Goldman Sachs enters into joint venture with BFC Partners to develop and finance New York City's first outlet shopping center
Clients Goldman Sachs & Co
Jones Day represented Goldman Sachs & Co. in the formation of a joint venture with BFC Partners to enter into a 99-year ground lease with the City of New York on a 7.9 acre site directly adjacent to the Staten Island Ferry terminal, and to develop and finance 340,000 square feet of commercial space that will be New York City's first outlet shopping center. The site is directly adjacent to the Staten Island Ferry terminal, and will include 1,250 parking spaces.
Jones Day drafted and negotiated the joint venture agreement, assisted in the negotiation of the ground lease, and is currently representing Goldman Sachs Bank in providing $100 million in bridge construction financing to the project. Jones Day is also negotiating the take-out financing with an EB-5 Lender for $165 million.