Jacobs PC has been retained to represent LuxUrban Hotel Group, including its officers, directors, and employees, in connection with a series of ongoing legal matters.

Jacobs PC Represents LuxUrban Hotel Group in Ongoing Legal Matters

Jacobs PC has been retained to represent LuxUrban Hotel Group

NEW YORK, May 23, 2025 /PRNewswire-PRWeb/ -- Jacobs PC has been retained to represent LuxUrban Hotel Group, including its officers, directors, and employees, in connection with a series of ongoing legal matters. The firm is advising LuxUrban during a broader "Defense and Resolution Period," aimed at responsibly addressing disputes and reinforcing the company's long-term mission and values.

As a post-COVID, high-growth hospitality company, LuxUrban has faced the complex realities that often accompany accelerated expansion. The company acknowledges that, along the way, it has made missteps. Early structural and financing complexities added to these growing pains, presenting additional headwinds that the company has continually worked diligently to navigate. Still, LuxUrban remains committed to meeting its obligations and honoring its responsibilities to employees, guests, landlords, investors, lenders, and the broader community.

LuxUrban employs hundreds of union workers in New York City and pays tens of millions of dollars annually in wages, related taxes, and rent. In addition, landlords are currently holding onto millions of dollars in cash security that LuxUrban has deposited to secure its leasehold interests—despite allegations to the contrary. These funds remain with the landlords and are available to support and protect the integrity of those lease agreements.

"We do not comment on pending litigation, but we believe firmly in the importance of fairness, accuracy, and due process. Our focus remains on resolution through legal procedure, not headlines," said Leo Jacobs, Founder of Jacobs PC.

Recent claims have included inflated allegations, including the compounding of late fees, penalties, and interest to manufacture outsized figures that do not reflect LuxUrban's actual financial or legal position. While the company acknowledges areas for improvement, it cautions against the public dissemination of exaggerated or misleading narratives.

Jacobs PC will pursue a fact-based, transparent legal process and encourages all stakeholders to reserve judgment until such facts are properly evaluated.

Despite challenges, LuxUrban continues to advance its mission of delivering accessible, short-term hotel accommodations in major urban markets. With the guidance of counsel and the support of its partners, the company remains committed to emerging from this period stronger, more transparent, and aligned with its core responsibilities.

Original Article can be found here https://www.prweb.com/releases/jacobs-pc-represents-luxurban-hotel-group-in-ongoing-legal-matters-302462748.html

Always consult with legal experts. If you have any concerns or questions, please contact us today to speak with one of our expert business law attorneys.

Need help?

Good luck to any lender seeking to foreclose on AB Capstone’s Meir Babaev.

Third time’s not the charm: Meir Babaev escapes $40M foreclosure

A judge denied a third foreclosure attempt on Babaev’s medical office property in Queens’ Bellerose Manor neighborhood.

The judge put the kibosh on the latest attempt by lender Broadfield Realty Capital to foreclose on the 90,000-square-foot property at 251-77 Jericho Turnpike. The judge said the lender is seeking to get a “second bite at the apple.”

The court also shut down the lender’s attempt to appoint a receiver.

The judge’s order means the case against Babaev and his affiliated entities will likely have to go to trial unless a settlement can be reached. The length and time of going to trial could prove costly for the lender.

Judge Maurice Muir said a “party seeking summary judgment should anticipate having to lay bare its proof and should not expect that it’ll readily be granted a second or third chance.”

“The ruling reinforces that lenders must meet basic legal standards before attempting to seize property,” said Leo Jacobs of Jacobs PC, who represented Babaev. “We’re proud to continue protecting our client’s rights and look forward to a full dismissal of the case in the near future.”

Jacobs said the lender claims the loan balance now exceeds $40 million with interest.

The saga dates back to 2021. Then, original lender Jovia Financial alleged that Meir Babaev, Albert Babaev and Daniel Babaev and their affiliated entities had defaulted on a $23.5 million loan secured by the property at 251-73/77 Jericho Turnpike.

