WE ARE ALWAYS… ACCESSIBLE
WE ARE ALWAYS… CLIENT FOCUSED
WE ARE ALWAYS… CLOSING
It was another busy year for the Bullard Law Group. The firm closed some sizable deals in 2019 and ended the year by expanding our offices. We added approximately 1,700 square feet of newly constructed office space to our footprint, allowing room for growth as well as providing space to sublease to attorneys with complementary businesses or other real estate professionals. The transactions below are a strong representation of the services we perform on a regular basis.
Leasing
New York, New York – The Firm represented an Italian-based modeling agency in connection with the model agency’s sublease of an entire floor containing approximately 31,250 square feet of office space within the newly constructed Hudson Yards complex located on the West Side of New York City.
Brooklyn, New York – The Bullard Law Group represented the subtenant in connection with a thirty-five (35) year sublease of an approximately 20,000 square foot former school/convent located in the McCarren Park section of Williamsburg in Brooklyn, New York. The subtenant will operate a preparatory school in the building. The sublease was negotiated in approximately thirty (30) days in early 2019 to ensure that the subtenant could obtain permits, complete its renovations and open the school for Fall 2019 classes. The transaction included obtaining a recognition agreement from the master landlord to protect the subtenant’s interest in the premises.
Tampa, Florida – The Firm represented a national automotive retailer in connection with a lease of approximately 63,000 square feet of warehouse space in Tampa, Florida. The warehouse will serve as the company’s Southeast United States distribution center. The lease was negotiated with the landlord, a large REIT, on an expedited basis to meet the company’s expanding presence in the Southeastern States.
Acquisitions and Sales
Brooklyn, New York – The Firm represented the purchaser of a multifamily building in Cobble Hill, Brooklyn, from an Estate that was required to obtain a Surrogate’s Court approval to sell the building and remove certain restrictions in the letters of administration. The purchaser’s acquisition of the building represented the replacement property in connection with an IRS 1031 Exchange, and the Court Order was obtained on an expedited basis in order to preserve the purchaser’s IRS 1031 tax deferral benefits. The purchaser also obtained financing from a private lender.
Southampton, New York – The Bullard Law Group represented the developer in connection with the sale of a newly constructed luxury home in Southampton, New York, for a purchase price in excess of $25,000,000.00. The transaction closed in approximately thirty (30) days from the contract signing and included the negotiation of easement agreements relating to the maintenance of the balance of the development. The firm also represented the same developer in connection with the sale to the same buyer of an approximately 4-acre lot adjacent to the house for a sales price in excess of $10,000,000.00.
Brooklyn, New York – The Firm represented the purchaser of a multifamily building in Cobble Hill, Brooklyn, from an Estate that was required to obtain a Surrogate’s Court approval to sell the building and remove certain restrictions in the letters of administration. The purchaser’s acquisition of the building represented the replacement property in connection with an IRS 1031 Exchange, and the Court Order was obtained on an expedited basis in order to preserve the purchaser’s IRS 1031 tax deferral benefits. The purchaser also obtained financing from a private lender.
Multiple States – The Firm represented the seller of a commercial building in College Point, Queens, New York, where the seller operated a business for many years. The seller elected to apply the sale proceeds from the building to purchase, by way of 1031 exchanges, three (3) triple-net properties located in New Jersey, Missouri, and Illinois operating as McDonald’s, Burger King, and Jack-in-the-Box, respectively.
Financing
Suffolk County, New York – The Bullard Law Group represented the owner/operator of multiple national quick service restaurants (QSRs) throughout Suffolk County in connection with the client’s refinance of its existing credit facility and buyout of several equity partners. The $15,000,000.00 loan was issued by People’s United Bank and is secured by the assets of over twenty stores as well as several owned properties and ground lease interests.
New York, New York – In addition, the Firm represented another owner/operator of multiple national quick service restaurants (QSRs) in New York City in connection with a new delayed-draw-term-loan in the amount of $3,600,000.00, which loan was issued by the City National Bank and will be used to fund the construction of new Taco Bell stores in New York City.
New York, New York – The Bullard Law Group represented a Great Neck, New York-based real estate company in connection with a $22,000,000.00 construction loan from the CIT Bank, N.A. The loan will be used for the company’s renovation of an approximately 30,306-square-foot retail/office building located in the Lower East Side of Manhattan.
Construction/Development Contracts
New York Metropolitan Area – The Bullard Law Group represented an Illinois-based development company in connection with the negotiation of four separate construction contracts to build state-of-the-art storage facilities in Nassau and Queens counties. The construction contracts were guaranteed maximum price contracts ranging in price from approximately $7,000,000.00 to $14,000,000.00.
