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Firm Represents Cayuga Capital Management in $27 Million Sale

May 16, 2011

Tarter Krinsky & Drogin represented Cayuga Capital Management LLC, a private real estate investment firm based in New York City, in the sale of 44 Berry Street to ING Clarion Partners for $27 million on May 12, 2011. Located in the Williamsburg neighborhood of Brooklyn, 44 Berry Street is a 54,000 square foot, six-story, 42-loft unit rental apartment building that includes six retail businesses on the ground floor. Originally built in 1919 this warehouse property was successfully repositioned and converted into a mixed-use property by Cayuga. The retail spaces include two award-winning restaurants; a popular bar called The Whiskey Brooklyn; a record store; and, one of the neighborhood’s only dry cleaning establishments.

Partner David J. Pfeffer, who co-chairs the firm's Construction Practice, along with Heather Ohlberg, an associate in the department, represents Cayuga in all of their real estate development projects. For 44 Berry Street, which Cayuga acquired in 2007 when it was a vacant warehouse, David assisted in corporate partnership matters; financing of the acquisition and redevelopment; securing city tax incentives; zoning matters; construction contract negotiations; leasing of residential and retail space; and, the ultimate sale of the completed and fully leased property to ING Clarion.

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