A year later, Jovia assigned the loan to real estate private equity firm Turret Equities. In 2023, the judge struck down Turret’s motion for summary judgment to foreclose on the property and take it over. The court also denied Turret’s request to appoint a receiver.

The loan was eventually assigned to the aggressive lender Madison Realty Capital in 2023, according to property records. The foreclosure against the property remained pending. And in 2025, Madison sold the loan to Broadfield Realty. Shortly thereafter, the judge denied another motion to appoint a receiver and to allow Broadfield to foreclose on the property.

An attorney for the lender did not return a request to comment.

Original Article can be found here https://therealdeal.com/new-york/2025/05/12/meir-babaev-escapes-40m-foreclosure/

At this year’s Real Deal New York Forum, held in the heart of New York City, Jacobs P.C. created an unforgettable Activation Lounge experience. 

TheRealDeal v2-2 (1).png

The 2025 TRD NYC Forum tackled the most important debates shaping the future of New York City real estate. With insights from top executives, insiders, and industry experts, the program delivered cutting-edge discussions—from the resurgence of the office market and upcoming development opportunities to the real estate implications of the next mayoral race.

Special fireside chats and panels lit up the stage in front of a packed live audience. If you brought a notebook, you left with pages of insights. This was more than an event—it was a pulse check on the future of real estate in NYC.

The Real Deal Events: Where Deals are Made

From coast to coast, The Real Deal hosts expos, executive-level experiences, and bespoke events that connect real estate professionals with the dealmakers who move the market.

As proud sponsors, Jacobs PC was honored to debut the Activation Lounge, a fully immersive brand experience created by NANO. From the emerald green velvet seating and gold-accented decor to our live cigar roller, photo booth, and custom podcast studio, we aimed to create a space that not only stood out—but brought people together.

A Lounge Unlike Anything the Forum Had Seen Before

From morning coffees to spontaneous interviews, quiet chats to vibrant group discussions, the Lounge became the place to be-an experience where ideas flowed and relationships were sparked.

And the best part? It wasn’t just about Jacobs P.C. It was about all of you-the developers, brokers, investors, lenders, innovators, and disruptors who dropped by, stayed awhile, and helped turn the Lounge into something special.

To everyone who stopped by to chat, grab a coffee, record a moment, or simply take it all in—thank you. Your energy and enthusiasm made the space come alive. ~ Leo Jacobs

We’ve pulled together a few of our favorite moments from the day:
📸 Click here to view the event gallery
(Feel free to share and tag us—we’d love to see your memories too!)

🎙️ If you enjoyed the experience, don’t miss what comes next:

Subscribe to our new podcast "Confronting The Impossible with Leo Jacobs"—where we dive deep into the untold stories behind commercial real estate, business turnarounds, and the bold moves that defy the odds.

Discover how Eli Karp, founder of Hello Living, built a $500M real estate empire from scratch-and what happened when it all began to collapse.

From Special Ed Teacher to Real Estate Empire: Eli Karp’s Rise, Fall & Fight to Rebuild

Building from $25,000 to a Half Billion: The Hello Living Story

How does a special ed teacher with zero real estate experience build a $500 million real estate empire? In the latest episode of Confronting the Impossible, Leo Jacobs sits down with Eli Karp, founder and CEO of Hello Living, for an extraordinary journey through grit, growth, betrayal and the relentless pursuit of vision.

From humble beginnings in Brooklyn to developing one of the most recognizable residential brands in New York real estate, Eli shares how he built not just buildings-but entire communities.

The Genesis: From Traffic Jams to Visionary Development

It all began in 2005, with Eli commuting through run-down Brooklyn neighborhoods as a special education teacher. Inspired by the empty lots and aging storefronts he passed daily, Eli took a leap of faith. He scraped together $25,000 - even borrowing from credit cards meant for debt payments - to lock in his first property: 925 Pacific Street.

