Fried Frank acted as counsel to RXR Realty in a transaction with NewYork-Presbyterian Hospital, the largest hospital in New York City, whereby the hospital will occupy over 500,000 square feet of office space at 237 Park Avenue, a 1.25-million-square-foot, 21-story office tower in midtown Manhattan, also known as 466 Lexington Avenue. In order to provide the hospital with certain tax benefits, the transaction was structured as a sale to the hospital of a 30-year-leasehold condominium interest in a portion of the building, rather than as a lease. The firm also represented RXR Realty in a significant refinancing with Morgan Stanley and Societe General of the mortgage loan on 237 Park Avenue.
The Fried Frank team on the NewYork-Presbyterian Hospital transaction included real estate partners Meyer Last, Jennifer A. Yashar and Valerie Kelly and real estate associates Simon J. Elkharrat and Ben Cohen. The Fried Frank financing team included real estate partners Joshua Mermelstein and Avi David Feinberg and real estate associates Alexander B. Sutherland and Vincenzo Sessa.