By Attorney Popular Publications

MSF in Real Estate Weekly

Matthew Kasindorf was recently honored by the Friends of the Israeli Defense Forces’ Real Estate Division for his leadership in the industry and support of FIDF.

Read more...

"I was very pleased that the Appellate Court granted permission to appeal." said Stephen Meister, a lawyer hired by REBNY who is acting as an amicus curiae in the case. "It was the right decision because it's an issue of grave importance to New York City.

Read more...

Attorneys Mentioned: Stephen B. Meister

Problems in the Manhattan commercial real estate market have kept Stephen Meister’s law practice busy with some of the messiest deals to yet unravel during the downturn.

... He represented the real estate investment firm Africa Israel in a lawsuit involving 229 West 43rd Street, the former home of The New York Times. Africa Israel borrowed over $700 million to purchase the building at the peak of the real estate bubble and then gut-renovate it into a modern office property.

... The project’s over 700,000 square feet of office space is vacant and it is widely regarded as one of the most disastrous deals to have been done during the boom. Africa Israel, a public company in Israel, was forced to announce significant write-downs on the project in recent months, disclosures that triggered a technical default with the senior lender in the deal, the Mexican bank Banco Imbursa.

Meister came in when a mezzanine lender, the investment firm Five Mile Capital, sued on allegations that Africa Israel had arranged the default to wipe out junior debt holders.

... “Meister is the kind of lawyer who isn’t bound by the hidden rules that normally restrict attorneys,” a lawyer at a major real estate practice in the city said, explaining that many large firms are careful to choose who they represent in order not to end of up squaring off against bread and butter clients, particularly large financial services companies that are huge pipelines of business for the city’s legal industry.

... In recent months, Meister has become something of a regular pundit on the Fox Business Network, where one of the station’s hosts, Stuart Varney, refers to him as both his favorite lawyer and “the best one in the whole of New York City.”

Read more...

Attorneys Mentioned: Stephen B. Meister

“There is a concrete right of extension specified in the loandocuments, which the Macklowes have duly exercised and if SL Greendoes not respect or recognize that extension the Macklowes will takewhatever action is necessary to protect their rights,” said StephenMeister, an attorney who said he has been retained by MackloweProperties if there is litigation at the property.

Read more...

Attorneys Mentioned: Stephen B. Meister

“The Cushman appraisal sets the completed value of the building at $180 million, but this valuation is belied by SL Green’s own actions—they have invested more than that just buying the loans, and still must spend tens of millions more in completion costs, brokerage commission and transfer taxes,” Stephen Meister, the Macklowes’ attorney in the case, said in an email. “The Court set a hearing for April 14 on whether to issue an injunction restraining foreclosure for the balance of the case. At that hearing, we intend to prove that the Cushman appraisal is not worthy of being used to deny the Macklowes their bargained for extension right.”

Read more...

Attorneys Mentioned: Stephen B. Meister

The decision could buy Macklowe Properties time according to its attorney in the case, Stephen Meister, as well as other legal experts familiar with the proceedings, to refinance its debts and hold on to the high-end midtown tower.

In court this morning, an observer said that Meister attacked SL Green’s attorneys, a team from the law firm Skadden, in an assault on the validity of the C&W appraisal. Among Meister’s arguments was the question why SL Green had paid at least $175 million to buy both the senior mortgage and mezzanine loan when it was claiming the tower was only worth $160 million.

It could take weeks or even months to sort out these questions legal experts say and with a temporary injunction in place against a foreclosure, Meister, and other attorneys who have followed the case, say that Macklowe Properties will now have a chance to fill the building’s space in what appears to be an improving leasing market and secure a replacement lender so that it can retain control of the tower.

Read more...

Attorneys Mentioned: Stephen B. Meister

New York    |    California    |    Connecticut    |    New Jersey    |    Massachusetts
© 2016 Meister Seelig & Fein LLP. All Rights Reserved.