He had no architecture experience. No real estate resume. Just a passion for creating - and an idea: build luxury where no one else dared.

The success of his first project, Pacific Blue, wasn’t just about floor plans. Eli’s obsession with shared amenities, community-building, and unique architectural design led to the birth of Hello Living - a new kind of residential experience.

While most developers stuck to cookie-cutter units, Eli built high-ceiling, flow-through apartments with a communal vision: "Say Hello to a New Way of Living."

As blogs and publications started recognizing his impact, Eli didn't just build homes - he built a brand. Residents, investors, and even local business owners began following his developments. Some investors even used Hello Living projects as beacons for their own commercial ventures nearby.

And it worked. Prices skyrocketed. Buildings sold for $600–$650 per foot, outpacing the original projections by nearly double.

The Price of Partnership: Freedom vs. Control

Not everything was smooth. Eli’s first major investor -"Tony"- funded his dream but later tried to control it, treating Eli as an employee rather than a partner. Eli eventually walked away from properties, profits, and partnerships - buying his freedom to reclaim his vision.

Lesson? Never start without a signed agreement, no matter how excited they seem.

Hello Living Expands - and So Does the Risk

From 2012 to 2020, Hello Living exploded across Brooklyn - Crown Heights, Prospect Lefferts Gardens, Downtown Brooklyn - developing up to 15-story buildings with private elevators, shared amenities, and units designed down to the square inch.

The podcast takes a sobering turn as Eli reveals the darker side of real estate finance-predatory lenders, note-buying, and alleged strategic defaults.

One lender, Madison Realty Capital, allegedly bought his performing loans, delayed funding, and then backdated a default, demanding millions more in interest. This triggered legal and financial chaos, jeopardizing years of work.

This episode isn’t just about real estate-it’s a case study in entrepreneurship, resilience, and the emotional cost of ambition.

✅ Great brands are born from great vision

✅ Bad contracts can destroy good businesses

✅ Debt is not just money-it’s leverage, risk, and control

✅ Success means nothing if you can’t protect it

Whether you're just starting out or managing a portfolio worth millions, this conversation will challenge how you think about growth, risk, and resilience.

🎧 Watch the full episode for a rare, brutally honest look behind the curtain of New York real estate and what it takes to build something that lasts.

PODCAST - Confronting the Impossible with Leo Jacobs.

Known for finding creative, expedient solutions to complex and high-profile cases, Leo excels in matters including distressed investment and asset management, real estate law, corporate law, dispute resolution, business divorces, negotiation, and more. Leo’s extensive expertise in debt and equity structures enables him to employ a full spectrum of legal tools to achieve swift, optimal results for clients. His practice, Jacobs P.C., bridges commercial litigation, corporate transactions, and financial rehabilitation, handling cases across federal, state, and bankruptcy courts, as well as administrative tribunals.

If you would like to join the podcast email requests to pr@jacobspc.com 

Facing challenges? Reach out to experienced professionals early, prepare for the unexpected, and always approach negotiations with clarity and strength.

From Fifth Avenue to the Trenches: Leo Jacobs of Jacobs PC Redefines Real Estate Resilience

In the heart of New York City, where deals shape skylines, Leo Jacobs, Founder and CEO of Jacobs PC, stands as a wartime general in the legal real estate battlefield. From his perch atop 717 Fifth Avenue—with the iconic Trump Building and St. Patrick’s Cathedral framing his backdrop—Leo specializes in restructuring debt, equity, litigation, and advising top real estate clients navigating some of the industry’s toughest storms. Representing 15 million square feet of distressed assets across the city, his firm doesn’t chase the glitzy headlines of billion-dollar trades. Instead, Jacobs PC thrives in the shadows of distress, turning negative tides into legacies of triumph.

