Meltzer, Lippe, Goldstein & Breitstone, LLP is proud to announce that the firm has been recognized in the following category at the 2022 Long Island Business News Real Estate, Architecture & Engineering Awards: Top Development Site Sale – Superblock Project in Long Beach. The awards program honors those who help create and build Long Island’s future and recognizes some of the most influential voices in the commercial real estate community.
Meltzer Lippe represented IStar, Inc. in the sale of a six acre undeveloped oceanfront parcel commonly known as Long Beach Superblock to Engel Burman and Harrison Street.
The property had remained vacant for decades while IStar, Inc. and prior developers litigated with the City of Long Beach over certain rights to build. The property went into contract in June 2019. To close, the parties, with counsel, needed to navigate a settlement with the City of Long Beach, obtain City and IDA approvals, and secure financing, all while dealing with the effects of Covid. A creative and favorable result was ultimately achieved through the collaborative efforts of the parties, their counsel and through mutual trust.
Issues that Meltzer Lippe helped resolve included allocation of carrying costs and litigation expenses, post-closing consideration to IStar, and the transfer of building permits and prepaid permit fees between IStar and Engel Burman.
The project, expected to generate over $100 million in new taxes for the city and other taxing authorities, includes 200 condominium units, 238 apartments, 8,500 square feet of boardwalk-level retail, a restaurant and 1,000 parking spaces.