Stroock Advises Glick Property Group in Its $232 Million Sale of Third Avenue Blockfront
New York, August 10, 2018 — Stroock’s National Real Estate Group advised GPG LLC (Glick Property Group), the capital focused affiliate of Mautner-Glick Corp. (co-founded by Alvin H. Glick in 1959), in the $232 million sale of a six-building block of long-held Third Avenue assets to 3rd Avenue Blockfront LLC, a subsidiary of The University Financing Foundation, Inc. (TUFF).
The parcel included the blockfront on Third Avenue between East 76th Street and East 77th Street on the Upper East Side, including six separate buildings with a mixture of retail and residential uses. Following the closing, the subsidiary and Northwell Health, the state’s largest health care provider and private employer, are expected to develop a new outpatient care center, ambulatory surgery center, cancer center and medical offices on the site.
Mautner-Glick is a family-owned property and asset manager of multi-family and mixed-use properties devoted to providing clean, comfortable, secure and modern living.
The Stroock real estate team included partners Ross Moskowitz, Karen Scanna, Trevor Adler and Mayer Greenberg; special counsels Jon Ziefert and John Egnatios-Beene; and associates Mary Cooke, Yee Hong and Brian Senie.
Stroock’s 85-member National Real Estate Group helps clients structure, negotiate and close some of the country’s largest commercial real estate transactions including: the development and recapitalization of 10 Hudson Yards in NYC; the redevelopment of the former Washington Post site in the heart of Washington, D.C.; the sale of 1285 Avenue of the Americas located in Rockefeller Center; the sale of the Southeast Financial Center, an iconic office building in downtown Miami; the recapitalization of the Century Plaza Towers, the most recognizable trophy office complex in the Century City area of Los Angeles; the disposition of Two Independence Square serving as the headquarters for NASA in Washington, D.C.; the 1.9 million-square-foot mega-project of Essex Crossing on the Lower East Side of NYC; the acquisition of the Department of Veterans Affairs Hospital in Loma Linda, CA; and the redevelopment of the World Trade Center site in Lower Manhattan.
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 140 years, the firm has offices in New York, Los Angeles, Miami and Washington, D.C. For more, visit www.stroock.com.