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February 17, 2021

Press Release

New York, February 17, 2021- Stroock recently advised Edward J. Minskoff Equities (EJME) on a retail lease with CycleBar, an operator of premier fitness studios with locations throughout the United States and Canada, at the prestigious 51 Astor Place in Manhattan, while simultaneously representing EJME in the bankruptcy proceedings of the previous tenant, Flywheel, to expedite the termination of Flywheel’s lease. The Stroock team was led by national Real Estate Group partner Trevor Adler and included Financial Restructuring special counsel Sherry Millman, Financial Restructuring associate Alexander Fraser and Real Estate special counsel Debra Sapp.

“We are thrilled to welcome CycleBar to 51 Astor, rounding out the exceptional retail offerings that complement our roster of blue-chip office and educational tenants,” said Edward J. Minskoff, Chairman and Chief Executive Officer of EJME. “This was a unique deal executed during challenging times that hints towards the potential future of COVID-related leasing and restructuring agreements.”

“Working in partnership with the Minskoff Equities team was paramount to executing the rapid re-leasing of this retail space, located within one of the most exclusive buildings in an active commercial corridor,” said Stroock partner Trevor Adler. “Stroock’s national leasing team, together with our industry-leading Financial Restructuring Group, continues to guide our clients through the challenges of the COVID-19 pandemic, and we are grateful to work with industry leaders like Minskoff Equities.”

Stroock’s national Real Estate Group is a one-stop shop, drawing on extensive experience in virtually every aspect of commercial, residential, industrial and mixed-use property to ensure our clients meet all of their investment and operations goals. Our leasing team has a reputation for handling highly complex commercial lease transactions across the country, and our top-ranked Financial Restructuring team has been one of the busiest in the nation amidst the COVID-19 pandemic.

Stroock provides strategic transactional, regulatory and litigation advice to advance the business objectives of leading financial institutions, multinational corporations and entrepreneurial businesses in the U.S. and globally.  With a rich history dating back 145 years, the firm has offices in New York, Los Angeles, Miami and Washington, D.C. For more, visit www.stroock.com.