Real Estate

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The Cole Schotz Real Estate Group has earned a national reputation engaging in an all-encompassing spectrum of real estate matters throughout the United States and Canada.


Real Estate Representative Matters

  • A national real estate investment trust placed a call to us on December 31, 2006, setting in motion round-the-clock negotiations for the acquisition of a mixed-use office and retail property in the Soundview section of the Bronx along White Plains Road and the Bruckner Expressway.  Working from the morning of New Year's Day through the early morning hours of January 2, 2007, Cole Schotz was able to assist the client in completing the purchase agreement and due diligence, resulting in a closing on January 10 - one week after the purchase contract was executed.  Among the retail tenants occupying the center are Kmart, Toys "R" Us, Payless Shoes, The Children's Place, The Avenue and Rite Aid.
  • Cole Schotz has been instrumental in the development of New Jersey's Gold Coast. The Gold Coast, among the most desired urban locations in the United States, runs along the western shores of the Hudson River through Bergen and Hudson Counties, and features expansive, full views of the Manhattan skyline. In 2005, we assisted numerous developers, both national and local, as well as institutional investors, including Wall Street investment banks, in developing or purchasing various residential, retail, office and mixed-use projects. We also handled the leasing of retail, office and residential space and the conversion of condominiums at these locations. These projects involved complicated financing and regulatory issues. We have guided our clients through the local, county, state and federal programs that impact their investments.
  • We represented a NASDAQ traded provider of specialty consumer finance and asset management services, in the negotiation of a sublease with Lehman Brothers Holdings Inc. for an entire floor of a “Class A” office building located in the financial district of Jersey City, New Jersey, as well as a direct lease for additional space and an extended term with the building’s owner, Mack-Cali Realty Corp. This transaction has allowed our client to relocate their executive and main administrative offices from Manhattan to this new location. We also counseled the client in connection with the process of it being certified in the Jersey City Urban Enterprise Zone, which will allow our client advantageous tax treatment, and in the surrender of a lease for surplus space in Manhattan.
  • One of the world’s largest suppliers of slippers and children’s footwear, was selling its corporate office, manufacturing and warehouse facilities located in Hackensack and Bogota, NJ. We negotiated a sale of the Bogota warehouse facility to an adjoining property owner after the successful resolution of litigation brought by that adjoining property owner. In addition, we negotiated a sale of the corporate office, manufacturing and warehouse facilities in Hackensack to Bergen County for use as a new police headquarters and central municipal court. Finally, we represented the company in the negotiation of a new ten-year lease for 22,300 square feet of office space in Hackensack for the location of the client’s new corporate headquarters.
  • We represented an affiliate of a major New Jersey shopping center owner and developer in connection with the negotiation of a lease surrender by Barnes & Noble, and a long-term replacement lease with a publicly traded company, Golf Galaxy, Inc., for high-profile retail space on Route 17 in Paramus, NJ. The surrender agreement and replacement lease were negotiated and finalized in one month.
  • We represented a private real estate holding company in the refinancing of a $8.25 million mortgage loan for a multi-tenant office building located in Morristown, NJ and in the refinancing of a $12.2 million mortgage loan for a multi-tenant office building located in Montvale, NJ.
  • We represented a global sales and marketing consulting firm in negotiating a lease for its first Manhattan office, at 2 Grand Central Tower.
  • A Fortune 500 company sought our assistance in the negotiation of a contract of sale for a 122,880 square foot manufacturing, office and warehouse facility in Hancock, NY. In addition, we represented the company in the termination of a sublease, and the negotiation of a direct lease, for 37,047 square feet of office space located in Massachusetts.
  • We represented a real estate client in the negotiation of 23 leases in two office buildings located in Hackensack and Fort Lee, NJ.
  • We represented the landlord in negotiating a lease for ground floor and basement retail space, to a national retailer, in SoHo.
  • We are representing a leading worldwide publisher in negotiations and settlement of real property tax appeals concerning its New Jersey corporate facilities, resulting in over $1.2 million in tax savings.
  • We represented a regional automotive dealership group in the favorable resolution of a multi-year tax appeals generating in excess of $310,000 in actual tax savings for the client.
  • We represented a publicly traded media corporation in connection with a multi-year tax appeal, achieving a reduction in taxes valued at more than $260,000 on account of proven gross over-assessment of wetlands and AM radio transmission towers that are recognized by state law to be tax-exempt.
Cole Schotz represented Delos Capital, a launched private equity firm based in New York City, in its recent acquisition of FCA Packaging.  FCA Packaging is a leading manufacturer of highly customized and engineered packaging products and solutions for major original equipment manufacturers serving a number of industries including non-residential construction, heavy duty engines, agriculture, mining and energy.  Cole Schotz  advised the Delos team in acquiring the business from a group of private investors and partnering with one of the FCA founders as well as senior management in connection with the transaction, which closed on December 23, 2014.  The Cole Schotz team was led by James Kim, Roger Iorio, Alan Rubin and Griffin Doty.

