Related Companies Affiliate Closes Acquisition

An affiliate of Kramer Levin client The Related Companies, L.P. on January 21, 2011 acquired 232 unsold residential condominium units at Rector Square Condominium in Manhattan’s Battery Park City for $82.8 million after buying a foreclosure bid from lender Anglo Irish Bank Corp.  Kramer Levin acted as condominium counsel in connection with the acquisition, which also included the acquisition and simultaneous sale of a commercial condominium unit being operated as a parking facility at the property. 
 
The Kramer Levin team consisted of Real Estate partner Jonathan H. Canter and associate Rebecca L. Cossin.