Pryor Cashman Represents Nyack College in Purchase of $49.2M Campus
Pryor Cashman represented Nyack College in the purchase of its approximately 165,000 square foot campus located at 17 Battery Place. Prior to the purchase, Nyack College was leasing its campus pursuant to a lease with a purchase option. In connection with the acquisition, the existing condominium unit of which the Nyack College formed a part, had to be split off into a newly created condominium unit known as unit B. The remainder of the unit came to be known as unit A.
Partner Andrea Gendel and Associate Ari Tran, members of the firm’s Real Estate Group, represented Nyack College in the transaction.
The purchase was reported by Law 360 in its March 28, 2016 article, Pryor Cashman, Greenberg Traurig Steer $49M NY Deal. Gendel was extensively interviewed for the article.
Gendel told Law360 about how Superstorm Sandy damage to the property had impacted the structure of the deal: “Structuring the deal in such a way was complex, particularly given damages that the property sustained during Superstorm Sandy. The college has leased 17 Battery Place for the past several years, and when the storm hit, the property sustained damage on multiple floors. Repair work wasn't complete by the time the parties were ready to close so the parties needed to enter into a separate agreement which would govern the prior landlord/seller obligation to complete the work.
Gendel described some of the extra steps that had to be taken: “In order for Nyack to own what they were leasing, a new condo unit had to be created. We had to have a post-closing letter agreement on how the owner of unit A is going to complete the work in unit B.” “Our lender was OK with that,” she added.
