On this episode of Closed!, Brad sits down with Geoffrey Newman of Savills to unpack the story behind one of New York City’s most complicated development assemblages: a 13-year effort to piece together six parcels around Gramercy Park and create one of the city’s most valuable new residential development sites.
Geoffrey discusses his unique practice at the intersection of nonprofit real estate, land assemblages, air rights, and development strategy, explaining why many nonprofits, religious institutions, and co-ops are now reevaluating how their real estate can support or reshape their long-term mission.
The conversation then turns to the Gramercy Park assemblage itself: a deal involving Third Avenue parcels, a co-op, air rights, a cantilever, rent-regulated tenants, environmental contamination, litigation, DOB approvals, and a Sliver Law issue that could have stopped the project entirely. Geoffrey breaks down how each challenge had to be managed in service of the larger goal, why assemblages require both a battle plan and flexibility, and how persistence, sequencing, and compromise turned a nearly impossible transaction into an award-winning deal.
To learn more about Geoffrey Newman and Savills, visit savills.us.
To learn more about Brad and Bergstein Flynn Knowlton & Pollina PLLC, visit bfkplaw.com.