Transactions

Assisted Not For Profit in Forming IRC 501(c)(3) & Acquisition of Multi-Family Dwelling

We recently represented a not for profit entity in connection with the acquisition of a mixed use multi-family dwelling worth approximately $1.2 million.  There were numerous real estate and tax issues that needed to be addressed.  In addition to handling the acquisition, the firm was able to assist the client in becoming a 501(c)(3) charitable […]

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Obtaining Co-op Board Approval for Foreign Buyer Not Impossible – Represented Brazilian Purchaser of $7.6 million Co-op Unit

The firm recently represented a prominent Brazilian client who purchased a $7,600,000.00 co-op apartment located on Manhattan’s east side.  This is a prime example to demonstrate that a non-U.S. buyer can purchase cooperative apartments and obtain the necessary board approval.  Although condominium apartments are certainly the preferred acquisition for the overseas buyer, co-ops can be […]

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Handled Real Estate & Trust Aspects of Client’s Acquisition of $17,500,000.00 Co-op Unit

The firm recently represented a client in connection with the purchase of a $17.5 million penthouse co-op unit.   In order to meet the privacy and tax planning expectations of the client, we were able to structure and form a trust through which the property could be purchased.   We were also able to convince the co-op […]

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Recently Represented a Seller who Sadly Died Post Contract. Able to Coordinate Estate Affairs and Close the Real Estate Transaction

Sadly, we were recently faced with a situation where our client (who was selling a New York apartment) died after the Contract of Sale was executed. This was a very unique situation where the client died overseas and maintained residences in both Florida and New York. This involved numerous estate and tax related issues. We […]

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Represented Investors from Singapore and Qatar Each Purchasing 2.5 Million Condo Units in the Same Building. Handled Acquisition & Subsequent Leasing to Tenants

The firm recently represented separate clients from Singapore and Qatar with respect to the purchase of condominium apartments at a prominent condominium building. We were able to provide each client with appropriate tax advise and form entities to suit their specific needs. Both transactions successfully closed in the first quarter of 2012. In addition, the […]

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Represented Foreign Investor from Israel Acquiring Condo Hotel Unit

We recently represented a prominent foreign investor based in Israel in connection with his acquisition of a condo hotel unit. This matter went into a contract within a mere 48 hours after the client agreed to acquire. We were able to negotiate a contract allowing our client to assign the agreement to an entity that […]

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To Save a Deal, Romer Debbas Drafts Revised Budget to Satisfy Fannie Mae 10% Line Item Requirement

We recently represented a purchaser of a downtown condominium located in a small building. The purchaser was having difficulties obtaining financing as the building was not in compliance with Fannie Mae’s regulation requiring that condominium associations provide for a line item in their budget setting aside 10% of common charges received each year as a […]

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Represented Private Bank in Transaction Involving Three Custom Loans Totaling $4 million for same Borrower Encumbering Multiple Properties

Romer Debbas recently represented a prominent private bank in connection with a multi-part transaction for the same customer.  The private bank extended three custom loans totaling in excess of $4 million to the same client. Each loan was secured by a separate property.    All three loans closed on the same day upon a mere 48 […]

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High End Co-op Properties on the Move. Recently Represented Purchasers of Two Separate $4 million Co-op Units

In the last month, we represented two separate purchasers in connection with transactions involving high end residential co-op units.   In one transaction, we represented the purchaser of a $3.9 million co-op unit as well as the private bank which issued a $2 million loan secured by the unit.   In another, we represented a sophisticated investor […]

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Application to FDIC Needed to Clear Lien Held by Bankrupt Lending Instition in Order to Save a Sale

We recently represented a seller of a townhouse in upper Manhattan who had owned the property for close to 30 years. Over the course of our client’s ownership, they had refinanced the property several times. When we entered into contract, the title report revealed two mortgages, our client’s primary mortgage and a mortgage of record […]

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