SUCCESS STORIES
WE ARE ALWAYS... ACCESSIBLE
WE ARE ALWAYS... CLIENT FOCUSED
WE ARE ALWAYS... CLOSING
The 2018 year for Bullard Law Group was full of noteworthy accomplishments. Not only did the firm close some major deals, but we also relocated our office to a larger modern space in Melville, New York. We expanded the team with the hiring of a freshman associate and marketing director. The transactions listed below are just a sample of the work we do on a daily basis and are a testament to our firm's mantra of always being accessible and always closing.
Acquisitions, Sales and Development
Woodside, New York – The Bullard Law Group represented an Illinois-based development company in connection with its sale of a commercial building in Woodside, New York, for a sales price of $22,750,000. The seller acquired the property approximately one year earlier, simultaneously with its purchase of the adjacent lot, which adjacent lot is being developed into a self-storage facility by the seller. The sale included a lot line adjustment and the transfer of air rights from the property sold to the adjacent lot owned by the seller to accommodate the seller's development of a self-storage facility. The transaction also involved the modification of the seller's construction loan and closed in early December, less than ninety days after the contract signing.
New York, New York – The firm represented a foreign investor in connection with the acquisition of two (2) adjacent high-end rental buildings located on the Upper East Side for an aggregate purchase price of $16,500,000. The all-cash purchase closed on black-Friday and less than 45 days from the date of the contract.
Atlanta, Georgia – The Bullard Law Group represented a national automotive retailer in connection with its acquisition of 69 retail locations located in the Atlanta, Georgia, metropolitan area as well as Western Florida for a sales price in excess of $100,000,000. The acquisition included the sale/leaseback of approximately 20 of the retail locations and closed in early 2018.
Westchester, New York – The firm represented a large self-storage company in connection with the sale of one of its operating facilities located in Westchester, New York, to another large storage company. The sales price was $14,000,000, and the closing was completed within sixty days of contract execution.
Finance
The Bullard Law Group represented a Great Neck, New York-based real estate company in connection with a $39,000,000 construction loan from the Bank of Ozarks. The loan will be used for the company's development of an eighty-eight (88) unit, 94,360 square foot mixed-use residential building in Manhattan's Lower East Side.
The firm represented the owner/operator of multiple national quick service restaurants (QSRs) in New York City in connection with the company's refinance of an existing credit facility. The $8,000,000 new loan issued by City National Bank will be used to fund the construction and opening of new QSR stores in New York City. The loan closed in the 4th quarter of 2018 and is secured by the assets of approximately twenty (20) QSR stores in New York City.
Leasing
Long Island City, New York – The Bullard Law Group represented the landlord in connection with a twelve (12) year lease of an industrial warehouse building in Long Island City to a New York-based same-day delivery service company. The lease was negotiated on an expedited basis to accommodate the tenant's expanding business and the need to move quickly.
New York, New York – The firm represented the landlord in connection with a ten (10) year lease for approximately 3,200 square feet of retail space in Midtown Manhattan to a franchise fitness concept. The lease was negotiated and finalized in less than two (2) weeks, with the parties signing the lease on New Year's Eve.
Long Island, New York – The Bullard Law Group represented the owner/operator of a gas and convenience service station in connection with the sale of the operating business and a lease of the property to a larger gas station/convenience store operator. In order to accommodate the parties' request to finalize the transaction prior to the end of 2018, both agreements were negotiated in a few weeks and executed on New Year's Eve.
WE ARE ALWAYS... ACCESSIBLE
WE ARE ALWAYS... ACCESSIBLE CLIENT FOCUSED
WE ARE ALWAYS... CLOSING
It was another busy year for the Bullard Law Group. The firm closed some sizable deals in 2019 and ended the year by expanding our offices. We added approximately 1,700 square feet of newly constructed office space to our footprint, allowing room for growth as well as providing space to sublease to attorneys with complementary businesses or other real estate professionals. The transactions below are a strong representation of the services we perform on a regular basis.
