1199SEIU United Healthcare Workers East’s 99-year ground lease for redevelopment of its former headquarters property in Times Square


Paul, Weiss represented 1199SEIU United Healthcare Workers East on the transaction

The union will relocate its headquarters into approximately 500,000 square feet of space at 498 Seventh Avenue.

The acquirers of the ground lease at 311 West 42nd Street in Midtown West, a partnership between Taconic and National Real Estate Advisors, plan to demolish the existing building, 1199SEIU’s historic headquarters, in 2020 and build a 350,000-square foot rental building that includes retail space at the base. The development will include affordable rental housing, consistent with the Affordable New York Housing Program. Taconic and National worked with 1199SEIU to form a structure that vested the long-term ownership of the property with future generations of 1199SEIU members.

1199 SEIU United Health Care Workers East serves as a union of health care workers. The Union works in home care, hospitals, nursing homes, clinics, and other health care settings. 1199 SEIU United Health Care Workers East provides services to customers in the States of Massachusetts, New York, New Jersey, Maryland, and Florida.

The Paul, Weiss team included real estate partners Meredith Kane (Picture) and Steven Simkin and counsel Barry Langman and Allen Wieder; employee benefits partner Robert Fleder; and tax partner David Sicular.

Involved fees earner: Meredith Kane – Paul Weiss Rifkind Wharton & Garrison; Steven Simkin – Paul Weiss Rifkind Wharton & Garrison; Barry Langman – Paul Weiss Rifkind Wharton & Garrison; Allen Wieder – Paul Weiss Rifkind Wharton & Garrison; Robert Fleder – Paul Weiss Rifkind Wharton & Garrison; David Sicular – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Paul Weiss Rifkind Wharton & Garrison;

Clients: 1199SEIU United Healthcare Workers East;

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Author: Ambrogio Visconti