What are some of the biggest, most significant or most challenging deals you’ve work on where you represented the buyer?
New York real estate attorney Robert Ivanhoe of Greenberg Traurig discusses major real estate transactions he has worked on.
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There are three transactions that come to mind. Most recently was, I was part of a team that handled the purchase of the Waldorf Astoria Hotel. That was unusual ’cause it got the very complicated transaction with a foreign buyer, was all papered within about three weeks’ time, and it was not public at all, so it happened under a cone of silence, so to speak.
Another one was the acquisition of the Sony building, which was about a year and a half ago. That was unusual because there – as often happens in a deal like that there was a bidding process. I was summoned to go to an interview where Sony, as the seller, was representing the three finalists among the various buyers’ group and as soon as I finished the interview I was told to proceed directly over to the seller’s counsel’s office and worked around the clock until a deal got signed. So, that was a little bit unusual, and that was very high profile, and there were a lot of people waiting to see who the winner was going to be and by the next day there was winner, and it was – our client was the successful bidder, and we had signed agreements.
And the other one that comes to mind was shortly after 9/11. Representing SL Green and its purchase of 1515 Broadway, which is a major office building in Times Square. It was very unusual because of the after effects on the commercial markets of 9/11, and there was a tremendous uncertainty as to its ability to get financing and to get casualty insurance, given the upheaval in the insurance markets, and there were a lot of very unusual provisions in that contract because of all of those uncertainties. So, those are three that come to mind for me.