Practice Areas

Transactional Real Estate Services

Seiden & Schein, P.C. provides a full spectrum of legal services in real estate transactions including acquisitions, sales, mortgage and mezzanine financing, affordable housing, 1031 tax-deferred exchanges, leasing, purchases and sales of 421-a negotiable certificates and inclusionary air rights, zoning lot mergers and conveyance of air rights, entity formation and operating/partnership agreements.  We have worked extensively with governmental and quasi-governmental agencies, including the New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corporation (HDC), New York City Partnership Housing Development Fund Company, Inc., and New York City Housing Authority (NYCHA), on the acquisition and development of dozens of affordable housing projects.  We have strong working relationships with key personnel at these organizations which enable us to deliver superior results for our clients.

Many of our deals involve large national banks such as Citibank and Bank of America, the issuance of tax-exempt bond financing by HDC, and subsidies from agencies such as HPD, AHC and the borough presidents.  In these challenging economic times, we have also worked closely with our clients, co-counsel and lenders’ counsel to work out distressed loans.  We regularly work with some of the largest national and global law firms and other industry leaders.

Our expertise in real estate transactions, condominium law and real estate tax benefits has uniquely positioned us at the forefront of real estate law in New York City.  We have the ability to provide our clients with consistent and comprehensive advice in virtually all aspects of project development from site assembly through final closing or lease-up.

Some of our recent deals include the following:

•    closing of acquisitions and financing and public subsidized financing for two (2) HPD “cornerstone” projects in the Bronx for $16.5 million and $28 million, respectively;
•    negotiation of contracts for construction and $110 million bulk sale of condominium units, filing of application for “no action letter,” and ultimate filing of condominium offering plan;
•    closing of $7.5 million of HDC permanent financing and $2 million of HPD subsidized financing in connection with the conversion of 88-apartment cooperative unit in cond-op building;
•    negotiation of contracts for $90 million acquisition of mixed-use building;
•    $83 million sale of mixed-use building requiring formation of condominium, master leaseback of garage unit to seller, application to state attorney general for “no action” letter, creation of various easements, mortgage defeasance and reverse 1031 exchange; $8 million construction loan closing;
•    $7 million acquisition of vacant lot; and
•    $13 million construction financing for development of affordable housing project.

Our experienced team of attorneys and paralegals stands ready to assist you in all aspects of your affordable or market rate projects.  Please contact Alvin Schein at .(JavaScript must be enabled to view this email address) if you have any questions about Transactional Real Estate Services.