Altman & An LLP Closes Complex $20,000,000 Brooklyn Boutique Hotel Transaction

October 1, 2024

Altman & An LLP is pleased to announce the successful closing of a complex $20,000,000 commercial real estate transaction involving a boutique hotel property located in Brooklyn, New York.

The transaction involved a sophisticated combination of real estate, development, and title-related issues, including the transfer and analysis of air rights, subterranean rights, zoning lot development arrangements (ZLDA), easements, and related property interests. Our team worked extensively to structure and coordinate the transaction while addressing the layered ownership, zoning, and access considerations associated with the property.

The deal required close coordination among counsel, title professionals, lenders, consultants, and transaction parties to navigate the complexities of the underlying development rights and ensure a successful closing.

Transactions involving boutique hospitality assets in New York City increasingly require creative legal structuring and detailed analysis of development potential, land use rights, and long-term operational considerations. This closing highlights Altman & An LLP’s ability to manage highly technical and multifaceted commercial real estate matters from negotiation through completion.

Altman & An LLP regularly represents developers, investors, lenders, and property owners in sophisticated commercial real estate acquisitions, financing, development, zoning, air rights, easement, and hospitality-related transactions throughout New York and New Jersey.