Stuart M. Saft

Partner

Stuart M. Saft, chair of Dewey & LeBoeuf's Global Real Estate Department, is one of the leading lawyers in the development, financing, leasing, conversion to condominium and cooperative ownership, construction, exchange, syndication, sale/leaseback, time share, restructuring, acquisition and sale of residential, commercial and hospitality property throughout the US. Mr. Saft has also represented lending institutions in mortgage lending and workouts and has advised clients on dealings with Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Mr. Saft has been selected into the American College of Real Estate Lawyers, Who's Who in America, Who's Who in American Law and Who's Who in the World. He was awarded the Theodore Small Award by the National Association of Workforce Boards for his work establishing the Family Centers after the September 11th terrorist attack and received the "Dedicated to the Industry Award" by the New York Association of Realty Managers. Mr Saft has been appointed Chairman Emeritus of New York City's Workforce Investment Board of Directors and was commended for his service by New York City Mayor Michael Bloomberg. Mr. Saft is also Chairman of the Board of the National Consumer Cooperative Bank.

Representative Matters

  • Represented the developer of a 5 star resort in Anguilla;
  • Represented Deutsche Bank in analyzing CMBS transactions;
  • Negotiated headquarters lease for a global insurance company;
  • Represented owner in $180 million debt restructuring of the Setai-Downtown;
  • Represented holder of senior debt in $300 million debt restructuring of a hotel development property in Las Vegas;
  • Represented the developer of the Evité Hotel and Residences;
  • Represented the developer of the W Downtown Hotel and Residences;
  • Represented the developer of the The Setai-New York Hotel and Residences;
  • Represented the developer of the Miraval Living Spa and Residences;
  • Represented Hyatt in the development and operation of continuing care retirement communities;
  • Represented owner in a $680 million senior debt restructuring on mixed use property;
  • Analyzed General Motors global real estate holdings as part of the pre-bankruptcy preparation;
  • Analyzed a global insurance company's real estate holdings in 65 countries as part of an $18 billion corporate acquisition;
  • Represented owner of mixed use property in restructuring $300 million in senior and mezzanine debt;
  • Represented investor in the acquisition of senior debt and foreclosure of junior mezzanine debt;
  • Represented Aetna Life Insurance Company and Chase Bank in construction and permanent financing of shopping centers and office buildings throughout the United States;
  • Represented the developer of Morton Square, a mixed-use development encompassing an entire block of Manhattan; 
  • Represented the owners in a $220 Million financing and reconstruction of 11,000 apartments;
  • Conversion of 1,250-unit Ruppert-Yorkville Towers to condominium ownership;
  • Representation of the developers of mixed-use properties, including: Cielo; Three Ten East Fifty Third; Residences at Jefferson Place; Centria; and Atelier;
  • Representation of the sponsors of the reconstruction and conversion to condominium ownership of Sheffield 57, Miraval Living, 25 Broad Street, The Apthorp, 254 Park Avenue South, The Setai;
  • Representation of the owners of Columbus Park Towers, Cadman Tower, and Southbridge Towers in the privatization of Mitchell-Lama Housing complexes;
  • Represented proponent of Chapter 11 Reorganization and then completed construction of the 75 story mixed-use Cityspire building;
  • Represented the owners in a Loan Workout and completed construction of Worldwide Plaza;
  • Represented the owners in a Loan Workout and completed construction of the Park Avenue Court Complex;
  • Represented the owners in a Loan Workout and completed construction of the Boulevard mixed development;
  • Represented the owners in refinancing and reconstruction of Co-Op City, the largest housing complex in the United States containing 16,000 apartments and three shopping centers;
  • Loan restructuring of Hyde Park Gardens involving 26 lending institutions;
  • Represented owners of over 100 properties leased to K mart Corp. in K mart's Chapter 11 reorganization;
  • Represented a women's clothing retailer in a Chapter 11 reorganization;
  • Represented the owners in workouts of over 70 properties in multimillion-dollar mortgage defaults;
  • Advised Fannie Mae and Freddie Mac on lending requirements and workouts;
  • Represented the owners in the acquisition or disposition of more than 200 shopping centers, hotels and office buildings throughout the US;
  • Represented the owners of The Plaza, Olympic Tower, Concord Village, Astor Terrace, One Fifth Avenue, Co-Op City, Tudor City, Lincoln Towers, Carlyle House, Hampton House, Alwyn Court, The Vermeer, The Whitehall, Chelsea Mercantile, Le Chambord and others in the operation of the properties.