Leo Jacobs didn’t stumble into the legal world—he was forged in it. His career began in the gritty streets of Bushwick, Brooklyn, as general counsel for a fix-and-flip shop. At age 26, he cut his teeth dismissing residential mortgages, working on properties ranging from $1 million to $3 million. “We made a lot of money there,” he told Traded, reflecting on those early days under a boss who scooped up distressed one- to twenty-family buildings. That experience wasn’t just a job but a masterclass in resilience, negotiation, and the raw mechanics of real estate recovery.

Leo transitioned to the commercial sphere from those humble beginnings, scaling his expertise to tackle $50 million mortgages and beyond. Today, Jacobs PC occupies a 10,000-square-foot powerhouse on Fifth Avenue, with three divisions—bankruptcy, restructuring, and litigation—serving as a lifeline for clients facing financial upheaval. “The inspiration was practical,” Leo explained. “I was good at what I did in a residential context, so I transferred my skills to a commercial context and built something bigger.” That “something bigger” is now a firm that doesn’t just fix problems—it restores the legacies of the giants of New York City real estate.

New York real estate is a game of extremes—dizzying highs and crushing lows. While Traded often celebrates the “zero to one” victories—multibillion-dollar deals lighting up Fifth, Sixth, and Eighth Avenues—Leo Jacobs operates in the uncharted territory of “negative one to zero.” His clients aren’t buying trophy towers but fighting to keep them. “We don’t do what you advertise and post,” he told Traded, “You’ve got TradedNY posting all real estate transactions and deals and highlighting people and their work most compellingly; we’ve got Traded Bankruptcy.”

Jacobs PC steps in where others falter, offering what Leo calls “leverage.” Whether it’s restructuring a $200 million upside-down skyscraper or negotiating a borrower modification, Leo bridges litigation and transactions with a surgeon’s precision. “You go from macro—wiping out negative $100 million—to micro, where the devil is in the details,” he said. It’s a tightrope walk between a litigious stance and a handshake, and Leo walks it masterfully.

Leo’s proudest moments aren’t measured in headlines but in legacies preserved. He shared two standout cases with Traded.

First, a $110 million out-of-court restructuring for a stalled rental development project in Brooklyn, where his team restructured the debt and equity stack to ensure that the sponsor could carry its legacy forward.

Second is a $100M stalled condo construction project in Manhattan, where Jacobs PC accomplished an in-court restructuring where they brokered a modification between borrower and lender, securing the family dynasty’s future for decades. “We’re not here to quit when the going gets tough,” Leo affirmed. “We’re here to make the tough count.”

These victories underscore his philosophy: real estate isn’t just about buildings—it’s about people, their dreams, and their legacies.

   Running a boutique firm in New York City has taught Leo lessons no textbook could. “Ego will         destroy results,” he warned, a mantra born from watching clients cling to being “right” even            when the path is wrong.

   The real skill? Guiding them to see the solution as their own. “It’s less ego, more handholding,”       he said.

   Another revelation: the skills that take you from zero to one—building wealth—don’t work when      you’re clawing back from negative one to zero. “Billionaires don’t realize they’re playing a                negatively amortized game,” he explained. “What got them rich yesterday won’t save them             today.”

Perhaps his most poignant advice to developers, landlords, and lenders facing disputes: “Put your ego in your pocket, hire a wartime general, and make tough choices now, not later.” In a market rife with self-sabotage, Leo is the steady hand steering clients away from their analysis paralysis and swiftly toward resolution.

   Leo’s career isn’t without its wildcards. He recounted a negotiation transcending contracts and      courthouses: a neurosurgeon client, owner of a 20,000-square-foot multi-specialty facility,             texting him from the edge of despair.

   “He said, ‘I want to jump off my building today,’” Leo recalled. In a matter of minutes, he and his     partner Robert Sasloff, raced to 42nd Street, driver in tow, to talk the doctor down—not just            from the ledge, but from a mental abyss. “Negotiating a person’s state of mind is the hardest         thing,” he said. “A soul must be motivated to find an alternative to death.” They succeeded, a          testament to Leo’s ability to wield power over distressed mindsets.

