Peter G. Koffler

Overview

Peter Koffler is a partner in the firm's New York Office and is Leader of the New York Real Estate, Energy, Land Use & Environmental Practice Group.

Areas of Practice

Peter has a broad-based transactional real estate practice, and works on complex and high-profile matters in New York City and nationally. With over 30 years of experience, Peter focuses his practice on all areas of sophisticated commercial real estate transactions, including acquisitions, sales, leasing, sale/leaseback transactions, construction/development, air rights transfers, and financing. Asset classes regularly include commercial/office, multifamily, retail, hospitality, self-storage, and mixed use. Peter also regularly advises on multi-property/multi-State portfolio transactions, as well as cannabis-related financing matters.

Peter has extensive experience, over several business cycles, in loan restructures and workouts, joint venture modifications and recapitalizations, deed-in-lieu, and other distressed market transactions.

His clients include domestic and foreign commercial developers, owners, and operators, as well as several “non-real estate” companies with significant real estate holdings, such as insurance companies, healthcare providers, commercial and private banks, mining companies, and pension funds.

Peter also works extensively with the structuring and negotiation of complex multi-tier joint ventures, representing the developer/operator partner and the capital partner and/or preferred equity holders.

Experience

Commercial/Office – Acquisitions, dispositions, and recapitalizations of large, commercial office buildings, including the representation of:

Health insurer in connection with the sale of a headquarters building in Manhattan for $330 million, including a short-term leaseback component.
Commercial bank in the sale of its Manhattan headquarters building for redevelopment, including a temporary leaseback component.
Healthcare organization in a 8-building sale-leaseback transaction for $130 million portfolio located in Manhattan, Brooklyn, Staten Island and Suffolk
International auction house in connection with the approximately $370 million acquisition of its Manhattan headquarters building.
Family-owned enterprise in the sale of midtown Manhattan office tower, valued in excess of $170 million.

Multifamily – Peter has extensive experience in the representation of some of the largest multifamily owners in the acquisition/disposition of hundreds of multifamily retail buildings in New York City and nationally, consisting of thousands of rent-regulated and market units, including the 2 largest single-asset multifamily transactions in New York City for 2020:

Owner in the $380 million sale of Intrata Nomad - 10 East 29^th Street, New York, New York - in 2020.
Purchaser in the Cherry Street apartment complex, in lower Manhattan, for over $420 million.
New York City multifamily investment fund in the 2021 modification of $200 million+ senior/junior loans on 35-building portfolio, comprised of 35 separate borrowers and 70 individual loans.

Other recent multifamily transactions include:

Owner in the $280 million recapitalization of 15-building multifamily portfolio located in Manhattan, Bronx and Westchester.
Owner/operator in acquisition of 12-building portfolio located in Manhattan and the Bronx.
Owner/operator in acquisition of 11-building portfolio located in Brooklyn.
Owner/operator in acquisition of 9-building portfolio located in Brooklyn.
Purchaser in acquisition of 5-building portfolio located in the Bronx.
Private equity fund in connection with a joint venture platform investment in numerous multifamily properties in Manhattan and Brooklyn.

Retail and Hospitality – Acquisitions and sale of hotel and related hospitality properties nationwide, as well as purchase and sales of all type of stand-alone, strip center, and large center retail spaces, including representation of:

Family owners in connection with the sale of the historic Hotel Elysée in New York City.
Canadian hotel owner/operator in the acquisition and disposition of over a dozen hotels throughout the United States.
National hotel chain in the sale of a midtown Manhattan hotel property.
Purchaser in connection with the $1 billion-plus acquisition of a national retail chain, consisting of 51 separate store locations, comprising both owned and leased facilities.
Premium national steakhouse chain in a sale-leaseback transaction involving the relocation and development of a Las Vegas location.

Industrial, Self-Storage, Other – Assemblages, purchases, sales, and recapitalizations of large-scale sites nationwide, including representation of:

Purchaser in the 2021 acquisition of Manhattan Mini Storage, LLC, for $3.2 billion. The transaction included 19 owned, and 15 leased locations throughout New York City.
Developer in connection with the assemblage and disposition of 37+ acre assemblage site in Maspeth, NY in a series of multiple transactions, with a significant environmental component.
Developer in the $395 million loan restructure/refinance of hi-rise new luxury condominium building in Manhattan.
Seller in connection with the disposition of 100+ acre warehouse site in Carteret, NJ, with a significant environmental component.
Property owner in $137 million financing facility for development of two biodiesel production facilities in Texas.
Primary equity investor in the structuring and execution of its $1 billion-plus joint venture transaction relating to the acquisition and development of a large-scale mixed-use project located in central Washington, DC.
Sellers and purchasers of numerous development ("air") rights within New York City.
Primary equity investor in its joint venture transaction relating to the acquisition and development of a large-scale Class A commercial, retail, and office project in lower Manhattan.

Cannabis Financing – Represent lenders in connection with cannabis-related financing transactions, involving real properties that house cannabis dispensaries, grow facilities and processing facilities, in multistate settings, including:

Represent private fund lender in $37 million asset-based lending transaction, for purposes of acquiring 3 cultivation/processing sites in Illinois.

Represent private fund lender in $34 million loan facility, secured by liens on 1 owned site and 3 leased sites in Maryland, for cannabis cultivation, processing and retail dispensaries.

Represent private fund lender in $32 million loan facility, secured by liens on 7 owned site and 9 leased sites in West Virginia, Ohio and Massachusetts, for cannabis cultivation, processing and retail dispensaries.