The evolution of a new neighborhood in the world's most exciting city is an event that invariably comes about through the ingenuity of myriad diverse organizations. One organization in particular, law firm Kramer Levin Naftalis & Frankel LLP, is arguably one of the most active participants in Hudson Square. Its 50-attorney real estate and land use practice covers development, acquisitions, sales, financing, litigation, zoning, air rights, tax abatements, variances, landmarks proceedings and condemnation/eminent domain on the city, state and federal levels. With top-tier real estate and land use awards to its credit such as Chambers USA, Law360, Legal 500 and U.S. News and World Report and Best Lawyers, there is little wonder that Kramer Levin attorneys and additional staff, which include a planner and an engineer in the land use department, would be the preeminent force in the recent rise of the one of the most prolific office and residential neighborhoods in the Borough of Manhattan.
In its July 2013 issue, leading real estate publication The Real Deal profiled the condominium and hotel developments cropping up in the rezoned Hudson Square neighborhood; Kramer Levin is the counsel of choice involved with 12 of the 20 profiled sites as well as four additional development sites not noted in the article.
At 74 Charlton Street, Kramer Levin has been representing developer Extell for this luxury condominium property. The firm is also providing land use guidance to Extell regarding the acquisition and development of 568 Broome Street, a property presently owned by the Archdiocese of New York.
The prominent Ponte family has been working with Kramer Levin at several Hudson Square development sites. These include 2 Renwick Street, 231 Hudson Street, 503 Canal Street, 440 Greenwich Street, 456 Greenwich Street and 460 Washington Street.
At 22 Renwick Street, the 18-unit Renwick Modern luxury condominium, Kramer Levin client Capital Source provided financing to DelShah Capital Group which acquired the mortgage debt on the stalled development and brought it to fruition.
In the area of land use, attorneys from Kramer Levin represented Quinlan Development Group and Tavros Development Partners in acquiring 19,000 square feet of air rights from God's Love We Deliver. Also, at 550 Washington Street, land use partners are representing Fortress Investment Capital Group, Atlas Capital Group and Westbrook Partners in zoning matters for the 1.3 million-square-foot St. John's Terminal Building which may be developed into a hotel, condominium or office property. At 627 Greenwich Street, Kramer Levin is representing the Royal Bank of Scotland with respect to land use issues.
In a particularly complex matter, Kramer Levin represented UPS in connection with the sale in lieu of condemnation of a two-block area north of Spring Street to the City of New York for the building of a five-story condominium, the upper floors of which will be dedicated to three sanitation department garages while the ground floor will be the UPS garage.
Finally, Kramer Levin client Trinity Real Estate is an especially dominant force in Hudson Square. The firm owns approximately 40 percent of the built space in the neighborhood - a total of six million square feet across 18 office buildings. Trinity also owns four critically important development sites: Duarte Square, a nearly half-acre parcel where a 444-seat elementary school is anticipated; 4 Hudson Square which comprises 1.2 million square feet of development rights; 122 Varick Street and 555 Greenwich Street, parking lots that could accommodate 80,000-square-foot and 200,000-square-foot development projects respectively.