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Workouts: Non-Performing Loan Sales & REO - page 12 / 54





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Relevant Experience: Additional Land Development & Joint Venture Work

High Line Development Sites

290 Eleventh Ave, New York, NY

Newmark Knight Frank represented the owners of this 66,656-square-foot development site in a 99-year ground lease with a REIT. The site permitted development of 588,797 square feet FAR in two zoning districts in addition to High Line bonuses.

316 Eleventh Ave, New York, NY

Consisting of three contiguous parcels, 316 Eleventh Avenue is a development site with a lot size of approximately 27,156 square feet on the southeast corner of Eleventh Avenue and West 30th Street. Ownership faced a large tax liability if the property was sold, so Newmark Knight Frank structured a long-term ground lease with participation. The property is being developed as an 80/20 residential building.

Verizon Communications

Verizon Communications (Verizon) controls numerous parking lots, garages and industrial buildings, many of which are candidates for redevelopment. Newmark Knight Frank advises Verizon on which sites it should consider for development or sale and which sites it should hold for its own use in order to maximize the value and efficiency of its portfolio.

605 West 42nd St, New York, NY

Newmark Knight Frank advised Verizon on how to combine their operations. After Verizon re-zoned the property from manufacturing use, Newmark Knight Frank represented them in the sale of the site, which is anticipated to be a condominium project with retail components.

101 Willoughby St, New York, NY

Newmark Knight Frank represented Verizon in the sale of the 508,000-square-foot office building. The sale attracted both residential conversion developers and those who would keep it as office space. The key sale point was to demonstrate the re-use possibilities for a 1930’s landmarked building with spectacular views of Brooklyn and downtown Manhattan.

536 West 54th St, New York, NY

Newmark Knight Frank represents Verizon in the sale of a development site at 536 West 54th Street zoned M1-5, which currently has up to 472,314 square feet of FAR. Verizon is in contract to sell the parking and garage facilities, and a 94,000- square-foot lot, to Two Trees Management Company, a residential development firm.


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