Stroock & Stroock & Lavan LLP, a national law firm with offices in New York, Los Angeles and Miami, announced its client Sterling Mets L.P., owners of the New York Mets baseball franchise, has secured and closed the public-private financing and real estate transactions to begin construction on the new Mets stadium. The new stadium is slated to open in time for the 2009 season on a site adjacent to the current Shea Stadium in Flushing Meadows Corona Park.
Stroock was involved in various aspects of the multifaceted deal with direct negotiations with New York City and New York State. The stadium will be financed with bonds issued by the NYC Industrial Development Agency; capital contributions for infrastructure improvements are being provided by New York City and New York State. Stroock's involvement included negotiation of the lease for the Stadium to be used by the Mets baseball team, leases for multiple parking lots, a development agreement between an affiliate of Sterling Mets L.P. and the general contractor and the funding agreement with the City of New York and New York State.
"It was a privilege to work with the Mets and help make this important landmark a reality. For this deal Stroock drew upon legal and business skills from across the firm including real estate, insurance and corporate to bring it to fruition," said Ross F. Moskowitz, Stroock Real Estate Partner and lead real estate attorney on this project.
Key Stroock attorneys working on the deal included: Real Estate Partners Leonard Boxer (Chairman), Jacob Bart, Karen Scanna, Special Counsel Jonathan D. Blum and Associates Diana Brummer and Ann Marie Folan. Several Stroock Corporate and Insurance Partners provided assistance on the deal including, Hillel M. Bennett, Melvin Epstein, William D. Latza, William W. Rosenblatt and Special Counsel David W. Lowden.
Stroock has served as lead counsel to some of the top sports facility deals, including the U.S. Open's USTA Center in Flushing Meadows Corona Park in Queens, N.Y. and Joe Robbie Stadium, home of the Florida Marlins.
Stroock & Stroock & Lavan LLP is a law firm providing transactional and litigation guidance to leading multinational corporations, investment banks, and venture capital firms in the U.S. and abroad. Stroock is one of the country's preeminent real estate firms and offers clients experience in development, acquisition, investment advisory services, leasing, joint ventures, financing and litigation. Stroock's emphasis on client service and innovation has made it one of the nation's leading law firms for 125 years. Stroock's practice areas include corporate finance, legal services to financial institutions, energy, financial restructuring, insurance, intellectual property, litigation and real estate. For more information, please visit Stroock's website at www.stroock.com.