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In a market weathering unprecedented change, companies involved in high-stakes real estate deals need a steady, trusted hand to guide them. They also need counsel who can help them find new solutions for tough new challenges. The Paul, Weiss Real Estate Department offers clients the best of both worlds. Our long history of executing every kind of deal touching real property and our business and legal savvy help the most complex real estate projects succeed in fluctuating economic conditions.
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.June 22, 2020