Richard L. Sussman is a Member of Rosenberg & Estis, P.C. and a Leader of the firm’s Transactional Department. Already an experienced transactional attorney, during Sussman’s tenure at the firm his knowledge and experience have solidified his status as a skillful and highly valued practitioner. For Sussman, the goal is creativity, creating solutions to complex problems toward the goal of achieving the objectives of his clients.
Sussman has had no shortage of opportunities to engage in creative solutions. His wide-ranging and sophisticated practice encompasses all phases of real estate. Over the years, he has been integrally involved as lead attorney in many sophisticated transactions in New York City, the greater metropolitan area, and nationwide.
Sussman’s client base is unusually broad. He represents everyone from individual and institutional developers, owners and lenders to syndicators, investors and brokers. He has structured and negotiated complex transactions involving multi-family buildings and complexes, office buildings, shopping centers, hotels, air and development rights, development parcels and mixed-use facilities. The nature of the transactions on which Sussman has worked is also diverse, including purchases and sales, partnerships and joint ventures, workouts, and complex leasing and financing.
Notable Work
RECENT WORK
Manhattan: Represented the
developer in the acquisition of a controlling interest in The Flatiron Building
(located at 175 Fifth Avenue, NYC) and subsequently the owner of The Flatiron
Building in closing of construction financing for a residential condominium
conversion aggregating @$360,000,000. The acquisition transaction closed in
October, 2023 and the loan transaction closed in October, 2024.
Pacific Park, Brooklyn:
Represented multiple developers in the acquisition of development lots in the
Pacific Park development. Representation was complex and included (i)
acquisition of ground leasehold interests (completely renegotiated forms with
ESD), review and negotiation of site wide documents (including with ESD, MTA
and other developers) and joint venture arrangements, (ii)negotiation of
multiple construction loans of @$250,000,000 to $600,000,000, (iii) upon
completion of construction, conversion of ground leasehold to fee interest and
permanent financing and (iv) various retail components, including parking
facilities. These transactions closed between 2018 and 2024.
Gowanus, Brooklyn:
Represented the developer in the acquisition of a controlling interest in a
major development site in the Gowanus neighborhood, including (i) negotiation
of joint venture arrangement with prior owners in addition to a new significant
equity investor and (ii) closing of construction financing for a residential
building of @$250,000,000. The acquisition/joint venture/loan transaction
closed in April, 2023.
Clinton Hill, Brooklyn:
Represented developer in (i) the acquisition of a ground leasehold position
from a Church, including negotiation of agreement re: site wide use and
conveyance back to the church of certain space as part of a condominium
structure, (ii) construction (senior and mezzanine) financing of @$50,000,000
and (iii) permanent financing in the amount of @$60,000,000. The different
phases of the transaction occurred from 2016 through 2024.
Upper East Side, Manhattan:
Represented property owner in sale of development rights valued at in excess of
$20,000,000 to adjacent new development. Transaction is ongoing.
Clinton Hill, Brooklyn and
Forest Hills, Queens: Represented longtime family property owners in connection
with joint venture arrangement with a developer to re-develop properties into
major residential buildings and re-convey retail component back to family.
Transactions closed 2019-2023.
Bronx, New York:
Represented longtime family property owners in connection with joint venture
arrangement with a developer to re-develop properties into affordable housing
and re-convey retail component back to family. Transaction is on-going.
Various neighborhoods in
Brooklyn: Represented developer in a number of acquisitions and redevelopments
(ranging in size as built value from $30,000,000 to $100,000,000) and often
including historic tax credits. Work included acquisition, construction loans,
mezzanine loans, joint venture arrangements, buyouts, permanent financings,
etc. From 2016-on-going.
Florida: Representing
developer in connection with (i) a ground leasehold development on Church property
in Miami area to be used primarily for affordable housing and (ii) a ground
leasehold development on Church property in West Palm Beach area to be a
for-sale residential condominium building, but involving a complex structure
which is integrated with other Church building on the site and uses. Projects
are on-going.
Schools: Representation of
a number of New York City based educational institutions with regard to their
real estate acquisitions, dispositions, leases and other needs. Representation
is on-going.
City Point, Brooklyn:
Represented developer in the acquisition of leasehold position, creation of
condominium and construction of a market rate residential tower, including
construction financing in the amount of $76,000,000. Subsequently, represented
owner in permanent financing in the amount of $165,000,000. Also represented
purchaser of a 100% affordable housing building in the City Point project and
their subsequent sale thereof.
Lending: Represent various
banking institutions in loans of all varieties: first mortgages, subordinate
mortgages, leasehold mortgages, construction loans, credit facilities and
mezzanine loans.
