• Jay A. Neveloff advises a broad range of clients involved with the development, ownership and financing of real estate projects, including high-profile mixed-use, commercial, retail, and residential projects in New York City and throughout the country. A nationally recognized transactional lawyer, Jay represents institutional and private equity funds, as well as other investors, in joint ventures, in the acquisition and sale of property, including portfolios of properties, and in connection with a broad variety of developments. He also represents major international funds and financial institutions in commercial lending transactions, loan restructurings and workouts.

    Jay’s most notable transactions include high-profile projects in New York City, such as the Waldorf Astoria, representing the owner in several aspects; Disney-ABC, representing the company in the sale of its primary New York City campus and in the relocation of its New York headquarters to a 1.2-million-square-foot complex with office and studio space being developed in Tribeca; CIM in the development of 432 Park Avenue, multiple parties involved in the development and financing of Central Park Tower; and Time Warner Center, representing Related-Apollo in the $1.7 billion development of the premier mixed-use complex in Columbus Circle. Jay represented Saint Vincent’s Catholic Medical Center in the sale of the main hospital campus; New York Life Insurance Co. in the sale of Manhattan House, a residential complex comprising an entire block on the Upper East Side of Manhattan; and the Ponte family in numerous Lower Manhattan transactions. He also led the sale of Stribling & Associates to Compass and the sale of The Sunshine Group to NRT Corcoran.

    In another notable and unique project, Jay represents an owner of Broadway theaters in the sale involving a mixed-use building in Times Square, in which the seller retained ownership of the landmarked theater currently at street level. As part of the purchaser’s redevelopment of the property, the purchaser intends to lift the theater by up to 30 feet above its current location to allow for retail space at street level, and will renovate the theater for the seller. 

    Jay has played an integral role in advancing state and local legislative and policy changes on behalf of clients, including representing the owner of multiple large residential complexes and the owner and developer of major sports entertainment venues. He has had significant involvement in the adoption of federal and state legislation, including the adoption of amended Section 365(h) of the U.S. Bankruptcy Code (preserving the integrity of leasehold financings), the limitations enacted in 2016 regarding the Interstate Land Full Disclosure Act and other property-specific legislation, as well as New York State executive orders relating to the impact of the COVID-19 pandemic on real estate.

    Jay regularly advises clients in the hotel and hospitality industry on the acquisition and development of properties, as well as on loan restructurings. He has been involved in several unique hospitality-related products for several clients, including the iconic Plaza Hotel and the St. Regis Hotel. He represented Starwood Hotels in the sale of several hotels including the Sheraton Manhattan and the retail portion of the St. Regis, and advised Korman Communities in the acquisition of the Smyth Hotel.

    Jay also has deep experience in workouts and restructuring of properties in every asset class, including condominiums, hotels, commercial properties, hospitals and senior care facilities, in New York and other cities. Recently, he led a team of Litigation, Bankruptcy, Land Use and Real Estate lawyers in a financing, mezzanine foreclosure and bankruptcy involving a large development site near Sutton Place in Manhattan, and successfully defended the client against attempts to stop construction by rezoning the site. He has also advised both NYU-Langone Medical Center and Mount Sinai Hospital, as well as other not-for-profits and owners, in several leasehold condominium transactions.

    On a national scale, Jay has facilitated the development of numerous regional and local shopping centers and other commercial projects throughout the country. He represented the owners of Starrett City, the largest federally subsidized housing complex in the United States, in a major capital transaction; represented the previous operator of Stuyvesant Town in a variety of matters; and guided the sale of a major casino hotel in Las Vegas on behalf of the owners. Recently, Jay led a multidisciplinary team representing Del Monte Foods in a $1.3 billion refinancing as well as in the $1.68 billion acquisition of that company.

    Jay is described by market sources as “one of the best real estate lawyers in New York” and “a phenomenal and very, very creative attorney” (Chambers USA 2020). He’s been lauded by clients as “very well connected, really practical and incredibly responsive” (Chambers USA 2019), “one of our most trusted advisers” (Chambers USA 2018), and a “well respected” lawyer who “understands the scale” of the New York real estate landscape and “can eliminate problems” (Chambers USA 2014). He has been described as “a consummate real estate attorney” and “the dean of high-end, mixed-use condominium developments” (Chambers USA 2015). Clients appreciate that “he looks after his clients, is always available and responsive, and is very knowledgeable in the business” (Chambers USA 2017). He has been ranked in Tier 1 for Real Estate by Chambers every year for more than 15 years. Other observers say Jay is “a fantastic attorney” who is “very focused and detailed” (Legal 500 US 2015).

