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RETAIL AND SPECIAL USE
Baychester
Firm members assisted the developer, Prestige Properties, in obtaining an 11-acre parcel from the City of New York adjacent to Prestige's Strip Center, for retail development compatible with such a center. They then assisted Prestige to obtain real estate tax abatements for various built-to-suit retail tenants, and in a number of permitting matters involving the Department of Buildings and the Department of Transportation.
College Point Retail & Entertainment Center
Development of three large retail developments by affiliates of The Related Companies and Pepsi Bottling Company of New York, totalling 530,000 square feet in College Point, Queens. Firm members obtained all land use approvals, urban renewal plan amendments, special permits, tax abatements, tax lot subdivisions, and negotiated the land lease and all retail leases.
Doral Arrowwood/Pfizer
Expansion and upgrade of the Doral Arrowwood Resort complex in Rye Brook, New York, to provide a new Corporate Management Training Center for Pfizer, including the development of 100 new rooms and a new convention facility. Firm members representing the owner, conceptualized and negotiated an incentives package to induce Pfizer to select this site over competing sites in New York City and New Jersey The package includes benefits from the State, Westchester County and the Village of Rye Brook with a value of approximately $26 million.
Federal Archive Building
Adaptive reuse of the landmark Federal structure to a mixed-use apartment/retail complex. Firm members conducted the feasibility analysis, negotiated to obtain a no-cost transfer of the property from the General Services Administration and, for the New York Landmarks Conservancy, assisted in the selection of, and negotiations with the developer.
Kmart
Firm members represented Kmart in its development of a 150,000 sq. ft. store at the Baychester Shopping Center in the Bronx. They arranged for reconfiguration and extension of ICIP tax abatements and handled a number of matters with the City's Buildings Department and Water and Sewer Department. Firm members also represented Kmart in a special permit action for the company's proposed project on the Ronzoni site in Queens.
Theater Row
Conversion of tenement buildings to an entertainment/retail complex by the 42nd Street Local Development Corporation. Firm members prepared the feasibility analysis and acted as development manager. In Phase I, a tax abatement and city grant of $250,000 was obtained. In Phase II, firm members restructured a $2 million tax arrearage to a 40-year second mortgage, and arranged for a $1.9 million Urban Development Action Grant as well as a $350,000 Community Development Grant. They also arranged for equity financing from limited partner investors.
Thypin Steel
Adaptive re-use of a 100,000 sq. ft. industrial building to retail, in Long Island City, Queens. Firm members handled all of the development management work, including creating an as-of-right approach (instead of the lengthy rezoning that had been anticipated), incentives, supervision of design and construction, and arranging a lease for the entire property with Costco.
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