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The Firm is proud to have an exceptional ground lease practice.  This includes:

(i) negotiating ground leases from the point of view of both the lessor and the lessee;

(ii) representing owners and investors who seek to unlock value from their property and/or increase their internal rates of return through ground lease transactions;

(iii) financing various interests within ground lease structures – whether on behalf of fee owners, holders of ground lease interests or subtenants – and advising as to the complex relationships among all interest holders and their lenders;

(iv) advising as to complex issues arising under ground leases, such as the reset of ground rents, purchase options, insurance and restoration obligations and construction matters:

(v) the acquisition and development of properties through ground lease structures; and

(vi) representing parties who team up to purchase properties through a ground lease structure.

Although the Firm’s real estate lawyers have handled numerous ground lease transactions over the years, two transactions stand out:

The first is our representation of a team of clients – Extell Development and Angelo Gordon – in its purchase of the ground lease under The Carlton House in New York City.  There were numerous structuring issues in this matter, including creating possibly the first (and perhaps still “only”) synthetic coop structure permitting residential sales under the ground lease.

The second was a (sort of crazy) transaction that consisted of a cooperating bid on sale of a railroad operating company in connection with the acquisition of underlying real estate valued at over US$2B.  This included a (very) deep dive into /ground leases, including an extremely thorough analysis of bankruptcy and other enforceability issues.   


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