Uniondale, Long Island, New York, July 5, 2011 – Ruskin Moscou Faltischek, P.C. announced today that noted attorney and partner Benjamin Weinstock has successfully handled the sale of a 196-apartment condo unit on behalf of clients Philips International and Rhodes NY to insurance industry giant TIAA-CREF. The purchase price, $209 million, is being characterized as top-of-the-market, prompting speculation that the real estate market is edging towards pre-crash levels.
The transaction, which went from contract to closing in a mere eight days, required nearly round-the-clock labor and dedication to bring to completion. Of particular note was the complexity of the structuring of the financing, the comprehensive negotiations involved and condensed time frame. The property, one of the iconic retail locations in New York City at 72nd Street and Broadway, boasts 50,000 square feet of retail space, which presently houses Bank of America, Trader Joe’s and Duane Reade. The residential property, comprised of 17 stories of 196 luxury apartments, was included in the transaction; the retail locations were not.
“Ben and his superb team are directly responsible for the successful completion of this transaction,” noted Philips’ Seth Pilevsky. “Ben’s professionalism, creative thinking, responsiveness and calm under extraordinary circumstances were exceptional.”
Philips International has long been regarded as one of the country’s leading developers of retail shopping centers. In addition to its retail locations, its lines of business include commercial condominiums and office properties in major business districts throughout the East Coast.
Similarly, Rhodes NY principal Al Friedman praised Weinstock and his team for their skilled handling of the deal. Rhodes NY, a privately held real estate investment and development company specializes in strategic development opportunities throughout the tri-state region. Rhodes has sponsorship interests in a substantial number of properties and manages thousands residential units, office buildings and shopping centers.
This was not the first representation for Weinstock and Ruskin Moscou Faltischek involving this location. In 2010, the firm represented the client in an intricate series of transactions involving multiple parties. As counsel to the building property owners, the firm completed a major construction financing in excess of $200 million. In addition to the financing aspects of the deal, the firm subsequently represented the landlord in the negotiation of all on-site retail leases, resulting in the leasing of all available space at this highly coveted retail location.
For more than 40 years, Ruskin Moscou Faltischek, headquartered in Uniondale, has built a reputation as one of the region’s leading providers of innovative legal services. Its attorneys are practical, experienced advocates who measure their success by their clients’ success. Cornerstone groups in all major practice areas of the law are represented at the firm, including corporate & securities, financial services, commercial litigation, intellectual property, health care, real estate, employment, energy and trusts & estates. Clients include large and mid-sized corporations, privately held businesses, institutions and individuals.