Page 32 - 2021 Spotlight NJ's Top Law Firms

Richard W. Abramson
OUR CLIENTS
Gary M. Albrecht
Leo V. Leyva
25 Main Street Hackensack, NJ 07601
AT A GLANCE
YEAR FOUNDED: 1928
NUMBER OF ATTORNEYS: 170+
NUMBER OF REAL ESTATE ATTORNEYS: 45
AREAS OF EXPERTISE IN REAL ESTATE: Acquisitions, financing, asset management, risk and opportunity analysis, construction, development, redevelopment, leasing, sales, special opportunities, zoning, land use, litigation and environmental concerns across
asset classes.
experts. Our network further complements our ability to creatively structure and consummate transactions.
TRANSACTION SPOTLIGHT
We represented 400 Claremont Urban Renewal on the $120 million financing of its groundbreaking 2.73-acre waterfront real estate redevelopment project, The Element, in Jersey City. The Element will transform an environmental remediation site into a state-of-the-art mixed-use building containing a six-story, 631-unit apartment building, 70,000 square feet of lifestyle amenities (full-size pool, game room, yoga studio, fitness center, children’s playroom, rooftop terrace, outdoor bar and a dog walk), 15,500 square feet
of retail space and 279 covered parking spaces. It is one of the first large development projects to break ground in an Opportunity Zone along the New Jersey waterfront.
PROJECT SPOTLIGHT
We are longtime counsel for the owner of a 21-acre property that abuts a major New Jersey river. Nearly 80% of the property was mapped within New Jersey’s strictly regulated floodway, significantly limiting any form of commercially viable redevelopment. We worked with
a team of engineers to obtain approval from the New Jersey Department of Environmental Protection (NJDEP) to modify the floodway jurisdictional lines by using a modelling approach that challenges the basis for NJDEP’s initial default determination and reduces the floodway area to less than 30% of the property, creating significant additional value for future redevelopment of the property.
Property owners, developers, property managers, landlords, tenants, institutional and private lenders, borrowers, private equity investors, REITs, syndicators, joint venturers, brokers, contractors, subcontractors and construction managers.
OUR ADVANTAGE
As it has through past economic cycles, Cole Schotz has continued to pivot as the real estate market and businesses respond to COVID-19. Our real estate team leverages
a deep bench of experience, including our corporate, environmental, special opportunities, litigation and bankruptcy teams, with a wealth of experience providing advice on real estate matters.
We have been helping our clients adapt to a rapidly changing market. Our recent work includes:
• Working with the industries most impacted by the pandemic, including on creative investments involving the hotel industry and the adaptive reuse of retail space for residential, “mixed use” and logistics facilities.
• Restructuring leases, loan documents, joint venture agreements and other contracts.
• Maintaining a dedicated task force to keep atop of legislative and judicial changes so that clients are always informed and protected.
Furthermore, the firm maintains relationships with professionals across industries, specialties and jurisdictions so that we can connect clients with the right resources and
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