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GFI, Dune Acquire $40M Leasehold Interest |
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NEW
YORK CITY-A joint venture of GFI Development Co. LLC and the Dune
Real Estate Funds acquired a long-term leasehold interest in 1186
Broadway, also known as the Breslin Hotel. The leasehold interest
was acquired from Broadway Breslin Associates LLC, an affiliate of
the Haddad Organization, for $40 million. The new lessee intends to
undertake a substantial renovation of the property. The
Breslin Hotel was opened in 1904 and is a 12-story structure with
retail on the ground floor. A source close to the deal could not
project a renovation cost at this time. The source also could not
detail any further information on what the renovation would entail
by press time. The
fee interest is owned by the Lillian Goldman Family LLC and the
Estate of Lillian Goldman. Acquisition and construction financing of
up to $75 million was provided by HSBC Bank USA, National
Association and West LB AG, New York Branch. The hotel will be
managed by Ace Hotel Group. GFI was represented by in-house general counsel Alan Schacter and
Greenberg Traurig shareholders Robert Ivanhoe, Jonathan Margolis,
Steven Shapiro and Allison Rosenberg and associates David Bass and
Joshua Hager. Dune was represented by in house general counsel
Joshua Eaton and partner Gregory Ressa and senior counsel Steven
Stickler of Simpson Thacher & Bartlett LLP. Broadway
Breslin Associates was represented by partner, Richard Wolloch of
Winne Banta Hetherington Basralian & Kahn PC in Hackensack. The Lillian Goldman entities were represented by in-house counsel Judith Brener and partner Steven Simkin, counsel Allen Wieder and associates Evelyn Giaccio and Barry Langman of Paul, Weiss, Rifkind, Wharton & Garrison LLP. HSBC was represented by partners Edward Harris Jr., Jonathan Rosenbloom and Lance Levine, and counsel Jeffrey Wendler of Cozen O’Connor. West LB was represented by partner Joshua Stein and associate Joel Omansky of Latham & Watkins LLP. Ace was represented by associate Michelle Gail of McNaul Ebel Nawrot & Helgren PLLC in Seattle. Please click on the link below to view the article on GlobeSt.com: http://www.globest.com/news/1048_1048/newyork/166497-1.html |
