Howard R. Shapiro has practiced commercial real estate law since 1976, representing financial institutions, real estate opportunity funds, public and private REITS, private investors and developers in a variety of sophisticated real estate transactions. A significant part of his current practice involves the representation of lenders and debtors in complex real estate financial matters. These include distressed loan work-outs and restructurings, equity recapitalizations, acquisition and disposition of performing and distressed debt and real property on both an individual and portfolio basis, loan originations, intercreditor agreements and loan participations. Howard also has extensive experience in the representation of investors and real estate operators in joint ventures, preferred equity investments, property assemblage and development.
Areas of Concentration
· General real estate
· Loan workouts and restructures
· Acquisition and disposition of distressed debt and property
· Real estate financings
· Joint ventures and equity recapitalization
· Property sales and acquisitions
· Loan sales, acquisitions and participations
· Intercreditor agreements
· Preferred equity investments
· Property assemblage
· Development rights transfers and zoning lot mergers
Professional & Community Involvement
· Member, New York State Bar Association
Awards & Recognition
· Listed, The Best Lawyers in America, Real Estate Law, 2012-2014
· Listed, Super Lawyers magazine, New York Super Lawyers, 2010-2013
· Team Member, The Legal 500 United States, "Top Tier" Firm in Real Estate, 2013
· Member, Winning Team, Chambers USA Award for Excellence, Real Estate, 2010 and 2013
· Team Member, a Law360 "Real Estate Practice Group of the Year," 2011 and 2012
· Listed, AVENUE magazine "Legal Elite," Real Estate Law, April 2011
· Listed, Real Estate Weekly, "2008 All Stars," July 23, 2008
· Rated, AV Preeminent® 5.0 out of 5
· Represented a joint venture comprised of Taconic Investment Partners, Jamestown Properties and the New York Common Retirement Fund in the sale of one of New York's largest office buildings, 111 Eighth Avenue, to a wholly owned subsidiary of Google - reported to be the largest single-asset sale in the United States in 2010 and the largest-ever acquisition by a tenant/user.
· Representation of a private real estate opportunity fund in the origination of mortgage and mezzanine loans to finance development of a mixed-use building in the meatpacking district of lower Manhattan and subsequent recapitalization of project resulting in conversion of debt into a controlling equity interest.
· Representation of a private real estate opportunity fund in connection with the acquisition of individual and portfolios of mortgage loans, mezzanine loans and loan participations.
· Representation of a private real estate investment fund in connection with the acquisition, restructure and recapitalization of a 365 unit luxury condominium and spa project in Manhattan, NY.
· Representation of a private real estate opportunity fund in a joint venture acquisition of West Oaks Mall, a distressed regional mall located on approximately 100 acres in Houston, Texas and containing approximately 1,000,000 square feet of retail space.
· Representation of a joint venture comprised of Tribeca Associates and Walton Street Capital in the acquisition, development and financing and subsequent debt restructure of mixed use project consisting of the Smyth Hotel, a boutique hotel managed by the Thompson Group, retail and luxury condominiums in the Tribeca area of Manhattan. Representation included acquisition of the property and excess development rights appurtenant to three (3) contiguous properties, the structuring and negotiation of the joint venture agreement on behalf of Tribeca Associates, construction and interim financing and restructuring the same.
· Representation of IXIS Mortgage Capital in the origination of a $286.3 million mezzanine loan secured by equity interests in the holders of mortgage loans encumbering the fee and leasehold estates in and to the Hyatt Waikiki Hotel, and the simultaneous investment by an affiliate of lender in the borrowing entity (a joint venture controlled by Apollo Real Estate Advisors and Trinity Investments).
· Representation of Gramercy Capital Corporation in the origination of a $150 million revolving credit facility to Forest City Ratner to finance the acquisition of the various real estate interests required for the development of Atlantic Yards, a mixed use project in Brooklyn, New York which includes the sports arena to serve as the new home for the New Jersey Nets, residential and commercial buildings.
· Representation of Blackacre Institutional Capital Management in the origination of a $115 million participating mortgage loan to an entity controlled by Macklowe Associates secured by a development site located at 823 Third Avenue, New York, New York.
· Representation of IXIS Mortgage Capital in the origination of a $364 million mortgage loan and an $82 million mezzanine loan encumbering a portfolio of office buildings in New York City and Detroit.
· Representation of IXIS Mortgage Capital in the origination of a $128 million mortgage loan and $30 million mezzanine loan secured by a portfolio of eight (8) multi-family complexes in six (6) different states.
· Representation of SL Green Realty Corp. in the acquisition of One Madison Avenue from Metropolitan Life Insurance Company for a purchase price of $918 million.
· Acquisition and financing of 983 unsold condominium units in a 19 building complex located in Brooklyn, New York for approximately $123 million on behalf of a joint venture comprised of Taconic Investment Partners, Apollo Real Estate Advisors LP and Barclays Investments; representation of Taconic in the joint venture agreement with Apollo and Barclays.
· Representation of SL Green Realty Corp. in connection with a $75 million preferred equity investment in an entity acquiring a multi-office portfolio in New Jersey from The Gale Company.
· Acquisition and financing of One Park Avenue on behalf of a joint venture comprised of SL Green Realty Corp. and a Canadian pension fund, and representation of SL Green Realty Corp. in the joint venture agreement with the pension fund.
· Representation of Blackacre Capital Partners in the acquisition and financing of 135 West 50th Street, New York, New York for $143 million and joint venture agreement with Murray Hill Properties.
· Representation of a joint venture comprised of Tribeca Associates and Rockpoint Real Estate Fund in the acquisition, development and financing of Artisan Lofts, a luxury residential condominium building in the Tribeca area of Manhattan. Representation included acquisition of the property, excess development rights and acquisition of easements enabling creation of a lobby entrance through an adjacent building, and the structuring and negotiation of the joint venture agreement on behalf of Tribeca Associates.
· Representation of SL Green Realty Corp. in connection with the acquisition of a portfolio consisting of a 1.1 million square foot office building located at 220 East 42nd Street and two commercial condominium units containing approximately 525,000 square feet at 125 Broad Street, for an aggregate purchase price of $357 million.