Richard Sussman joined Rosenberg & Estis, P.C. as a partner in 1995. Already an experienced transactional attorney, during Richard's tenure at the firm his knowledge and experience have solidified his status as a skillful and highly valued practitioner. For Richard, the goal is creativity, creating solutions to complex problems toward the goal of achieving the objectives of his clients.
Richard has had no shortage of opportunities to engage in creative solutions. His wide-ranging and sophisticated practice encompasses all phases of real estate. Over the years, he has been integrally involved as lead attorney in many sophisticated transactions in New York City, the greater metropolitan area, and nationwide.
Richard's client base is unusually broad. He represents everyone from individual and institutional developers, owners and lenders to syndicators, investors and brokers. He has structured and negotiated complex transactions involving multi-family buildings and complexes, office buildings, shopping centers, hotels, air and development rights, development parcels and mixed-use facilities. The nature of the transactions on which Richard has worked is also diverse, including purchases and sales, partnerships and joint ventures, workouts, and complex leasing and financing.
Selected Cases and Representations
World Trade Center: Represented The Durst Organization in connection with its negotiations with The Port Authority concerning a joint venture with regard to One World Trade Center.
One Bryant Park: Represented The Durst Organization on all phases of its site acquisition, joint venture with the Bank of America, development and financing (both construction and permanent), including $1.3B permanent financing which was a never before done combination of Liberty Bond and CMBS debt within the same debt instrument.
East 79th Street/East 118th Street: Represented The Brodsky Organization in connection with complicated, tri-party transaction involving the construction by The Brodsky Organization of a new facility for CUNY (Hunter School of Social Work) on East 118th Street and CUNY's vacancy of its existing school facility on East 79th Street. Upon vacancy, the existing school facility on East 79th Street will be demolished and a luxury condominium building will be erected.
Chelsea Development: Represented The Brodsky Organization in connection with a number of transactions with The General Theological Seminary, including the acquisition, development and financing of The Enclave Condominium located at 177 Ninth Avenue New York, New York, as well as certain other buildings and development sites owned by The General Theological Seminary.
HYDC – Extension of 7 Train: Represented Extell Development in connection with its negotiations with the City of New York, the MTA and HYDC with respect to an Easement Agreement pursuant to which a new subway station for the 7 line, park and related facilities will be built adjacent to the Javits Convention Center at 34th Street and 11th Avenue.
1212 Fifth Avenue: Represented DFR Realty on all phases of its site acquisition from the Mount Sinai School of Medicine, development and construction financing. Negotiations also involved construction on additional sites in connection with a new laboratory facility for Mount Sinai, as well as a new residential tower to be owned by Mount Sinai.
Seventh Avenue: Represented the fee owner/net lessor of a major residential building in connection with a settlement of litigation with the net lessee and take-back of the operational position from the net lessee.
Conversions/Re-organization of Portfolio: Represented a major owner/operator of property in New York City in connection with conversions of partnerships into limited liability companies and re-organization of rights with holders of minority interests.
Commercial Condominium Units: Represented a number of different purchasers who acquired and financed commercial condominium units (occupied and unoccupied) in prime locations in New York City.
Lending: Represented various banking institutions in loans of all varieties: first mortgages, subordinate mortgages, leasehold mortgages, construction loans, credit facilities and mezzanine loans.
Sale of Development Parcel by Receiver: Represented a court appointed Receiver in connection with the sale of a development parcel in Chelsea.
