Partners in a transaction for a $30 million mezzanine loan to a subsidiary of British Virgin Islands-based Dolphin Capital Investors, a leading global investor and developer of large-scale residential resorts in emerging markets. 

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Duval & Stachenfeld rep SteepRock Capital in  $400 million mezzanine sub advisory deal

Duval & Stachenfeld rep SteepRock Capital in $400 million mezzanine sub advisory deal

New York Real Estate Journal
December 23, 2014
Media Coverage

Law firm Duval & Stachenfeld LLP represented SteepRock Capital LLC in a transaction for a $400 million sub advisory agreement from a major institutional investor to invest in subordinate real estate debt. The real estate investment firm plans to invest the capital over a three-year period in mezzanine loans encumbering institutional quality real estate throughout the United States. SteepRock Capital is expanding its Manhattan team to oversee investment activities.

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Managing Partner Bruce Stachenfeld Gives Key Note Address at  IMN's Borrower & Investor Forum on Real Estate Mezzanine Financing & Subordinated Debt

Managing Partner Bruce Stachenfeld Gives Key Note Address at IMN's Borrower & Investor Forum on Real Estate Mezzanine Financing & Subordinated Debt

Speech by Bruce Stachenfeld entitled, “A Counterintuitive Strategy for Sourcing High-Margin Mezzanine Loans”
IMN's Borrower & Investor Forum on Real Estate

Mezzanine Financing & Subordinated Debt
November 10, 2014

Follow the link for the text of Bruce's speech >

Gorging on Leverage - Always a Dumb Idea?

Gorging on Leverage - Always a Dumb Idea?

Mortgage Observer
November 2014

Heresy according to the dictionary means "any belief or theory that is strongly at variance with established beliefs, customs, etc."

These days, I would argue, it is considered heresy to advocate a lot of leverage, at least for "conservative investors: in investment funds. Nonetheless, I am going to do exactly that. 

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Adler of Duval & Stachenfeld Discusses Greatest Accomplishment

Adler of Duval & Stachenfeld Discusses Greatest Accomplishment

New York Real Estate Journal
October 28, 2014
Media Coverage

 In the last 12 months, which project, transaction, honor or accomplishment are you most proud of and why?

My greatest accomplishment has been participating in the growth and development of our clients and our attorneys on some very innovative deals like NorthStar's investment in RXR Realty, the Angelo Gordon/Extell Carlton House deal and the Halpern Realty Varick Street assemblage. Each deal required intensive collaboration between the lawyers and clients on unique and complex issues and structures with tight time frames. That being said, teaching my kids to ride their bikes was probably as challenging (and rewarding) as closing any $2 billion deal. 

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Mortgage Observer Weekly: Q&A with Bruce Stachenfeld

Mortgage Observer Weekly: Q&A with Bruce Stachenfeld

Mortgage Observer Weekly
September 5, 2014
Media Coverage

I graduated from Harvard Law School in 1983 and started work at a now-de- funct law firm called Shea & Gould. I started as a litigator and I utterly hated it. I eventually asked the managing partner if I could transfer into the corporate department but he said they were “full up” and wondered if I might try real estate. I still remember my saying to him “what do they do?” Then in 1985, a 50-lawyer real estate group joined Shea & Gould from Weil, Gotshal & Manges and suddenly we were the biggest and hottest real estate group in the city.  

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D&S Handles the Acquisition of the Apple Store in Santa Monica

D&S Handles the Acquisition of the Apple Store in Santa Monica

Los Angeles Business Journal
August 11, 2014
Media Coverage

The global appeal of Santa Monica’s Third Street Promenade and the cachet associated with Cupertino tech giant Apple Inc. has made for another jaw-dropping real estate deal.

Two years after the glass-clad Apple store on the promenade sold for what was considered an eye-popping $60 million, it has sold again for even more.

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D&S Handles 46,000 SQFT Lease For Landlord  Jamestown at 1250 Broadway

D&S Handles 46,000 SQFT Lease For Landlord Jamestown at 1250 Broadway

New York Law Journal
July 16, 2014
Media Coverage

Norman Berlin, a partner at Pepper Hamilton, and associate Lauren Balsamo, who are based in Philadelphia, represented Varonis.

The asking rental rate for class-A office space in Midtown Manhattan near 1250 Broadway is about $76 per square foot, according to Cushman & Wakefield’s first quarter of 2014 report.

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Duval & Stachenfeld Kicks off  Caribbean Real Estate Practice

Duval & Stachenfeld Kicks off Caribbean Real Estate Practice

Law360
July 11, 2014
Media Coverage

New York law firm Duval & Stachenfeld LLP launched a new Caribbean and Central America real estate practice group, naming two partners snagged from Cooley LLP last year 
as the group’s co-chairs, the firm said Friday.

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Managing Partner Bruce Stachenfeld Gives Key Note Address at IMN'S 2014 US Real Estate Opportunity  & Private Fund Investing Forum

Managing Partner Bruce Stachenfeld Gives Key Note Address at IMN'S 2014 US Real Estate Opportunity & Private Fund Investing Forum

Speech by Bruce Stachenfeld 
IMN'S 2014 US Real Estate Opportunity 
& Private Fund Investing Forum
June 12, 2014

 

Of all the regrets I have in life, one of my greatest is that I never had the chance to meet Peter Drucker before he died. Have you ever heard of Peter Drucker? He is one of my intellectual heroes. 

