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.