Ground Lease of Historic Bush Tower
American Properties
Represented American Properties in its ground lease of the historic Bush Tower at 130 West 42nd Street. At the same time, American defeased a $42 million loan with Deutsche Bank and refinanced its mortgage on its fee position with Teachers Insurance and Annuity Association of America with a new $62 million loan. Olshan's Real Estate group led the transactions, which took several years of tax planning and several months of lease negotiations and restructuring of trusts and foreign entities.