Opportunity Zone UPDATE 4.18.2019
Published 18 Apr, 2019
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Richard Sussman joined Rosenberg & Estis, P.C. as a member in 1995. Already an experienced transactional attorney, during Richard's tenure at the firm his knowledge and experience have solidified his status as a skillful and highly valued practitioner. For Richard, the goal is creativity, creating solutions to complex problems toward the goal of achieving the objectives of his clients.
Richard 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.
Richard'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 Richard has worked is also diverse, including purchases and sales, partnerships and joint ventures, workouts, and complex leasing and financing.
Selected Cases and Representations
- World Trade Center: Represented The Durst Organization 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 Durst Organization 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 Brodsky Organization in connection with complicated, tri-party transaction involving the construction by The Brodsky Organization 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 Brodsky Organization 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 Extell Development 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 DFR Realty 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.
- Lending: Represented various banking institutions in loans of all varieties: first mortgages, subordinate mortgages, leasehold mortgages, construction loans, credit facilities and mezzanine loans.
- Sale of Development Parcel by Receiver: Represented a court appointed Receiver in connection with the sale of a development parcel in Chelsea.
Year Joined Firm
Areas of Practice
- Transactional Law
- Real Estate Leasing
- Real Estate Development
- New York, 1985
Boston University School of Law
- J.D. (Cum Laude) - 1984
- Law Journal: Boston University International Law Journal, Articles Editor, 1983 - 1984
- B.A. (Cum Laude) - 1979
- "The Genocide-Convention Revisited: A New Case for Ratification," Boston University International Law Journal, Vol. 2, p. 241, 1983
- 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)
Honors and Awards
- AV Rated by Martindale Hubbell
- Selected for inclusion in New York Super Lawyers, 2007
Professional Associations and Memberships
- New York City Bar Association, Member
- New York State Bar Association, Real Estate Section, Member
Founded 40 years ago, Rosenberg & Estis, P.C. (R&E) is recognized for its in-depth knowledge of all aspects of the New York City real estate market. Clients have long relied on R&E’s unique ability to recognize and address all legal aspects of complex real estate projects. The firm’s level of legal acumen, combined with sound business sense, allows R+E to exceed clients’ expectations, however complex the case or transaction. The firm is extremely proud of the concrete examples of its work throughout New York.
Long term clients include The Durst Organization, for whom R + E put together a joint venture with the Bank of America to construct One Bryant Park as the Bank’s headquarters, contributing to the rebirth of the Times Square area. Another joint venture, typical of the high profile transactions handled by R+E, is the joint venture between Durst and The Port Authority of New York and New Jersey for the construction and operation of the new One World Trade Center “Liberty Tower”. Over the last year lawyers at the firm closed over 1 billion of EB 5 financing for lenders.
In September 2015, the Real Deal, the New York real estate industry magazine, recognized the 72 real estate lawyer R+E as New York City’s largest real estate practice group, encompassing all aspects of real estate legal practice, representing clients in financing, development, leasing and related transactional work, litigation, zoning and land use as well as addressing related rent regulation and administrative law issues.
Because of its experience and sensitivity to the needs of clients in the real estate world, R+E remains the first choice of numerous prominent local, national and international developers, institutions and landlords in connection with their New York real estate legal work.
IR’s Rising Stars initiative recognises the best talent and next generation of leaders within IR member firms. It enables them to build their own international connections and benefit from the various resources the network has to offer.
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