OLDER PROJECTS
Morningside Heights:
Represented developer in the acquisition of leasehold position, and
construction of an 80/20 residential tower containing, including construction
financing in the amount of $75,000,000. Subsequently, represented owner in
permanent financing in the amount of $145,000,000, as well as acquisition of
fee interest subject to fee mortgage.
1031 Exchange: Represented
seller of a retail condominium unit on the Upper East Side of Manhattan in the
sale thereof in the amount of $73,000,000 and subsequent acquisition as part of
a 1031 exchange of leasehold position in the City Point project consisting of a
mixed income affordable residential tower for a price of $96,000,000 with
financing in the amount of $58,000,000.
Engaged by the New York
State Office of the Attorney General to act as a receiver providing
oversight/reporting with regard to the activities of a real estate
owner/investor who entered into a consent judgment with Attorney General.
47th Street and Third
Avenue: Represented long-time owner of primarily residential building in a
$285,000,000 sale.
Development Rights:
Represented various entities in the same and acquisition of development rights
in various parts of Manhattan.
Lower Broadway: Represented
the owner of a building in a long term net lease valued at in excess of
$50,000,000 in the triple net lease of an entire building to adapt by the
tenant for use as a private membership club.
University: Represented a
NYC based university in the $100,000,00 sale of a two (2) buildings in Midtown
West and Upper West Side and the acquisition of a building in Greenwich Village
for $140,000,000.
Roseland, New Jersey:
Represented long-time owners of office property in a complex loan workout.
World Trade Center:
Represented the developer in connection with its negotiations with The Port
Authority concerning a joint venture with regard to One World Trade Center.
One Bryant Park:
Represented the developer on all phases of its site acquisition, joint venture
with the Bank of America, development and financing (both construction and
permanent), including $1.3B permanent financing which was a never before done
combination of Liberty Bond and CMBS debt within the same debt instrument.
East 79th Street/East 118th
Street: Represented the developer in connection with complicated, tri-party
transaction involving the construction by the developer of a new facility for
CUNY (Hunter School of Social Work) on East 118th Street and CUNY’s vacancy of
its existing school facility on East 79th Street. Upon vacancy, the existing
school facility on East 79th Street will be demolished and a luxury condominium
building will be erected.
Chelsea Development:
Represented the developer in connection with a number of transactions with The
General Theological Seminary, including the acquisition, development and
financing of The Enclave Condominium located at 177 Ninth Avenue New York, New
York, as well as certain other buildings and development sites owned by The
General Theological Seminary.
HYDC - Extension of 7
Train: Represented owner in connection with its negotiations with the City of
New York, the MTA and HYDC with respect to an Easement Agreement pursuant to
which a new subway station for the 7 line, park and related facilities will be
built adjacent to the Javits Convention Center at 34th Street and 11th Avenue.
1212 Fifth Avenue:
Represented developer on all phases of its site acquisition from the Mount
Sinai School of Medicine, development and construction financing. Negotiations
also involved construction on additional sites in connection with a new
laboratory facility for Mount Sinai, as well as a new residential tower to be
owned by Mount Sinai.
Seventh Avenue: Represented
the fee owner/net lessor of a major residential building in connection with a
settlement of litigation with the net lessee and take-back of the operational
position from the net lessee.
Conversions/Re-organization
of Portfolio: Represented a major owner/operator of property in New York City
in connection with conversions of partnerships into limited liability companies
and re-organization of rights with holders of minority interests.
Commercial Condominium
Units: Represented a number of different purchasers who acquired and financed
commercial condominium units (occupied and unoccupied) in prime locations in
New York City.
Sale of Development Parcel
by Receiver: Represented a court-appointed Receiver in connection with the sale
of a development parcel in Chelsea.
Classes / Seminars
Young Jewish Professional’s
Architecture & Construction Panel, Panelist, March 2019
“The Do-Over: Maximizing ROI When
Reconstructing Existing Buildings for the Next 40 Years,” 5th Annual
Construction & Development Forum, Moderator, February 2019
“Industrial Property Round Table,”
Greenpearl’s 7th Annual Commercial Real Estate Summit, Co-Chair, April 2018
IMN-2nd Annual Real Estate General
Counsel’s Forum (New Construction, Development & Financing), September
10-11, 2012
Massey Knakal Multifamily Summit
(Speaker), 2010
New York Law School (Occasional
Lecturer)
Distinguished: An excellent rating for a lawyer with some experience. This rating indicates the attorney is widely
respected by their peers for high professional achievement and ethical standards.
Notable: This rating indicates that the lawyer has been recognized by a large number of their peers for strong ethical standards.
We have worked with Richard for over 30 years, and I think that should say it all. We would not trust our family real estate portfolio with anyone else.
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