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Terri Adler Featured in Law360's Female Power Brokers

Terri Adler Featured in Law360's Female Power Brokers

Law360
June 5, 2014 
Media Coverage

Terri L. Adler is a co-founder of Duval & Stachenfeld LLP in New York and chairwoman of the firm's real estate practice group. She has handled a multitude of national and international real estate and corporate real estate transactions. She was named as one of the Top 50 Women Attorneys in New York Super Lawyers in both 2012 and 2013. Additionally, Adler was elected to The Commercial Observer’s Power 100 Reader’s Poll along with Bruce Stachenfeld.

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Duval & Stachenfeld LLP Profiled in New York Law Journal Article, "Midsize Real Estate Firm to Offer Big Law Salaries"

Duval & Stachenfeld LLP Profiled in New York Law Journal Article, "Midsize Real Estate Firm to Offer Big Law Salaries"

New York Law Journal
April 21, 2014 
Media Coverage

Duval & Stachenfeld, a 66-attorney real estate firm, is more than doubling its salary for starting associates to $175,000—above the large law firm standard—to compete with its rivals in attracting and retaining top talent. The firm says it is not planning to raise associate billing rates to make up for the 
extra cost.

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Terri Adler Profiled in Real Estate Weekly

Terri Adler Profiled in Real Estate Weekly

Real Estate Weekly
March 12, 2014 
Media Coverage

Terri Adler grew up in a suburb of Salt Lake City, Utah, where she was one of the few kids in school whose family wasn’t Mormon. Her father, a meteorologist, was stationed in the southwest by the National Weather Service.
It wasn’t until a visit to the city during her college years that she found her real home.

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Managing Partner Bruce Stachenfeld Gives Key Note Address at November Mezz Conference

Managing Partner Bruce Stachenfeld Gives Key Note Address at November Mezz Conference

Speech by Bruce Stachenfeld 
IMN’s 2013 Borrower & Investor Forum on Real Estate Mezzanine Financing & Subordinated Debt
November 18, 2013

I admit I am a little afraid to give this little speech to you people this morning. But here goes, my speech is titled:

Money doesn’t mean a thing!

Let me start with a story. This is the story of Enterprise Rent-A-Car. I am sure
you all know the company. They started out I think about 30 or 40 years ago. And they
started out by renting cars “not” at the airport!

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Bruce Stachenfeld Profiled in Real Estate Weekly

Bruce Stachenfeld Profiled in Real Estate Weekly

Real Estate Weekly
July 10, 2013 
Media Coverage

Bruce Stachenfeld, founding and managing partner of Duval and Stachenfeld, likes to read
books on business and management theory.

One of those books, Jim Collins’ Good to Great, has had a particularly formative effect on the face Duval and Stachenfeld presents to the world.

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Commercial Mortgage Alert Highlights New Real Estate Partner Pejman Razavilar

Commercial Mortgage Alert Highlights New Real Estate Partner Pejman Razavilar

Commercial Mortgage Alert
June 26, 2013 
Media Coverage

Duval & Stachenfeld has added a partner. Pejman “Pej” Razavilar started June 10 in the New York law firm’s 50-member real estate practice, led by partner Terri Adler.

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Managing Partner Bruce Stachenfeld Gives Key Note Address at May Real Estate Conference

Managing Partner Bruce Stachenfeld Gives Key Note Address at May Real Estate Conference

Speech by Bruce Stachenfeld 
IMN’s 2013 US Real Estate Opportunity & Private Fund Investing Forum 
May 29, 2013

I read a book a year or so ago called The Purple Cow, by Seth Godin. Let me tell you about it.

The theory of the Purple Cow in a nutshell is that you should try to STAND OUT like a ….purple cow would stand out.

If you don’t STAND OUT then you just blend in and you are nothing at all.

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Commercial Mortgage Alert Highlights New Real Estate Partner Randy Eckers

Commercial Mortgage Alert Highlights New Real Estate Partner Randy Eckers

Commercial Mortgage Alert
May 24, 2013 
Media Coverage

Commercial-mortgage attorney Randy Eckers has joined Duval & Stachenfeld as a partner in the New York law firm’s real estate practice. He started April 25 on the roughly 50-member team, led by partner Terri Adler.

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Thomas O'Connor and Alan Cohen Featured in Real Estate Weekly's Who's News

Thomas O'Connor and Alan Cohen Featured in Real Estate Weekly's Who's News

The Commercial Observer
April 29, 2013
Media Coverage

Duval & Stachenfeld LLP announced the addition of real estate attorneys, Tom O’Connor and Alan S. Cohen, as partners in its New York office.


O’Connor was formerly the chair of Cooley LLP’s National Real Estate Practice Group and Cohen was a senior partner in the Group. Both partners worked out of Cooley’s New York office.

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Bisnow Real Estate Features Duval & Stachenfeld's Real Estate Practice Group

Bisnow Real Estate Features Duval & Stachenfeld's Real Estate Practice Group

Bisnow Real Estate
February 25, 2013
Media Coverage

 

Bisnow Real Estate Features Duval & Stachenfeld’s Real Estate Practice Group

Don't know Duval & Stachenfeld? With the addition of a 50th realestate attorney, they believe they're now the biggest concentration of such lawyers in New York City. Managing partner Bruce Stachenfeld (above with real estate chair Terri Adler) started building the firm 15 years ago with fellow Latham alum Patrick Duval.

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