Real Estate Law

The Satterlee Stephens Burke & Burke LLP real estate practice covers the entire spectrum of real estate related transactions. Clients can depend upon the combined expertise of real estate, tax, banking, corporate and bankruptcy attorneys as well as other practice group members to ensure that each aspect of a real estate transaction is fully considered. Due to the firm's experience in many non-standard transactions, clients can expect a level of cost-efficiency not often equaled.

The firm advises both buyers and sellers of real estate interests in both commercial and residential transactions. We also represent both lenders and borrowers in sophisticated loan transactions. The firm has represented residential real estate developers in Manhattan in connection with both rental and newly constructed condominium projects. We advise both landlords and tenants in commercial lease transactions including leases structured to take advantage of the tax exempt status of either a landlord or a tenant.

The firm also advises many of the finest New York City residential cooperative corporations concerning shareholder matters, financing, tax and other real estate matters as well as representing both individual purchasers and sellers of premier residential properties both in and outside of the City of New York. In connection with real estate development projects, not only have we represented developers in acquisition and development, but also financing, refinancing and, if necessary, restructuring of loans to reflect changes in the marketplace. Lenders rely on our firm's real estate, banking and bankruptcy practitioners to "work-out" problem real estate loans, to prosecute commercial and other foreclosure actions and to counsel them on related bankruptcy matters.

Working closely with the firm's tax practice, our real estate attorneys have structured many real estate sales transactions as tax free exchanges and have successfully counseled our international clients on the intricacies of the Foreign Investment in Real Property Tax Act (FIRPTA). Our real estate attorneys also often work side by side with the firm's corporate department when engineering corporate asset sales which involve transfers of real property assets or stock purchase transactions involving companies which have interests in real property. Such transactions typically involve real property in multiple jurisdictions with simultaneous closings.

Our New Jersey office is instrumental in guiding clients through the ISRA approval process that affects so many transactions involving properties located in that state.

The following client representation examples illustrate the breadth and experience of the Satterlee Stephens Burke & Burke LLP real estate practice:

• Counseled several tax exempt entities in connection with the acquisition and financing of medical care facilities and the rehabilitation of buildings to create low income housing
• Represented a world renowned University Press in connection with the acquisition and financing of a portion of a landmark department store and its conversion into a state-of-the-art commercial office building, using funding through New York State Dormitory Authority tax exempt financing
• Provided counsel to the Resolution Trust Corporation, in regard to its disposition of both real estate assets and loans secured by interests in real estate, including a recent sale of a large golf course/subdivision located in Central Nassau County, New York, and the resolution of environmental matters affecting that property
• Represented a major national lending institution, and several of its successors by assignment, in prosecuting a foreclosure of a mortgage loan secured by a 144 unit apartment complex in Salem County, New Jersey, including extensive litigation in the U.S. Bankruptcy Court for the District of New Jersey and the negotiation of a stipulation providing for relief from the automatic stay permitting completion of the foreclosure.

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