Selected Activities

  • Member, American College of Real Estate Lawyers
  • National Cooperative Bank (Board Member, Chairman, Vice Chairman, Chairman of the Audit Committee)
  • NCB, FSB (Board Member, Vice Chairman, Chairman of the Audit Committee, Chairman of the Loan Committee)
  • Council of New York Cooperatives and Condominiums (Board Member, Chairman)
  • The Real Estate Finance Journal (Contributing Editor)
  • New York City Workforce Investment Board (Chairman Emeritus)
  • New York State Attorney General's Task Force on the Martin Act
  • Lawyers Alliance (Board Member)
  • Captain, United States Army Reserve (Ret.)

Publications

Books Written

  • Commercial Real Estate Workouts, Third Edition, 2 Volumes, West Group (2008)
  • Commercial Real Estate Transactions, Third Edition, West Group (2004)
  • Commercial Real Estate Leasing, Second Edition, 2 Volumes, West Group (2004)
  • West's Legal Forms: Volumes 20-23 Commercial Real Estate, West Group (2002)
  • Commercial Real Estate Forms, Third Edition, 11 Volumes, West Group (2005)
  • Commercial Real Estate Workouts, Second Edition, Clark Boardman Callaghan (1996)
  • Commercial Real Estate Transactions, Second Edition, Shepard's McGraw Hill (1995)
  • Commercial Real Estate Forms, Second Edition, 8 Volumes, Shepard's McGraw Hill (1994)
  • Commercial Real Estate Financing, Shepard's McGraw Hill (1993)
  • Real Estate Investors Survival Guide, John Wiley & Sons (1992)
  • Commercial Real Estate Leasing, Shepard's McGraw Hill (1992)
  • Commercial Real Estate Workouts, Shepard's McGraw Hill (1991)
  • Real Estate Development: Strategies for a Changing Market, John Wiley & Sons (1990)
  • Commercial Real Estate Transactions, Shepard's McGraw Hill (1989)
  • Commercial Real Estate Forms, 3 Volumes, Shepard's McGraw Hill (1988)

