Wallace L. Schwartz, head of Kasowitz’s Real Estate Transactions group, is active in all aspects of the firm’s real estate practice, including real estate development, acquisitions, leasing, partnerships and joint ventures, capital markets and financings, gaming and lodging, workouts and restructurings, and real estate funds.
Wally’s clients include major real estate players in New York and nationwide, including The Related Companies, The Blackstone Group, Boston Properties, JDS Development, Westbrook Partners, Paramount Group, New Valley, Fetner Properties and Rockpoint Group.
Wally has repeatedly been selected for inclusion in leading legal publications such as Chambers USA, The Legal 500, Best Lawyers in America and Super Lawyers. Wally has also been listed in Legal Media Group’s Guide to the World’s Leading Real Estate Lawyers, The International Who’s Who of Real Estate Lawyers, and recognized among Avenue Magazine’s “Legal Elite.”
Prior to joining Kasowitz, Wally was global head of the real estate group at Skadden, Arps, Slate, Meagher & Flom LLP.
Acquisition and Development
- Rockpoint Group in the $465 million acquisition of an office building located at 1700 Broadway in Manhattan.
- The Witkoff Group and New Valley in the acquisition, financing and development of 701 Seventh Avenue in Manhattan.
- Paramount Group Real Estate Fund in the $1 billion sale of the Deutsche Bank headquarters building at 60 Wall Street in Manhattan.
- Blackstone Group in the acquisition of The Shops at SkyView Center in Flushing, Queens.
- Bridge Investment Group in the development of a premiere hotel and casino resort being built on the island of Tinian in the U.S. Commonwealth of the Northern Mariana Islands.
- The Related Companies in the equity joint venturing of a 1,200-acre master development community in Tuxedo, New York, and the joint venture development of a $200 million mixed-use residential project at 909 Half Street in Washington, D.C.
- Starwood Capital Group in the acquisition of the leasehold interest at 1372 Broadway in Manhattan.
- New Valley in the joint venture acquisition, financing and development of a high-end condominium and hotel project in West Hollywood, California.
- Hudson River Park Trust in a $100 million transfer of approximately 200,000 square feet of air rights from Pier 40 on Manhattan’s west side.
- Westbrook Partners in the sale of a 144,000-square-foot office building located at 31 W. 27th Street in Manhattan.
Capital Markets and Financings
- A consortium led by JDS Development in mortgage and mezzanine financing for the construction of a proposed high-end condominium project in South Beach, Miami, Florida.
- Starwood Capital Group in the acquisition and participation of mezzanine debt, and the acquisition, as mezzanine lender, of senior debt in default.
- New Valley in a joint venture to acquire mortgage debt secured by a portfolio of California office buildings and a joint venture to acquire a multifamily portfolio in Maryland.
- Kalimian Family Trust in obtaining $250 million in highly structured mortgage and mezzanine financing on a multifamily rental building in Manhattan.
- The Related Companies in the mortgage and mezzanine construction financing of the Hilton West Palm Beach in Florida.
Gaming and Lodging
- The Related Companies in the sale of Snowmass development properties, including the Viceroy hotel and condominium project in Snowmass Village, Colorado.
- Penn National Gaming in a transaction involving the Plainridge Park Casino, a $225 million integrated racing and gaming facility located in Plainville, Massachusetts; and proposed gaming projects in New York, Maryland, Pennsylvania and California.
- New Valley/Witkoff Group in the joint venture acquisition of the Park Lane Hotel in Manhattan.
- Intercontinental Hotels Group in a transaction involving the Crowne Plaza Hotel in Times Square.
- Morgans Hotel Group in management agreements at properties in New York, Massachusetts and Florida.
- DLJ Real Estate Capital Partners in the development of a boutique hotel in Lower Manhattan.
Landlord Representation/Office and Retail
- The Related Companies/Oxford Properties in the one million-square-foot retail project at Hudson Yards, including the 250,000-square-foot lease to anchor tenant Neiman Marcus.
- Boston Properties in transactions involving 250 West 55th Street, 399 Park and 601 Lexington Avenue in Manhattan.
- Forest City Ratner in transactions involving One Pierrepont Plaza and 1 MetroTech Center in Brooklyn, New York, and Westchester’s Ridge Hill shopping center.
- WeWork in leases in Manhattan and Long Island City.
- Microsoft in its New York City headquarters lease.
- Société Générale in its New York City headquarters lease.
- Major League Baseball Properties in a transaction involving the MLB Network broadcast studio space in Secaucus, New Jersey.
- Workouts and Restructurings
- Starwood Capital and LNR Partners in the modification of mortgage and mezzanine construction financing for a luxury condominium project in Manhattan.
- Borders Group with respect to the disposition of real estate assets throughout the country in its bankruptcy and liquidation.
- Capital Trust in the restructuring of a mezzanine loan, and a mortgage loan secured by property located in Miami, Florida.
- The Related Companies in the modification of mortgage loans secured by properties in New York, Michigan and Florida.