Real Estate Sale Involving Windels Marx Team Wins Award as 2nd 'Most Ingenious Deal of the Year'

Tuesday, June 25, 2013

The sale of 88 Leonard Street, a deal on which the Windels Marx team of Mitch Gilbert, David Glanz, Alan Landzberg and Christopher Dean served as counsel to developer and seller Africa Israel USA, took home the second place Robert T. Lawrence Award at The Real Estate Board of New York's (REBNY's) Most Ingenious Deal of the Year Awards.

REBNY announced the winners in a press release.

Complexities of the sale of the luxury, high-rise residential tower in Tribeca included:

  • transferring the property subject to continuing Liberty Bonds issued by the New York State Housing Finance Agency, together with continuing credit enhancement from a separate financial institution;
  • complying with the transfer requirements of a ground lease, including a purchase option held by the land owner;
  • dividing the sale into two phases, of which the first is a transfer of an interest in the owning entity, with the drafting and negotiation of the related joint venture agreement; and
  • transferring such interest subject to a continuing mezzanine loan and negotiating the relevant

The deal was featured in numerous business and real estate journals, including:

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