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Brokerage
Posted: October 17, 2017
Hunton & Williams advises Sumaida + Khurana and LENY joint venture in $65 million acquisition
Manhattan, NY Hunton & Williams LLP has advised the joint venture between Sumaida + Khurana and LENY in its $65 million acquisition and planned demolition and redevelopment of 611 West 56th St.
The transaction, which closed on September 20, will include the demolition of the vacant commercial building currently on the property, located on the West Side, and the development and re-purposing of the site into a 35-story (173,163 s/f) 80-unit residential condominium with retail components. The planned development has been designed by architect, Alvaro Siza, and will be his first project in the U.S.
Hunton & Williams’ legal team was led by New York partner Carl Schwartz, senior attorney Susan Saslow, and associates Douglas Hoffmann and Michal Baum.
“Our clients have planned a visionary development on the site, and we are proud to accompany them on this journey,” said Schwartz, co-head of the firm’s real estate practice.
Hunton & Williams previously represented the joint venture in its acquisition of development rights to be used in connection with the project.
Featuring 80 residences ranging from one to four bedrooms and penthouses, the development will include a suite of amenities, such as private terraces, a roof garden and sun deck and fitness center.
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