Real Estate Group Covers Multiple Transactions in July

August 16, 2019 | Real Estate, Zoning & Land Use

Jason Kurland, Michael Heller, Michael Schnepper and John Panagopoulos represented the purchaser, Key Hotels LLC, in the acquisition of Broadway@TimeSquare Hotel located at 129 West 46th Street, New York, NY, for a purchase price of $24M.  The acquisition was financed with a mortgage from W. Financial L.P. for a loan amount of $16.75M.

Harvey Epstein, Erez Glambosky and John Panagopoulos represented the borrower, NAFT64, LLC, in a refinance of a residential apartment complex located at 64, 66 & 68 Maspeth Avenue, Brooklyn, NY.  The transaction was financed by Signature Bank for a loan amount of $9.5M.

John Panagopoulos represented the purchaser of a commercial cooperative unit located at 145 West 86th Street, New York, NY, for the practice of dermatology.  The purchase price was $1.72M and was financed with Citibank N.A. for a loan amount of $1.2M.

John Panagopoulos represented the seller of a commercial property located at 90-94 Scott Avenue, Brooklyn, NY, with a purchase price of $7M.  Stephen Weissman represented the Seller in the sale of the air and development rights.

As part of a portfolio sale of four apartment complexes, with commercial space, located in Brooklyn, NY, Ron Kornblum and Marie Landsman represented the Seller in the sale of the properties for an aggregate purchase price of $27M.  This transaction closed in two phases to separate Purchasers on June 4, and July 31, and involved preparation of agreements and addressing issues related to the creation of tenancies in common, in order to qualify eligible members of the selling entity for an IRC Section 1031 tax free exchange.

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