News
Top 100: Goulston & Storrs
February 3, 2010
| We know life would be simpler if real estate were just about property. But it's also about capital markets, taxes, untangling bankruptcies, and sorting through public subsidies. Where others raise a confused brow, attorneys at Goulston & Storrs dive right in. |
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| David Abromowitz co-chairs the real estate practice: 75 of the firm's 150 attorneys in Boston, DC, NYC and Beijing. Right now David's team is helping existing clients ?figure out how to navigate a very disrupted real estate market.? They need to know how to raise money to buy when the time is right and re-finance portfolios ?so they aren't caught short.? We snapped him in his Rowe's Wharf office the other day puzzling through these matters. A longtime champion of affordable housing, David also helps clients structure deals and ?understand how complicated subsidies work.? |
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| The other real estate co-chair is Phillip Levy (white shirt), whom we snapped with Marty Glazer, Andrew Zelermyer,and Lisa Ashton. They teamed up to help WS Development pull together the 675k SF Legacy Place lifestyle center that opened in Dedham last summer, one of few big, newly built US retail projects. WS jv'd with Sumner Redstone's National Amusements on the $200M shopping experience that includes a luxury cinema (complete with waitered food service). G&S negotiated the jv, land acquisition, permitting, financing, leasing, and construction contracts. One of the more complex aspects was securing liquor licenses for the theater, Whole Foods, and restaurants. To get them, the lawyers helped shepherd a special law through the State House. |
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| David with Elizabeth Lintz and Julia Livingston, who heads the real estate tax group. On a recent affordable housing tax credit exchange, David says Elizabeth had the task of herding cats, getting the seven parties involved to the closing table in Wareham. Good thing, too, as it jump started the stalled work force housing development near Cape Cod, where lower cost housing is usually in short supply. |
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| Adam Curry, Kevin Renna, Barry Green, and Paige Manning have been working with Crossharbor Capital Partners on its $115M purchase of the bankrupt but elegant Yellowstone Club in Big Sky,Montana. For the sale to go through, Barry says there were lots of creditors, lenders, and about 350 members (Bill Gates among them) to make happy before they could close last summer. Complex issues like water rights had to be untangled. ?Basically, you're buying a town,? Barry said. Now, they're working on the development of new condos and single family houses at Yellowstone, with prices starting at around $4M, Barry said. |
