| Biography:
Craig A. Masheb is senior counsel in the Real Estate Department and is resident in the New York office of Proskauer Rose LLP.
Mr. Masheb has significant experience in a wide range of commercial real estate transactions, including the purchase, sale, development and leasing of properties in New York City and throughout the country, financings and joint ventures.
He has represented owners, investors and operators in the acquisition and disposition of hotels, retail centers, office buildings and other types of commercial properties. Many of these transactions involved multiple parties, and Mr. Masheb’s responsibilities have included the drafting and negotiation of joint venture agreements, partnership agreements on behalf of general and limited partners, ground leases, credit leases and other net leases.
Recent representative transactions have included:
- Represented Vornado Realty Trust in connection with:
- the acquisition of The Manhattan Mall located at 100 West 33rd Street, New York, New York from HRO International Ltd. for a purchase price of approximately $690,000,000.
- the acquisition of 350 Park Avenue, New York, New York from Fosterlane Management Corporation for a purchase price of approximately $540,000,000.
- the $260,000,000 acquisition of the retail condominium units with respect to the condominium located at 1540 Broadway, New York, New York and the negotiation of condominium documents with Equity Office Management, L.L.C., the owner of the other condominium unit.
- the acquisition of properties located at 29 West 57th Street, New York, New York, 31 West 57th Street, New York, New York and commercial condominium units with respect to the condominium located at 49 West 57th Street, New York, New York.
- Represented The Engel Burman Group in connection with the sale of five Bristal adult care facilities in Long Island, New York to Chartwell Master Care LP for a purchase price of approximately $290,000,000 and the post-closing joint venture management arrangement with Chartwell Master Care LP.
- Represented New York Law School in connection with the sale of its existing law school site and development rights to a joint venture comprised of Alexico Group LLC, Goldman Sachs & Co. and Dune Capital Management LP for a purchase price of approximately $135,000,000 and prior negotiations with Tishman Speyer Development, Inc. and Cogswell Realty Group, L.L.C.
- Represented Accor Business and Leisure North America, Inc. in connection with the real estate aspects of the $370,000,000 sale and management-back of five Sofitel Hotels with Whitehall Real Estate Funds and GEM Realty Capital, Inc.
- Represented WSA Management LLC in connection with a $125,000,000 mortgage loan and a $45,000,000 mezzanine loan made by Countrywide Real Estate Finance, Inc. to the owners of The Gansevoort Hotel.
- Represented U.S. Realty Advisors in connection with:
- the acquisition of a participation interest in certain rent under a ground lease affecting 450 Lexington Avenue, New York, New York and the sale of a portion of the membership interests in the owner of such participation interest.
- the acquisition and leaseback with United Healthcare Services, Inc, and related financing with Wells Fargo.
Mr. Masheb has also represented clients in the development and construction of properties. Representative projects have included:
- Represented Thor Equities in connection with the $195,000,000 acquisition of 88 Greenwich Street, New York, New York, the related construction and acquisition financing with Lehman Brothers and the related joint venture arrangement with Buttonwood Real Estate.
- Represented DLJ Capital Partners and J.D. Carlisle Development Corp. in connection with a joint venture project relating to the acquisition and development of 16-20 West 48th Street, New York, New York and related financings.
• Accor North America in connection with the development, sale and leaseback of the Sofitel Hotels in New York and Philadelphia
- WSA Management, Ltd. in the development of the Hotel Gansevoort in New York City.
Mr. Masheb has represented borrowers and lenders in senior mortgage loan and equity financing transactions. A representative transaction of this type was the representation of Greyhawke Capital Advisors in connection with $175 million refinancing from Morgan Stanley Dean Witter of 60 net leased properties.
Mr. Masheb has represented Vornado Realty Trust, Hines Interests Limited Partnership and Citibank, N.A and other institutions in leasing office and retail space in the New York City area. He has also represented institutional tenants in lease and sublease negotiations and relocation projects throughout the country.
Mr. Masheb is a 1991 graduate of the State University of New York at Binghamton, with honors, and a 1994 graduate of Brooklyn Law School, cum laude.
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