   As the real estate landscape evolves, Leo sees technology accelerating processes—appraisals,     write-ups, and advice delivered faster than ever. “Generative AI is getting us there,” he noted,        “but we’re not at intuitive AI yet.” While data-driven analysis sharpens his toolkit, he’s adamant:     “AI can’t replace human intuition.

   Feeling and emotion are thus disabused from AI.” If he weren’t a lawyer, Leo would be on the          business side, snapping up distressed buildings and restructuring them—a natural extension of     his current mission.

   What fuels Leo Jacobs? It’s a question that elicits a poet’s response. “I like to empower myself       by empowering others,” he told Traded, reading a phrase he’d penned earlier that day. It’s an          alliteration of purpose—a drive to sacrifice short-term wins for long-term legacies.

   “You find out who you are not in an ocean of gold but in the heat of the Sahara Desert,” he              added. For Leo, strength emerges when there’s no choice but to be strong.

   That lion artwork behind him during the interview? It’s no coincidence. Proud, strong-willed, and    relentless, Leo embodies the predator’s instinct—not to prey but to protect and preserve. “My       practice tests the limits of my clients when they seemingly have nothing,” he said. “It’s a self-         developmental journey—for them and me.”

Leo Jacobs isn’t just restructuring debt or settling disputes—he’s reshaping how we view resilience in real estate. From Fifth Avenue’s gilded heights to the trenches of bankruptcy, he’s a steward of legacies, a master of leverage, and a poet of power. As Jacobs PC gears up for a $15 billion year, one thing is clear: Leo’s story isn’t just inspiring—it’s a blueprint for surviving the Sahara and emerging as a chameleon with new stripes and strengths.

We’ll be watching as this lion continues to roar.

Understanding Bankruptcy Beyond the Stigma. On this episode of Confronting the Impossible, Leo Jacobs sits down with Robert Sasloff to discuss Bankruptcy. 

Bankruptcy, Business, and Billionaires: Hard Truths from the Frontlines

Understanding Bankruptcy Beyond the Stigma

Bankruptcy is a word that sends shivers down the spine of business owners—whether they’re running a family-owned shop or a billion-dollar empire. But in a riveting conversation between Jacobs PC Business & Bankruptcy Attorneys and partner Robert Sasloff, the real story behind financial restructuring was laid bare. The conversation was raw, unfiltered, and packed with valuable insights for business owners at every level.

This isn’t just about legal strategies—it’s about human nature, decision-making under pressure, and the harsh reality of financial distress.

The Ego and Psychology Behind Bankruptcy Decisions

One of the most fascinating takeaways from the discussion was the role ego plays in financial collapse. Whether it’s a small business owner or a billionaire real estate tycoon, the fear of losing reputation often trumps financial logic. The attorneys at Jacobs PC described it bluntly—many business owners refuse to acknowledge when they’re sinking, much like the captain of the Titanic who chooses to go down with the ship.

Instead of acting strategically, they often operate in denial, convinced that the market or their relationships will turn in their favor. They fail to recognize that bankruptcy is a business tool, not a death sentence.

Billionaires Who Can’t Afford a Cup of Coffee

A standout moment in the conversation was the discussion around what it truly means to be bankrupt. The attorneys described cases where individuals control billions in assets but lack the liquidity to pay their daily bills. These "paper billionaires" own entire city blocks but struggle to afford a simple transaction at their local coffee shop.

The podcast tackled an important distinction—being broke doesn’t always mean having no money. It often means not having the cash flow to meet financial obligations as they come due. This is where strategic restructuring and legal expertise come into play.

The Decision Paralysis That Kills Businesses

Many business owners hesitate when faced with financial distress. They either:

Overleverage – Taking out more loans, mortgaging properties, or borrowing from friends and family to keep their sinking ship afloat.

Hold On Too Long – Refusing to let go of a failed venture, leading to more financial bleeding.

