A recent decision by the New York Court of Appeals adds teeth to the ability of real estate lenders to dissuade borrowers from filing bankruptcy and highlights the risks faced by borrowers that choose bankruptcy – and those that assist them. The decision, Sutton 58 Associates LLC v. Pilevsky, permits a lender to pursue a…
ROSS L. YUSTEIN
Ross Yustein is the chair of Kleinberg Kaplan’s Real Estate Department. He counsels clients on a variety of real estate matters, including joint venture transactions, real estate development, sales and acquisitions, financing, leasing and real estate private equity.
Ross represents a diverse group of clients, including owners, operators, developers, lenders, borrowers, landlords, tenants and investors in various transactions such as sales, acquisitions, financings (permanent, construction, mezzanine and revolving), leases, joint ventures and restructurings. Ross has also worked on a substantial number of real estate bankruptcies and workouts.
- Represented a hedge fund in a joint venture i) to acquire and renovate the Parker Hotel New York, ii) to acquire the Grande Lakes Orlando Resort and iii) to acquire the River City Condominium in Chicago.
- Represented a joint venture lender in the acquisition and restructuring of multiple-tranche debt secured by 245 Tenth Avenue, a 44,939 square foot mixed use condominium located contiguous to the High Line Park in New York City.
- Represented purchaser in $124 million acquisition of Florida condominium development from distressed seller.
- Represented landlords and tenants in hundreds of commercial leases ranging from 2,000 to 500,000 square feet.
- Represented sellers in $73 million sale of office buildings located at 331 Madison Avenue and 48 East 43rd Street in Manhattan.
- Represented $200 million investor in $1 billion real estate opportunity fund.
- Represented New York developer in successful restructuring of six different distressed construction loans, avoiding bankruptcy.
- Represented medical office building developer in development, acquisition, financing and leasing of numerous projects in several states.
- Represented landlord in restructuring of 40,000 square foot office lease of tenant in bankruptcy.
- Handled real estate aspects of numerous bankruptcies on behalf of creditors and debtors, including restructuring of $200 million credit facility secured by 550 owned and leased gas stations.
- Represented mezzanine lender in bankruptcy restructuring of $100 million Texas golf course community development.
- Represented mezzanine lender in origination of dozens of loans for New York City mixed-use developments.
Georgetown University Law Center (J.D., 1994)
Brown University (B.A., 1988)
1995, New York
1994, New Jersey
Not Just the Usual Suspects: Court of Appeals Allows Lender’s Suit Against Parties that Financed Hostile BankruptcyDecember 10, 2020Client Alerts
15 Kleinberg Kaplan Attorneys Named as 2020 Super Lawyers or Rising StarsNovember 17, 2020Firm News
We are pleased to announce that 15 of the firm’s attorneys were selected for inclusion in the 2020 edition of Super Lawyers®, a national legal ranking. Attorneys were nominated by their peers and recognized for their outstanding professional achievement in several legal practice areas including business/corporate, business litigation, estate & probate, mergers & acquisitions, real estate,…
For Whom the Rent Tolls: Decision Suggests Tenants May Be Relieved of Rent ObligationsAugust 18, 2020Client Alerts
A recent unreported decision by a New York bankruptcy court suggests that commercial tenants whose operations were suspended under mandatory shutdown orders as a result of the pandemic may be able to escape their rent obligations that relate to the shutdown period. Background The debtor in the case, In re Edison Price Lighting, Inc., is…
Helping Clients Navigate COVID-19 (Updating)August 18, 2020Client Alerts, FEATURED PUBLICATION
Kleinberg Kaplan is working closely with our clients to provide counsel and guidance during these unprecedented times. A selection of our recent thought leadership pieces related to the implications of COVID-19 includes: Corporate Considerations The PPP Just Got Better (June 10, 2020): Chris Davis, Dov Kleiner, Uri Rosenwasser and Benjamin Goldman discuss the key highlights of the…
Unexpected Tax Consequences of Commercial Lease ModificationsApril 30, 2020Client Alerts
In a prior Kleinberg Kaplan client alert, we noted that COVID-19 related economic disruptions have caused both landlords and tenants to consider restructuring their commercial lease arrangements. Tenants that enter into discussions with landlords seeking rent relief may be successful. However, landlords and tenants should be aware that they could run into unexpected tax consequences in…
Kleinberg Kaplan Partner Ross Yustein Quoted in The Wall Street JournalApril 28, 2020Firm News
Kleinberg Kaplan’s Ross Yustein, Chair of the Real Estate Department, was quoted in a Wall Street Journal article: “Retail Tenants, Landlords Clash Over Proposed Pandemic Rent Clauses.” In the article, Ross shares his thoughts on the new provisions some retail tenants are requesting as they look to cancel lease payments during the pandemic. He previously…
Landlords and Tenants Restructure Rent Obligations in Response to COVID-19April 22, 2020Client Alerts
Stay-home requirements in response to COVID-19 have left most commercial tenants unable to use their spaces, which more often than not has resulted in significantly reduced (or eliminated) income. Similarly, many landlords are facing reduced rent rolls with vacant space that cannot be filled, while certain operating expenses, taxes and debt service obligations still must…
Leading Boutique Law Firm Kleinberg Kaplan Refreshes Brand with Office Move and New LookFebruary 18, 2020Firm News
Looking ahead to its 50th anniversary in 2021, the 63-lawyer firm relocates to 500 Fifth Avenue in New York, updates logo and website to emphasize six core service areas – Investment Funds, Real Estate, Corporate Transactional & Finance, Litigation & Risk Management, Tax, and Trusts & Estates ########### New York (February 18, 2020) – Leading…
Kleinberg Kaplan Attorneys Featured in Law360 Article on Largest First-Half Hotel M&A DealsJuly 23, 2019Firm News
Kleinberg Kaplan attorneys were recently featured in Law360‘s article on the Largest First-Half Hotel M&A Deals. Kleinberg Kaplan’s contribution includes the $420 million venture with GFI Capital Resources Group (“GFI Capital”) and Elliott Management Corporation (“Elliot”) to acquire the Parker Hotel in New York. Kleinberg Kaplan acted as counsel to both GFI Capital and Elliott.…
A Primer On Construction Loan Disbursement RequestsAugust 11, 2014Attorney Articles
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Commercial Leasing IssuesOctober 31, 2012Client Alerts
Leasing has always played an important role of our real estate practice, representing both landlords and tenants. We have recently written about certain important issues pertinent to commercial leasing. First, Real Estate Forum recently published an article by Jason Polevoy of our real estate group, in which he discusses steps available to a landlord both…
Hedge Fund Investments in Real Estate Legal and Tax IssuesApril 30, 2007Client Alerts
As hedge funds continue to grow, the market’s demand for investment returns has sparked an increasing interest in direct real estate investments – traditionally the domain of private equity funds. There are a number of issues that a hedge fund manager should carefully consider prior to investing fund assets directly in real estate. This Newsletter…