Finkelstein Newman Closes $54.5 Million Deal in 30 Days
The Mann Report, August 2005

New York-based law firm Newman Ferrara LLP has orchestrated the $54.4 million sale of a mixed-use property in Soho in under 30 days, working with the seller from contract through closing. The property, which contains 110 residential units and six ground-level retail units, is slated for conversion to condominiums.

On behalf of a major corporate owner, Finkelstein Newman Managing Partner Jonathan Newman, and Robert C. Epstein, of counsel, worked with lenders from Lehman Brothers, Fannie Mae, Deutsche Bank and Land America Title Co.

"This deal came together very quickly," says Mr. Epstein. "Even when a buyer and seller are 'ready, willing and able,' there are usually issues that needlessly prolong the process."

Although the level of the transaction was typical for the law firm, the speed in which the property was delivered was unique for New York real estate sales, particularly given the purchase price.

"Everything was in place so that we could expeditiously address any issue that arose," adds Mr. Newman. "The level of detail was in the preparation and it enables us to close the deal smoothly and effectively."