Partners and Associates Working on NY Real Estate Deals

By: Susan L. Harper
New York Law Journal
July 9, 2003

In what is considered the largest industrial transaction on Long Island so far this year, Northrop Grumman Corporation recently sold a 386,000 square foot mixed-use property, known as Building No. 1, at One Grumman Road West in Bethpage to Distribution Traffic Services, Inc., an affiliate of E&F Trucking.

In addition to the sale, two lease backs totally 183,000 square feet for five-year terms were arranged on behalf of Northrop Grumman Information Technology and Airborne Early Warning and Electronic Warfare Systems, two business units of Northrop. Both the sale and lease prices remain confidential.

Partners Jeffrey D. Forchelli, Brian R. Sahn, and Steven G. Gaebler, and senior associates Aaron Gershonowitz and Diana R. Fantano of Mineola-based Forchelli, Curto, Schwartz, Mineo, Carlino & Cohn represented Northrop in the deals.

Partner Morton Buckvar of Buckvar & Buckvar represented Distribution Traffic Services, as did Meltzer, Lippe & Goldstein partners Gary M. Meltzer, and Stephen M. Breitstone and associate Michael J. Weiner.

According Mr. Sahn, a significant amount of the property was industrial space slated for disposition with Northrup recapturing what it needed in a lease-back arrangement.

The deal was particularly complex and time consuming, Mr. Sahn said, giving rise to a combination of legal and business issues, including facilities management, environmental and subdivision approvals, as well as many internal negotiation sessions.

Northrop Grumman, a $25 billion defense company with some 120,000 employees and operations in every state and 25 countries, serves U.S. and international military, government and commercial clients.

Todd Buckvar of Buck Realty served as broker for Distribution Traffic Services. Insignia/ESG's Phil Heilpern, Richard Karson, Brian Lee, Martin Lomazow and Larry Weiss acted for Northrop.

To report a transaction, contact the Law Journal via e-mail at nyljrealestate@hotmail.com.