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Firm Negotiates Fourth Largest NYC Retail Lease in October

November 22, 2017

Real estate attorneys Kent S. Nevins and Lisa M. Zana successfully represented Ceruzzi Properties in the negotiation of one of the 10 biggest retail leases in New York City signed in October 2017. The 15-year lease to clothing chain Old Navy was for 18,500 square feet of retail space to house a new store on the corner of 86th Street and Lexington Avenue. The lease, which was cited as the fourth largest for this period, is notable because of the low number of retail leases being signed as brick-and-mortar locations have been affected by the surge in online retail operations.

The lease is also part of the representation by Mr. Nevins and Ms. Zana of the development of this Upper East Side skyscraper, which included the acquisition of adjacent property, the purchase of development rights, the creation of a condominium including for the retail units on the ground and residential units above, the renovation of the MTA subway station under the building and the negotiation of a 100-year ground lease for the retail unit.

Mr. Nevins is Co-Chair of the firm’s Real Estate Practice Group, which includes attorneys with a growing national presence in transactional commercial real estate matters. At the core of this national practice is a subset of New York-trained attorneys, including Ms. Zana, who practiced at large national and international law firms before joining Shipman & Goodwin LLP and deliver sharp, strategic and efficient counsel to clients at significantly lower costs than many local and national competitors. The firm’s commercial real estate clients are situated in major markets throughout the United States, from New York’s tri-state area to the Pacific Northwest, and include private developers, institutional owners, banks and lessees of millions of square feet of real estate across the country.

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