Articles Written

  • "An Analysis of The Bureau of Consumer Financial Protection," Real Estate Finance Journal (Spring, 2011)
  • "Lessons Learned from the Crash: Improving Mezzanine Financing," New York Law Journal (March 14, 2011)
  • "Replacing Fannie and Freddie and Resuscitating the Housing and Secondary Mortgage Market," American Banker (January 28, 2011)
  • "An Analysis of The Mortgage Reform and Anti-Predatory Lending Act," Real Estate Finance Journal (Winter, 2011)
  • "Real Estate Contracts of Sale – Enforceable or Fragile?," NYS Bar Association Advanced Real Estate Practice (December, 2010)
  • "Who to Pay for New Energy Laws Compliance," New York Law Journal (June 21, 2010)
  • "Structuring Loans After the GGP Decision," The Real Estate Finance Journal (Winter, 2010)
  • "The Other Shoe Drops: The Coming Collapse of the Commercial Real Estate Market," Real Estate Finance and Investment (February, 2010)
  • "Workouts of Condominium Construction Loans," Commercial Lending Review (May-June 2009)
  • "Workouts of Mezzanine Loans, " The Real Estate Finance Journal (Winter, 2008)
  • "Workouts of Securitized Loans," The Real Estate Finance Journal (Fall, 2008)
  • "Preserving History with Façade Easements," New York Law Journal (August 25,2008)
  • "The Anti-Mortgage Lending Act," The Wall Street Journal (October 2007)
  • "Structuring Real Estate Workouts," The Real Estate Finance Journal (Fall 2007)
  • "Financing Condominium Offerings," The Real Estate Finance Journal (Fall 2005)
  • "Understanding a Condominium Offering Plan," New York Law Journal (November 29, 2004)
  • "Privatizing Subsidized Housing: Creating Equity for Tenants and Eliminating the Government Subsidy," The Real Estate Finance Journal (Summer 2004)
  • "The Effect of The Sarbanes Oxley Act on Public Real Estate Entities," The Real Estate Finance Journal (Spring 2003)
  • "Structuring Transactions with Wraparound Mortgages," The Real Estate Finance Journal (Fall 2002)
  • "Mortgage Workouts: Surviving a Market Downturn," The Real Estate Finance Journal (Summer 2001)
  • "Financing the Conversion of Cooperatives to Condominiums," The Real Estate Finance Journal (Winter 2000)
  • "Handicapped Accessibility and Co-Ops Boards: Limitations on the Business Judgment Rule," Cooperative Housing Journal (1999)
  • "Reducing the Risks of Construction Lending," The Real Estate Finance Journal (Winter 1998)
  • "The Risks of Financing With Synthetic Leases," The Real Estate Finance Journal (Spring 1998)
  • "Senior Housing: An Overview of a Burgeoning Real Estate Market," The Real Estate Finance Journal (Summer 1997)
  • "Assisted Living Facilities: An Untapped Market for New and Redeveloped Real Estate," Real Estate Workouts and Asset Management Newsletter (November 1996)
  • "EPA Finally Provides Guidance on Avoiding Environmental Liability," Real Estate Workouts and Asset Management Newsletter (June 1996)
  • "The Federal Government Is At It Again: Lead Paint Regulations," Real Estate Workouts and Asset Management Newsletter (August 1996)
  • "Recourse Liability Arising From A Nonrecourse Mortgage," The Real Estate Finance Journal (Summer 1996)
  • "Effect of the Bankruptcy Reform Act on Mortgagees," The Real Estate Finance Journal (Summer 1995)
  • "Restructuring Co-Op Mortgages," The Real Estate Finance Journal (Winter 1994)
  • "The Limited Liability Company: The Birth of a New Entity," The Real Estate Finance Journal (Spring 1993)
  • "A Primer on Chapter 11 Reorganization," The Real Estate Finance Journal (Winter 1993)
  • "A Primer on Bankruptcy," The Real Estate Finance Journal (Fall 1992)
  • "Ending the Great Real Estate Giveaway," RTC Real Estate (November/December 1991)
  • "Borrower's Defenses to Mortgage Foreclosures," The Real Estate Finance Journal (Fall 1991)
  • "Risks of Lender Liability in Credit Decisions," The Real Estate Finance Journal (Summer 1991)
  • "RTC's Attempt to Preempt State Conversion Laws," RTC Real Estate (May/June 1991)
  • "The Basics of FIRREA and the Resolution Trust Corporation," The Real Estate Finance Journal (Winter 1991)
  • "Loan Defaults by Coop Sponsors in New York," The Real Estate Finance Journal (Summer 1990)
  • "The Near Collapse of the Banking System: The Unintended Result of the Tax Reform Act of 1986," The Real Estate Finance Journal (Summer 1990)
  • "Mortgage Default by Cooperatives and Condominiums," The Real Estate Finance Journal (Summer 1988)
  • "The Risks Facing Borrowers in Wraparound Mortgage Transactions," The Real Estate Finance Journal (Summer 1987)
  • "Private Bond Issues," The Real Estate Finance Journal (Summer 1986)
  • "Due on Sale Clauses After De La Cuesta," Real Property Financing Newsletter (Fall 1982)
  • "Current Developments in Cooperative and Condominium Conversions," New York Law Journal (October 1980)

Computer Programs Authored

  • "West's Commercial Real Estate Forms Library," 31 Disks, published by Shepard's McGraw Hill and updated semiannually by West Group (1994)

Education

  • Columbia University Law School, JD, Articles Editor, Journal of Transnational Law
  • Hofstra University, BA, Dean's List, Bovenaan Honor Society

Bar Admissions

  • New York
  • Florida