Leasing
New York, New York – The Firm represented an Italian-based modeling agency in connection with the model agency's sublease of an entire floor containing approximately 31,250 square feet of office space within the newly constructed Hudson Yards complex located on the West Side of New York City.
Brooklyn, New York – The Bullard Law Group represented the subtenant in connection with a thirty-five (35) year sublease of an approximately 20,000 square foot former school/convent located in the McCarren Park section of Williamsburg in Brooklyn, New York. The subtenant will operate a preparatory school in the building. The sublease was negotiated in approximately thirty (30) days in early 2019 to ensure that the subtenant could obtain permits, complete its renovations and open the school for Fall 2019 classes. The transaction included obtaining a recognition agreement from the master landlord to protect the subtenant's interest in the premises.
Tampa, Florida – The Firm represented a national automotive retailer in connection with a lease of approximately 63,000 square feet of warehouse space in Tampa, Florida. The warehouse will serve as the company's Southeast United States distribution center. The lease was negotiated with the landlord, a large REIT, on an expedited basis to meet the company's expanding presence in the Southeastern States.
Acquisitions and Sales
Brooklyn, New York – The Firm represented the purchaser of a multifamily building in Cobble Hill, Brooklyn, from an Estate that was required to obtain a Surrogate's Court approval to sell the building and remove certain restrictions in the letters of administration. The purchaser's acquisition of the building represented the replacement property in connection with an IRS 1031 Exchange, and the Court Order was obtained on an expedited basis in order to preserve the purchaser's IRS 1031 tax deferral benefits. The purchaser also obtained financing from a private lender.
Southampton, New York – The Bullard Law Group represented the developer in connection with the sale of a newly constructed luxury home in Southampton, New York, for a purchase price in excess of $25,000,000.00. The transaction closed in approximately thirty (30) days from the contract signing and included the negotiation of easement agreements relating to the maintenance of the balance of the development. The firm also represented the same developer in connection with the sale to the same buyer of an approximately 4-acre lot adjacent to the house for a sales price in excess of $10,000,000.00.
Brooklyn, New York – The Firm represented the purchaser of a multifamily building in Cobble Hill, Brooklyn, from an Estate that was required to obtain a Surrogate's Court approval to sell the building and remove certain restrictions in the letters of administration. The purchaser's acquisition of the building represented the replacement property in connection with an IRS 1031 Exchange, and the Court Order was obtained on an expedited basis in order to preserve the purchaser's IRS 1031 tax deferral benefits. The purchaser also obtained financing from a private lender.
Multiple States – The Firm represented the seller of a commercial building in College Point, Queens, New York, where the seller operated a business for many years. The seller elected to apply the sale proceeds from the building to purchase, by way of 1031 exchanges, three (3) triple-net properties located in New Jersey, Missouri, and Illinois operating as McDonald's, Burger King, and Jack-in-the-Box, respectively.
Financing
Suffolk County, New York – The Bullard Law Group represented the owner/operator of multiple national quick service restaurants (QSRs) throughout Suffolk County in connection with the client's refinance of its existing credit facility and buyout of several equity partners. The $15,000,000.00 loan was issued by People's United Bank and is secured by the assets of over twenty stores as well as several owned properties and ground lease interests.
New York, New York – In addition, the Firm represented another owner/operator of multiple national quick service restaurants (QSRs) in New York City in connection with a new delayed-draw-term-loan in the amount of $3,600,000.00, which loan was issued by the City National Bank and will be used to fund the construction of new Taco Bell stores in New York City.
New York, New York – The Bullard Law Group represented a Great Neck, New York-based real estate company in connection with a $22,000,000.00 construction loan from the CIT Bank, N.A. The loan will be used for the company's renovation of an approximately 30,306-square-foot retail/office building located in the Lower East Side of Manhattan.
Construction/Development Contracts
New York Metropolitan Area – The Bullard Law Group represented an Illinois-based development company in connection with the negotiation of four separate construction contracts to build state-of-the-art storage facilities in Nassau and Queens counties. The construction contracts were guaranteed maximum price contracts ranging in price from approximately $7,000,000.00 to $14,000,000.00.