Ignore the Problem – Pretending it doesn’t exist, hoping things will magically turn around.

The attorneys discussed real-life cases where wealthy individuals refused to sell even a fraction of their assets to pay debts. Despite having artwork worth millions or patents worth half a billion dollars, they clung to them while drowning in financial obligations.

One of the most crucial takeaways was how sophisticated business owners use bankruptcy as a strategic move. Some of the smartest entrepreneurs recognize when it’s time to cut losses, restructure, and come back stronger.

The attorneys highlighted the case of a billionaire hotel owner who made a tough decision: instead of going bankrupt, he sold 50% of his future returns to an investor. It wasn’t an easy choice, but it preserved his legacy and kept his business alive.

The Lender’s Perspective: The Unforgiving Reality

Another major highlight of the podcast was the role of lenders. Business owners often assume they have time to figure things out, but lenders aren’t patient. They have their own investors to answer to, and once a loan goes into default, they aggressively seek to recover their money.

For business owners who think they can "buy time" by stalling, the attorneys offered a warning—time is not always on your side. Interest rates, legal fees, and lender pressure only increase with delay. Sometimes, quick action is the best way to preserve as much of a business as possible.

The conversation also touched on a crucial distinction—bankruptcy is not a tool for fraudsters. Some business owners lie, cheat, and steal to keep their businesses afloat, but the law doesn’t look kindly on those who commit financial fraud and then try to use bankruptcy as an escape.

Fraudulent activity—such as lying about assets or misleading lenders—can lead to debts that are not dischargeable in bankruptcy. That means even after filing, those debts remain, and legal consequences can follow.

The Emotional Toll: When Business Owners Hit Rock Bottom

Perhaps the most emotional part of the discussion was about business owners facing extreme stress—some even contemplating suicide. The pressure of financial collapse, the fear of public perception, and the guilt of letting down employees and family can push people to their breaking point.

The attorneys emphasized the importance of separating personal identity from business success. A failing business is not a failing life. Seeking legal guidance early, understanding available options, and—when needed—getting professional mental health support are crucial steps in navigating financial distress.

Final Thoughts: Why Business Owners Need to Listen

This podcast episode was more than just legal talk—it was a masterclass in financial decision-making. Whether you’re a small business owner, a real estate mogul, or someone navigating financial uncertainty, the conversation delivered powerful lessons:

Bankruptcy is a strategic tool, not a failure.

Decision paralysis and ego can destroy businesses faster than financial distress itself.

Timing is everything—delaying action often makes things worse.

Fraud doesn’t get washed away in bankruptcy.

Mental health is just as important as financial health in times of crisis.

For those facing financial difficulties, this episode is a must-listen. Understanding how high-stakes financial decisions play out in real life can make the difference between survival and collapse.

🎧 Watch the full episode for more real-world insights from the frontlines of business and bankruptcy law.

Explore the intricacies of bankruptcy fraud with this comprehensive CLE webinar. Learn to navigate the "Looking Glass World" of bankruptcy, identify pre- and post-bankruptcy fraud schemes, and develop strategies for detecting and responding to fraudulent actions.

Fighting Fraud: Strategies for Detecting and Dealing with Bankruptcy Fraud

The program covers civil consequences, effective methods for addressing fraudsters, and essential precautions for practitioners. Equip yourself with practical tools to handle bankruptcy fraud cases with confidence and precision.

Bankruptcy - The “Looking Glass World”

Equip yourself with practical tools to handle bankruptcy fraud cases with confidence and precision.

Subscribe to myLawCLEs All-Access Pass

Speakers: Wayne M. Greenwald, Senior Counsel | Jacobs P.C.

Wayne M. Greenwald represents the entire spectrum of parties in interest in debtor-creditor matters and cases under the U.S. Bankruptcy Code. He has extensive experience in business and commercial litigation and assists clients at all phases of dispute resolution, including pre-claim negotiations, mediation, arbitration, and trial.

