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February 18, 2021

New York Business Journal

Trevor Adler, a partner in Stroock’s national Real Estate Group, was quoted in a New York Business Journal article that spotlights the recent 5,000-square-foot lease by CycleBar at 51 Astor Place. CycleBar is taking over the space previously occupied by Flywheel as that brand goes through bankruptcy proceedings. Trevor led a Stroock team that advised Edward J. Minskoff Equities on the transaction. Stroock also represented the landlord in Flywheel's bankruptcy proceedings to expedite the termination of Flywheel's lease.

Trevor said this deal stands out not for its size, but for the story behind it, noting, “To have a coordinated effort by a landlord and a new incoming tenant to work together to effectuate a rejection, and to speed up the rejection, of the existing tenant's lease in bankruptcy and to rapidly put in place a new lease for that space is a very interesting and unique development that I am hoping will pave the way to more active leasing deals, whether it's through bankruptcy or not.”

Read the article in the New York Business Journal. (subscription required)
 

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