Cornell University’ ground lease, financing, and development of a new hotel at the Cornell Tech campus

Fried Frank acted as counsel to Cornell University on the deal

Cornell and its partner Adventurous Journeys Capital Partners (AJ Capital Partners) are developing a ground-up hotel known as Graduate Roosevelt Island. Slated to open in spring 2020, Graduate Roosevelt Island will be an 18-story, 224-key hotel with panoramic views of the Manhattan skyline. Fried Frank has advised Cornell University in the development of its Cornell Tech campus on Roosevelt Island since the project’s inception, and the hotel development represents the completion of the first phase of the campus, which also includes the Bloomberg Center, the Tata Innovation Center, the House at Cornell Tech, and the Verizon Executive Education Center.

Cornell Tech is a revolutionary model for graduate education that fuses technology with business and creative thinking. AJ Capital Partners is a dynamic organization of counter-culture hospitality and real estate investors who acquire, develop, and design transformative real estate in multi-dimensional markets and prestigious resort destinations.

Cornell University is a private research university that offers undergraduate, graduate, and professional degree programs in the fields of agriculture and life sciences, architecture and fine arts, arts and sciences, business, engineering, human ecology, applied social sciences, computing and information sciences, technology, law, veterinary medicine, and medical sciences. The University, led by Curtis S. Ostrander, is based in Ithaca, NY.

Fried Frank advised Cornell University with a team including real estate partner Tal J. Golomb (Picture); real estate special counsel Ryan M. Bathie; and real estate associates Michael E. Hofer, David E. Firestone, Michael A. Turo, and Gilmar Colonia.

Involved fees earner: Tal Golomb – Fried Frank Harris Shriver & Jacobson; Ryan Bathie – Fried Frank Harris Shriver & Jacobson; Gilmar Colonia – Fried Frank Harris Shriver & Jacobson; David Firestone – Fried Frank Harris Shriver & Jacobson; Michael Hofer – Fried Frank Harris Shriver & Jacobson; Michael Turo – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fried Frank Harris Shriver & Jacobson;

Clients: Cornell University;

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Author: Ambrogio Visconti