The financing of a new Yankee Stadium, through the issuance of bonds by the New York City Industrial Development Agency, was named 2006 Deal of the Year by The Bond Buyer, the daily newspaper of public finance. Fried Frank represented the New York Yankees in not only the financing, but also the development of a new Yankee Stadium in the Bronx. The matter, which closed on August 22, 2006, represented a year and half effort at the Firm, which included all public approvals required for the project, leasing of the site of the new Stadium from the City of New York and a $960 million tax-exempt bond issue by the New York City Industrial Development Agency for financing the construction of the Stadium, expected to open in time for the 2009 baseball season.
“From an extremely competitive field, this deal best met the criteria for selection in terms of technical prowess and structure,” said Nicholas Chesla, editor-in-chief of The Bond Buyer.
The Fried Frank team included real estate partners Stephen A. Lefkowitz and Melanie Meyers and corporate partners Arthur S. Kaufman and Emil Buchman.
Fried Frank’s real estate practice is national in scope and encompasses a broad range of transactions, including capital markets and financings, acquisitions and dispositions, joint ventures, commercial leasing, REITS, construction and development projects, leasing, portfolio transactions and real estate investment trusts. We also have an active land use and economic development practice, representing developers and institutional clients before the New York City Planning Commission, New York City Landmarks Preservation Commission, the New York City Economic Development Corporation and other New York agencies. Fried Frank’s financing practice provides counsel on a variety of matters including acquisition financing, senior credit facilities, mezzanine financing, insurance sidecars, and municipal financing/real estate development.