Funds Talk: August 2015
Kramer Levin Wins First Circuit Appeal Declaring Puerto Rico’s Restructuring Act Unconstitutional
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Kramer Levin represented a joint venture of Toll Brothers and Starwood Capital Group in connection with its winning bid for and negotiation of a 97-year ground lease to develop a new $300 million hotel and residential complex that will be built next to Pier 1, just south of the Brooklyn Bridge in Brooklyn Bridge Park, a 1.3-mile-long park which stretches along the East River on the Brooklyn waterfront. The development will include approximately 200 hotel rooms, 160 condominium apartments, 32,000 square feet of restaurant and banquet space, a 6,000-square-foot spa and a 300 space parking facility. The deal was approved by the Brooklyn Bridge Park Corporation’s Board on Tuesday, June 19. The Kramer Levin team was led by Real Estate partner Jonathan H. Canter and counsel Stephen R. Senie, with Pamela Swidler as lead associate. Also on the matter were Real Estate partner Neil R. Tucker, and associates Inge Hindriks, Daniel R. Berman and Soyoung Lee; Tax partners Maria T. Jones, Barry Herzog and law clerk Jason Tomitz; Land Use partner Gary R. Tarnoff and special counsel Patrick Sullivan; Environmental special counsel Toni L. Finger and Karen L. Mintzer; Litigation partners Jonathan M. Wagner and Jeffrey L. Braun. The New York Times and The Real Deal reported on the deal.