New York Team Advises on Largest Real Estate Deal in Long Island City in 2019
A team of real estate attorneys represented Nan Fung Group in connection with its buyout of Westbrook Partners’ approximately 90% interest in a seven-story, 830,000-square-foot office and industrial property located at 24-02 49th Avenue in Long Island City, New York. The commercial condominium, occupied in large part by the New York City Housing Authority, was recapitalized through newly formed joint ventures between Nan Fung and Innovo Property Group together with acquisition and construction financing from Apollo and Axonic Capital. The deal is the largest real estate deal of 2019 in Long Island City.
The deal was led by real estate partner Dan Stanco, real estate counsel Owen LaFreniere and real estate associate Evan Gordon (all of New York). The team also included private equity partner Peng Yu (Hong Kong), tax partner Kristen Winckler (New York), tax associates Kathryn Seevers (Washington, D.C.) and Janice Lee (Boston).