NEW YORK – Oct. 24, 2019 – A team of Greenberg Traurig, P.A. attorneys led by Richard J. Giusto, co-chair of the firm’s Global Real Estate Practice, represented global real estate investment manager Invesco Real Estate and L+M Development Partners in the acquisition of a Manhattan, New York apartment portfolio valued at more than $1 billion.
The portfolio consists of five multifamily assets, including subsidized market units. The properties include River Crossing, the Heritage, the Miles in Harlem, and the Parker and Roosevelt Landings on Roosevelt Island, representing 2,800 market-rate units. Invesco Real Estate and L+M plan to return more than 1,800 of the units to long-term rent regulation.
“We are pleased to assist our long-time client Invesco Real Estate and L+M Development Partners to successfully close on the complex acquisition of a portfolio of five properties in Northern Manhattan,” said Giusto, a shareholder in Greenberg Traurig’s Miami office. “We look forward to our continued work with them on other strategic acquisitions designed to grow their portfolio holdings. A transaction of this magnitude requires full use of our integrated platform. I am very proud of my team.”
Giusto focuses his national practice on commercial real estate transactions and leasing, as well as corporate transactions.
Greenberg Traurig serves as national real estate counsel to Invesco Real Estate. Other members of the Greenberg Traurig team included Miami office Real Estate Practice Shareholder Danielle Gonzalez who led the acquisition team and Shareholder Michael T. Lynott who led the financing team, New York office Land Use Shareholder Deirdre A. Carson, Labor & Employment Shareholder Jerrold F. Goldberg, and Real Estate Practice Shareholder Kristen J. Lonergan, Dallas office Tax Practice Shareholder Labry Welty, Miami office Real Estate Practice Associates Kathryn Ryan Alvarez Corral and Kathryn Yankowski, Dallas office Tax Practice Associate Josh Prywes, and Houston office Real Estate Associate Christian C. Siboldi.
About Invesco Real Estate: Invesco Real Estate is a global leader in the real estate investment management business with $80.3 billion in real estate assets under management, 519 employees and 21 regional offices across the U.S., Europe and Asia (as of 06/30/19). Invesco Real Estate has been actively investing in core, value-add, and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
Founded in 1984, L+M is a double bottom line company that is an innovator in the affordable, mixed-income and market-rate housing market. A full-service firm, L+M is responsible for over $7 billion in development, construction and investment. The company has acquired, built, or preserved nearly 25,000 high-quality residential units in New York’s Tri-state area, the West Coast, and Gulf Coast regions.
About Greenberg Traurig's Real Estate Practice: The Greenberg Traurig Real Estate Practice is a cornerstone of the firm and recognized leader in the industry. The firm’s real estate attorneys deliver diversified and comprehensive counsel for property acquisition and investment, development, management and leasing, financing, restructuring, and disposition of all asset classes of real estate. The team draws upon the knowledge and experience of more than 400 real estate lawyers from around the world, serving clients from key markets in the United States, Europe, the Middle East, Latin America and Asia. The group’s clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The firm’s real estate team advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and the hybrids.
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has more than 2,100 attorneys in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law.