Richard Louis Sussman

Richard L. Sussman is a Member of Rosenberg & Estis, P.C. and a Leader of the firm’s Transactional Department. Already an experienced transactional attorney, during Sussman’s tenure at the firm his knowledge and experience have solidified his status as a skillful and highly valued practitioner. For Sussman, the goal is creativity, creating solutions to complex problems toward the goal of achieving the objectives of his clients.

Sussman has had no shortage of opportunities to engage in creative solutions. His wide-ranging and sophisticated practice encompasses all phases of real estate. Over the years, he has been integrally involved as lead attorney in many sophisticated transactions in New York City, the greater metropolitan area, and nationwide.

Sussman’s client base is unusually broad. He represents everyone from individual and institutional developers, owners and lenders to syndicators, investors and brokers. He has structured and negotiated complex transactions involving multi-family buildings and complexes, office buildings, shopping centers, hotels, air and development rights, development parcels and mixed-use facilities. The nature of the transactions on which Sussman has worked is also diverse, including purchases and sales, partnerships and joint ventures, workouts, and complex leasing and financing.

Notable Work

RECENT WORK

Manhattan: Represented the developer in the acquisition of a controlling interest in The Flatiron Building (located at 175 Fifth Avenue, NYC) and subsequently the owner of The Flatiron Building in closing of construction financing for a residential condominium conversion aggregating @$360,000,000. The acquisition transaction closed in October, 2023 and the loan transaction closed in October, 2024.

Pacific Park, Brooklyn: Represented multiple developers in the acquisition of development lots in the Pacific Park development. Representation was complex and included (i) acquisition of ground leasehold interests (completely renegotiated forms with ESD), review and negotiation of site wide documents (including with ESD, MTA and other developers) and joint venture arrangements, (ii)negotiation of multiple construction loans of @$250,000,000 to $600,000,000, (iii) upon completion of construction, conversion of ground leasehold to fee interest and permanent financing and (iv) various retail components, including parking facilities. These transactions closed between 2018 and 2024.

Gowanus, Brooklyn: Represented the developer in the acquisition of a controlling interest in a major development site in the Gowanus neighborhood, including (i) negotiation of joint venture arrangement with prior owners in addition to a new significant equity investor and (ii) closing of construction financing for a residential building of @$250,000,000. The acquisition/joint venture/loan transaction closed in April, 2023.

Clinton Hill, Brooklyn: Represented developer in (i) the acquisition of a ground leasehold position from a Church, including negotiation of agreement re: site wide use and conveyance back to the church of certain space as part of a condominium structure, (ii) construction (senior and mezzanine) financing of @$50,000,000 and (iii) permanent financing in the amount of @$60,000,000. The different phases of the transaction occurred from 2016 through 2024.

Upper East Side, Manhattan: Represented property owner in sale of development rights valued at in excess of $20,000,000 to adjacent new development. Transaction is ongoing.

Clinton Hill, Brooklyn and Forest Hills, Queens: Represented longtime family property owners in connection with joint venture arrangement with a developer to re-develop properties into major residential buildings and re-convey retail component back to family. Transactions closed 2019-2023.

Bronx, New York: Represented longtime family property owners in connection with joint venture arrangement with a developer to re-develop properties into affordable housing and re-convey retail component back to family. Transaction is on-going.

Various neighborhoods in Brooklyn: Represented developer in a number of acquisitions and redevelopments (ranging in size as built value from $30,000,000 to $100,000,000) and often including historic tax credits. Work included acquisition, construction loans, mezzanine loans, joint venture arrangements, buyouts, permanent financings, etc. From 2016-on-going.

Florida: Representing developer in connection with (i) a ground leasehold development on Church property in Miami area to be used primarily for affordable housing and (ii) a ground leasehold development on Church property in West Palm Beach area to be a for-sale residential condominium building, but involving a complex structure which is integrated with other Church building on the site and uses. Projects are on-going.

Schools: Representation of a number of New York City based educational institutions with regard to their real estate acquisitions, dispositions, leases and other needs. Representation is on-going.

City Point, Brooklyn: Represented developer in the acquisition of leasehold position, creation of condominium and construction of a market rate residential tower, including construction financing in the amount of $76,000,000. Subsequently, represented owner in permanent financing in the amount of $165,000,000. Also represented purchaser of a 100% affordable housing building in the City Point project and their subsequent sale thereof.

Lending: Represent various banking institutions in loans of all varieties: first mortgages, subordinate mortgages, leasehold mortgages, construction loans, credit facilities and mezzanine loans.