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SB-EDGe's practice encompasses all aspects of land use. Its primary focus however, is on major projects that create or redefine the urban framework. Firm members have been responsible for some of the largest and most complex redevelopment projects in New York City and the region.
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ZONING, PLANNING, AND LARGE SCALE REDEVELOPMENT
88 Third Avenue
Adaptive reuse of a 100,000 sq. ft. industrial building to office use. Firm members acted both as co-managing developer and land use counsel. They were responsible for arranging for acquisition, arranging a long term lease with a City agency (not subject to early termination), obtaining special land use permits and arranging for financing.
Atlantic Center
Firm members initially represented Rose Associates, the original developer of this 24-acre urban renewal site in Brooklyn, in securing a $10.7 million Urban Development Action Grant. They then represented Forest City Ratner Companies in the development of the multi-phased retail, office and residential complex. The first phase involved the construction of a 300,000 square foot shopping complex. They then obtained City approvals, restructured the UDAG grant and obtained Caldor as the anchor retail tenant.
Harlem Park
This project involved the rezoning of a 36,000 sq. ft. parcel at Park Avenue and 125th Street to enable a mixed-used office and retail center, focusing on creating class A space for private sector companies. Firm members obtained a rezoning which increased development rights from 150,000 sq. ft. to over 600,000 sq. ft. and thereby created over $60 million of new value. Firm members also obtained an incentives package of sales and mortgage recording tax abatements, low interest loans, and Brownfield credits with a potential value in the range of $5 million.
Long Island City/Queens Plaza
Firm members conceptualized the redevelopment plan for a proposed new commercial business district for New York City in Long Island City, Queens, centered on Queens Plaza. Acting on behalf of investors, they retained and managed various professionals to prepare a redevelopment plan, assembled site control for key parcels, arranged for the rezoning of a 37 block area, completed in June 2001, that very substantially increased the use potential and air rights of the controlled sites, and arranged for a series of public street and other infrastructure improvements for the area.
MetroTech - Brooklyn, New York
Overall project is a 7 million sq. ft. office complex for applied technology operations. Firm members conceptualized the overall project, and were primarily responsible for urban renewal designation, rezoning, and incentives in the range of $300 million for the overall projects and for major tenants. They also negotiated incentives packages to attract each of the following anchor tenants: One MetroTech Center / Bear Stearns and Co. Firm members assisted in packaging approximately $17.5 million in incentives for Bear Stearns' relocation to 250,000 sqquare feet on One MetroTech Center. The package included electrical subsidies and sales tax exemptions on construction materials, machinery and equipment, in addition to job tax credits.
One MetroTech Center / Brooklyn Union Firm members negotiated and secured an incentives package to induce Brooklyn Union to relocate its corporate headquarters to 450,000 square feet at One MetroTech Center, the newly constructed 865,000 sq. ft., 23-story building. The package included $10.3 million in City capital budget funds, $130 million in taxable Industrial Revenue Bond financing and an $8 million Urban Development Action Grant. Three & Four MetroTech Center / Chase Manhattan Bank This project consisted of the construction of a 1.5 million square foot computer operations complex on two sites in MetroTech. Firm members conceptualized and helped negotiate an incentives package that induced Chase to retain operations in New York by relocating to Brooklyn instead of to a competing site in New Jersey. A complex package of electrical subsidies, tax abatements, city grants and related incentives valued at $235 million was provided by the City and State.
Pfizer Redevelopment Project
This project involved the redevelopment of a 65-acre tract around Pfizer's Brooklyn plant for a mixed-use industrial retail and housing project. The project currently includes a 30,000 square foot industrial building, and the construction of 100 new two-family homes. A new 52,000 square foot Path mark Supermarket is pending. Pfizer's objective was to secure its facility by upgrading, and thus stabilizing, the area by attracting compatible uses. Firm members conceptualized the preliminary redevelopment plan, obtained the urban renewal designation and other land use approvals, negotiated the industrial and retail projects, and obtained related incentives.
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