Seiden & Schein, P.C. is the law firm of choice for sophisticated real estate developers. Our various and integrated practice areas include:
- Condominium offering plans and condominium declarations
- Cooperative offerings
- Homeowner’s associations
- Real estate tax incentives
- Inclusionary Housing
- The new Affordable Independent Residences for Seniors Program
- Real estate acquisitions and sales
- Construction and land acquisition financing
- Ground Leasing
- Development rights transfers
Selecting multiple firms to handle the varying legal needs of a development project can become unnecessarily time consuming and costly to developers. This inefficient “piecemeal” approach can also often delay a project due to miscommunications between varying parties and counsel.
It is in the best interest of every developer to consolidate as many responsibilities as possible when planning the course of a project. Seiden & Schein, P.C. is the law firm of choice for sophisticated developers because of its ability to simultaneously and effectively manage multiple client needs. Each practice area within our firm works together, creating a seamless flow of information for every project. This collaboration allows our firm to perform efficiently, creating time and costs savings for our clients, in a way that hiring multiple law firms cannot.
The advantages of this approach were recognized and adopted by a client of the firm that is developing a project on a large site. The project involves the construction and development of two multiple dwellings in Brooklyn, along the East River, which are both on the same zoning lot. One of the buildings, Property A, includes commercial space, parking and over 100 affordable Class A rental apartments. The other building, Property B, includes commercial and community facility space, parking, over 360 market-rate Class A rental apartments and 95 for-sale market-rate condominium units. Seiden & Schein, P.C. is providing the following suite of services to the developer:
The firm drafted condominium declarations for both Property A, which created separate condominium units for (i) the commercial space, (ii) the parking and (iii) all of the rental apartments (in one condominium unit), and Property B, which established condominium tax lots for (i) the commercial space, (ii) the parking, (iii) the rental apartments (in one condominium tax lot) and (iv) individual condominium tax lots for each for-sale condominium.
The firm drafted an offering plan for the for-sale condominium units in Property B and is currently in the process of negotiating contracts and preparing for unit closings in the for-sale component of the building.
Seiden & Schein, P.C. is representing the client in its application for Section 421-a real estate tax benefits for both properties. Section 421-a requires a certain amount of affordable housing to be constructed in exchange for the real estate tax exemption. Since Property A and Property B are on the same zoning lot, all of the affordable apartments that were required to qualify both Property A and Property B for 25-year Section 421-a benefits were permitted to be located in Property A, and Property B was constructed with 100% market-rate apartments.
The firm is handling the process for receiving a zoning bonus under the Inclusionary Housing Program, which permitted the affordable apartments in Property A to generate a zoning floor area bonus that allowed the developer to increase Property B’s floor area by approximately 22% over what it would have been able to otherwise.
Both of the condominiums in the project will be members of a homeowner’s association that was created for the purpose of funding maintenance obligations for public access and shoreline park areas adjacent to the properties. These areas will enhance the transformation of the neighborhood surrounding the project from industrial to residential use, as intended by the City’s rezoning of the neighborhood. Seiden & Schein, P.C. drafted the homeowner’s association organizational documents, which included a Declaration of Covenants, Restrictions, Easements, Charges and Liens, plus Bylaws and a Certificate of Incorporation.
If you are considering a development project and would like assistance with strategic planning and a broad perspective, contact us at 212.935.1400.