• Stephen R. Senie brings more than five decades of experience to his work representing clients in real estate transactions, including the development and construction of complex mixed-use projects for both commercial and institutional clients as well as acquisitions and sales, leases, and financings.

    Many of Steve’s transactions involve sophisticated or innovative deal structures, including:

    • Creating synthetic leasehold and subleasehold condominiums in New York City and Nassau County, under which not-for-profit institutions are able to enter into space leases of 30 years or more with the leased premises being exempted from local real property taxes.
    • Structuring complex easement and access agreements relating to new construction in New York City (including those relating to the development of Hudson Yards and the new Long Island Rail Road access to Grand Central Terminal).
    • Facilitating the purchase and sale of air rights and development rights in New York City, including landmark, theater and inclusionary rights, the process for which he pioneered with partner Paul Selver.
    • Negotiating long-term (99-year) ground leases for the development of New York City properties on behalf of both lessors and lessees.

    On behalf of developers and owners, Steve frequently negotiates with numerous city and state agencies, including the Empire State Development Corp., the Metropolitan Transportation Authority, the New York City Planning Commission, the New York City Department of Housing Preservation and Development, the New York City Economic Development Corp., the New York City Department of Parks and Recreation, the New York City Department of Environmental Protection, the New York City Department of Transportation, the New York City Department of Finance, and the New York City Landmarks Preservation Commission.

    Steve also regularly works with members of Kramer Levin’s Land Use practice on land use and zoning transactions.

    Experience

    • Represents on an ongoing basis (for more than 20 years) a major university connection with a $6 billion, 17-acre expansion of its urban campus in Manhattan, including the acquisition and rezoning of the site; extensive negotiations with city and state agencies; the negotiation of restrictive declarations, covenants and easements; and the relocation of residential and institutional tenants.

    • Represented The Mount Sinai Hospital in the conversion of a New York City office building to leasehold condominium ownership, and the acquisition of a 450,000-square-foot office leasehold condominium unit.

    • Represents Mount Sinai, New York University and NYU Langone hospitals, as well as other not-for-profit entities, fee owners and lenders, in connection with the creation of tax-exempt fee and leasehold condominium units.

    • Represented the Related Company in the creation of three interconnected mixed-use condominium buildings in Hudson Yards, a major high-profile, large-scale development on the West Side of Manhattan, including preparation of condominium documents and the creation of cross-easements to enable the development.

    • Represented VICI Properties Inc. (VICI), a NYSE-listed REIT, in its $17.2 billion strategic acquisition of MGM Growth Properties LLC.

    • Represented the Universal Hip Hop Museum in negotiation of a 50,000-square-foot long-term lease at Bronx Point, a new development project of L+M Development Partners on New York City-owned land in the South Bronx. The museum will be the anchor tenant in a larger development including more than 500 residential apartments, retail space and other community facility space.

    • Regularly represents the owner of shopping centers in the New York metropolitan area in connection with major leases, including the recent negotiation of a 44,000-square-foot lease with a national tenant involving new construction, the negotiation of lease termination arrangements with existing tenants, and the negotiation of project financing.

    • Represents a number of New York City landowners and tenants in the ground leasing of various sites in Manhattan for hotels and other developments.

    • Represented Toll Brothers and Starwood Capital in the ground leasing of sites in Brooklyn Bridge Park for the development of apartment buildings and a hotel.

    • Represents a major university in connection with unique three-way transactions with the City of New York, the State of New York and affordable housing providers, which will provide for the construction of new affordable housing in mixed-use condominium projects.

    • Represents owners in connection with construction agreements, including terminations/workouts of construction agreements and in connection with architects and other construction related consultant agreements.

    Credentials

    Education

    • LL.B., with honors, Columbia Law School, 1966
      • Harlan Fiske Stone Scholar
    • B.A., cum laude, Brandeis University, 1963

    Bar Admissions

    • New York, 1968
    • Michigan, 1977

    Professional Affiliations

    • American College of Real Estate Lawyers
    • American Bar Association
    • State Bar of Michigan
    • New York Gilbert & Sullivan Players — Board of Directors (Emeritus)
    • University of Detroit School of Law, Associate Professor of Law, Real Property Law, Real Estate Transactions, Local Government Law (1976 – 1979)