    Experience

    • Represented The Walt Disney Company/ABC in the $1 billion plus sale of its upper West Side Campus as well as its relocation to Tribeca.

    • Represented a hedge fund in providing $235 million of preferred equity to fund Central Park Tower, Extell Development Co.’s planned 95-story supertall at 217 West 57th St.

    • Represented Gamma Real Estate in the financing, mezzanine foreclosure, bankruptcy, and other real estate and land use matters concerning a midtown supertall building.

    • Represented the Ponte family in connection with numerous capital transactions involving joint ventures and dispositions of multiple sites in Lower Manhattan, including transactions with The Related Co.

    • Representing private equity funds including Westbrook Partners, the Carlyle Group, Fortress Investments, Morgan Stanley, CIM, DLJ Real Estate Partners and New Valley Investors in a variety of transactions.

    • Represented Innovo Property Group (IPG) on condominium aspects related to the acquisition, recapitalization and refinancing of 24-02 49th Ave. in Long Island City, Queens.

    • Represented The Georgetown Company in securing a $410 million financing package from Société Générale for 787 11th Ave.

    • Represented Mount Sinai Hospital in the conversion of a New York City office building to condominium ownership and the acquisition of a nearly 500,000-square-foot office at 150 East 42nd St.

    • Represented New York University (NYU) in several condominium structures involving office buildings in Manhattan in order to facilitate capital transactions involving different portions of the buildings including acquisitions.

    • Represented the equity investor in connection with the acquisition of a major office tower in Dallas and a development site for more than 500 luxury condominium units in Miami.

    • Represented a special servicer in foreclosure relating to the former Fortunoff property in Nassau County.

    • Represented two affiliated borrowers in the $170 million long-term refinancing of an Upper East Side, Madison Avenue corridor, retail store and office complex comprising two buildings, one of which is net leased to a luxury clothing retailer for its flagship New York City store.

    • Represented the buyer in the $500 million acquisition of the residential complex at 50 Murray St., totaling approximately 500 units, and in the related financing.

    • Represented several different lending institutions and private equity funds in connection with innumerable financings across the United States.

    • Represented Westbrook Partners in numerous matters, including matters relating to hotel investments, St. John’s terminal and several other projects.

    • Represented St. Vincent Catholic Medical Centers in the sale of the main hospital campus.

    • Represented Deloitte LLC in the relocation of its nearly 450,000-square-foot headquarters in Chicago.

    • Represented CIM in connection with the acquisition and development of numerous properties including 432 Park Ave., 200 Lafayette St., 2 Rector St. and 5 Hanover Square.

    • Represented The Witkoff Group in connection with the development of 150 Charles St., 10 Madison Square West and 55 Wall St.

    • Represented Related-Apollo in the development of the Time Warner Center.

    • Represented New York Life Insurance Co. in the sale of Manhattan House, a residential complex comprising an entire block on the Upper East Side of Manhattan.

    • Represented the owners of Starrett City, the largest federally subsidized housing complex in the United States, in a major capital transaction.

    • Represented the owner in the sale of a major casino hotel in Las Vegas.

    • Represented Starwood Hotels in the sale of several hotels, including the Sheraton Manhattan and the retail portion of the St. Regis Hotel in Manhattan.

    • Led a multidisciplinary M&A team in representing Del Monte Pacific in the $1.68 billion acquisition of Del Monte Foods as well as a $1.3 billion refinancing.

    Credentials

    Education

    • J.D., New York University School of Law, 1974
    • B.A., Brooklyn College, 1971

    Bar Admissions

    • District of Columbia, 1992
    • New York, 1975

    Court Admissions

    • U.S. Supreme Court
    • U.S.C.A., 2nd Circuit
    • U.S.D.C., D.C.
    • U.S.D.C., Eastern District of New York
    • U.S.D.C., Southern District of New York

    Professional Affiliations

    • Real Estate Board of New York, Board of Governors, 2014 – present
    • American College of Real Estate Lawyers, Board of Governors, 2012 – 2018
    • American Law Institute
    • American College of Mortgage Attorneys
    • American Bar Association, Vice Chairman, Committee on Partnerships, Joint Ventures and Other Investment Vehicles, 1988 – 1995
    • Phipps Houses, Board of Directors and Executive Committee Member
    • Kramer Levin Naftalis & Frankel LLP, Member, Executive Committee and Planning Committee
    • New York State Bar Association, Real Property Law Section; Committee on Financing and Liens; Committee on Condominiums and Cooperatives
    • Briarcliff Manor Planning Board, 1995 – 2015