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In a market experiencing unprecedented change, parties involved in high-stakes real estate deals need a steady, trusted hand to guide them. The Paul, Weiss Real Estate Practice leverages a history of executing every kind of real estate property transaction and unparalleled business and legal acumen to help the most complex projects succeed amid volatile economic conditions.
Union Theological Seminary Advances New Development Project
- Client News
- June 22, 2020
Paul, Weiss represented Union Theological Seminary, an independent non-denominational Christian seminary, in structuring, negotiating and closing a real estate transaction with developers Lendlease Group and L+M Development Partners. Union sold property and air rights in the Morningside Heights neighborhood of Manhattan to a joint venture between the developers, as part of a strategy to raise money for the restoration and safety of its historic campus buildings through the construction of a new condominium tower that will meld with the seminary’s existing architecture. The new development is expected to be completed by Spring 2023, and includes faculty housing and academic space for Union and its affiliate Episcopal Divinity School. The transaction also includes a dedicated fund to support affordable housing in the Morningside Heights community.