Cole Schotz represents Vitamin Shoppe Industries, Inc., a wholly owned subsidiary of Vitamin Shoppe, Inc., a publicly traded company in connection with its retail and office leasing. In particular, Cole Schotz represents Vitamin Shoppe in connection with the leasing and development of its new stores throughout the United States.  The company has been actively expanding its chain of stores which sell vitamins, minerals, supplements, herbs and nutrition products.

Cole Schotz recently concluded negotiations for new stores in the following shopping centers:  the Epps Bridge Centre in Athens, Georgia; the Shops at Gateway Plaza in Jacksonville, North Carolina; The Commons at Northpark in Midland, Texas; Forth Smith Pavilion in Fort Smith Arkansas; The Shops at Canton Crossing in Baltimore, Maryland; the Meijer Outparcel in Rossford, Ohio and a new strip shopping center to be built in Lafayette, Louisiana.  The firm also recently concluded negotiations for a lease of ground floor retail space for a new store in a mixed use building located on Kings Highway in Brooklyn, New York. 

In addition, Cole Schotz represented Vitamin Shoppe, as tenant, in connection with a 46,000 square foot office lease.  This lease was for Vitamin Shoppe's relocation of their corporate offices from North Bergen, NJ to Secaucus, NJ.  This lease for the entire 2nd and 5th floors at 300 Harmon Meadow Boulevard, was for an initial term of 15 years, which afforded Vitamin Shoppe the stability of a long -term lease,  and also allowed Vitamin Shoppe the ability to expand its operations within the building in the future

The firm is currently representing the New Jersey Sports and Exposition Authority (NJSEA) in conjunction with a high profile case concerning the tax exempt status of the New York Football Giants Timex Performance Center located in the Meadowlands Sports Complex.  In this matter, pending in the New Jersey Tax Court, NJSEA is seeking to vacate the Borough of East Rutherford's annual tax of approximately $1.6 million, based upon an assessment of $100,000,000, against NJSEA's National Football League tenant, the New York Football Giants, Inc.  NJSEA maintains that the property and all improvements are "projects" of the NJSEA, pursuant to the applicable New Jersey Sports & Exposition Law,  N.J.S.A. 5:10-1 et seq., and are therefore expressly made exempt by this Act. The Firm also has represented the NJSEA  in connection with numerous other labor and contractual disputes.

Wakefern Food Corp. sought the expertise of our Real Estate Department in connection with the acquisition of ten operating supermarkets located in New Jersey and New York, from the Stop & Shop Supermarket Company LLC.  We were successful in coordinating the engagement of environmental consultants, structural and mechanical engineers and a national title company; and managing completion of all due diligence reports within Wakefern's timeframe.  This transaction was complicated by the fact that all due diligence issues related to the leases being acquired, condition of title, environmental and physical property conditions had to be reviewed and analyzed by our team on an expedited basis.  The matter was further complicated by the negotiation of subleases for each location and the sub-sublease of each location to individual members of the Wakefern Food Corp.  Despite these challenges, our team met Wakefern's expectations, closing this deal within the negotiated timetable.

May 2016 Newsletter

Cole Schotz News May 2016

Uncertainty Remains Surrounding the Nonprofit Hospital Tax Exemption

Real Estate & Construction Law Monitor January 21, 2016

Carl A. Rizzo

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