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February 23, 2021

Bloomberg Law

Trevor Adler, a partner in Stroock’s national Real Estate Group, was quoted in extensively in an article highlighting CycleBar’s recent takeover of Flywheel’s lease at 51 Astor Place.

Adler led the Stroock team in representing landlord Edward J. Minskoff Equities (EJME) in the transaction, which enabled EJME to replace its debtor-tenant early on in the bankruptcy case and provided CycleBar with a nearly ideal space. According to Adler, currently bargain-leasing deals abound in New York City for those willing and well-positioned to take over space from failing operators. He noted, “By nabbing a space from a bankrupt store on the cheap, the new tenant could set up shop and make only cosmetic changes to a space that was already built with a specific use in mind.” However, he warned that these types of opportunities will begin dissipating as the city bounces back from the pandemic.

Read the article in Bloomberg Law. (Subscription required.)