Herrick, Feinstein LLP acted as counsel to the Wainland family in $26.7 million transaction

Manhattan, NY Law firm Herrick, Feinstein LLP, representing the Wainland family as sellers, has acted as counsel in a $26.7 million real estate transaction that closed on September 21^st, 2020. As part of this transaction, the Wainland family has sold the fee title for 116 10^th Ave., as well as the unused development rights for 453 W 17^th St., to GDS Development and Klövern AB. 

 The deal for the development rights for 453 W 17^th St. had been in progress for several years. Following the onset of the COVID-19 pandemic in the spring of 2020, and the consequent shutdown of the seller’s nightclub tenant (Avenue Nightclub) at 116 10^th Ave., the parties were able to restructure and expand the deal to also include the fee title to 116 10^th Ave. 

The Herrick, Feinstein team representing the sellers is led by Michael Smith, a partner in the Real Estate Department. The Herrick team also includes Mitch Korbey, chair of its Land Use & Zoning Group, and Travis Allen, an associate in the Real Estate Department.