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News & Events : Meltzer Lippe Handles $1.5 Billion Deal

NEWS

Meltzer Lippe Handles $1.5 Billion Deal
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Meltzer, Lippe, Goldstein & Breitstone, LLP more than showed its capability to handle mega deals, representing the owner in a $1.5 billion deal of 20 Times Square, a signature property in the heart of New York City. David Heymann and William Post of Meltzer Lippe represented the owner (a joint venture whose principal members are The Witkoff Group and Winthrop Realty Trust). 20 Times Square is a premier retail destination for a global consumer base with current tenants consisting of the popular NFL Experience and the newly renovated Hershey’s Chocolate World. The property is currently in development and when complete, will add a 452-bed Marriott Edition hotel with four levels of public space. The transaction, in which one of the existing members now owns a 100% interest in the property, included a complex structured financing component with a portion of the financing being held by the owner. Further, the owner has retained the right to complete the development of the property. “We are very proud that owners of this trophy property chose us over NYC firms that are ‘big law.’ It validates that we at Meltzer Lippe are as good as any out there and at a much lower cost,” said David Heymann. “Our reliance on Meltzer Lippe indicates the quality of legal talent that can be found at Meltzer Lippe,” added Michael Ashner, Chairman and Chief Executive of Winthrop Realty Trust.