Wayne Greenwald has been concentrating on debtor-creditor law for more than 30 years. He was the assistant chair of the Defense Research Institute’s Special Litigation Group on Creditors’ Rights and Bankruptcy. He formerly served as co-chair of the American Bankruptcy Institute’s commercial fraud task force.

Mr. Greenwald lectures frequently and has published or edited articles, treatises, and books on bankruptcy and creditors’ rights, including Criminal Practice/Bankruptcy Proceedings. He is highly regarded in the legal community and has been included in 2007 – 2008, 2010 – 2011, 2014 – 2020 New York Super Lawyers.

Wayne’s core competencies: Entrepreneur Rescue, Chapter 11 Bankruptcy, Individual Chapter 11, Commercial Litigation, Bankruptcy and Criminality, Chapter 7 & 13 Bankruptcy, Subchapter V Bankruptcy, Involuntary Bankruptcy, Bankruptcy Appeals, and Clawback Litigation.

Highlights: Federal Bar Association – Member and Chair – SDNY Bankruptcy Committee. Member of the American Bankruptcy Institute. Member of the Defense Research Institute. Chair of the American Bankruptcy Institute, Commercial Fraud Task Force Committee. Fellow at the Center for International Legal Studies. AV Peer Review Rating – Martindale-Hubbell. Super Lawyer – New York Super Lawyers (2007 – 2008, 2010 – 2011, 2014 – 2020).

Law firm Jacobs P.C. is moving its New York City headquarters to 717 Fifth Avenue.

Jacobs P.C. Moves HQ to 9K SF at 717 Fifth Avenue

Jacobs, which specializes in commercial litigation and bankruptcy, has signed a five-year lease for 8,844 square feet on the entire 17th floor of the 26-story Midtown office tower, according to broker CBRE (CBRE).

The asking rent was not provided, but asking rents at the building range from $95 to $135 per square foot, CBRE said.

The deal represents a relocation and expansion for Jacobs, which has already left its roughly 3,100-square-foot office at 595 Madison Avenue for its new space two blocks away at 717 Fifth, according to CBRE.

Jacobs is working on a different floor of the building for roughly the next three months until work on its new 17th-floor space is completed, CBRE said.

Chinese insurance giant Anbang bought the 353,000-square-foot office building between East 55th and East 56th streets — also known as the Corning Glass Building — from Blackstone in 2015 for $415 million, as Commercial Observer previously reported.

Anbang has since been taken over by asset management financial conglomerate Dajia Insurance Group, CO reported.

CBRE’s Arkady Smolyansky and Jacob Rosenthal brokered the deal for Jacobs, while David Hollander, Nick Hilton and Maxwell Tarter — also from CBRE — represented the ownership.

Other office tenants of 717 Fifth Avenue include the nonprofit Central Park Conservancy and real estate agency NAI Global.

The lease comes after French luxury group Kering — which owns brands Gucci, Balenciaga and Yves Saint Laurent — bought the 115,000-square-foot retail condominium at 715-717 Fifth Avenue from Wharton Properties and SL Green Realty for $963 million last January, as CO previously reported.

Italian luxury fashion brands Giorgio Armani and Dolce & Gabbana are the current tenants in the ground-floor retail space.

Amy Rossetti 
R[AR]E Public Relations 
amy@rarepublicrelations.com 
310.779.6025

From complex litigation to innovative bankruptcy solutions, our team delivered outstanding results for our clients, protecting their interests and securing positive outcomes in challenging circumstances

2024 Year in Review: A Year of Legal Excellence and Client Advocacy

As we close out 2024, we reflect on a year filled with impactful legal achievements. From complex litigation to innovative bankruptcy solutions, our team delivered outstanding results for our clients, protecting their interests and securing positive outcomes in challenging circumstances. Here's an overview of this year’s highlights:

Major Counterclaims in Loan Agreement Disputes
We pursued significant counterclaims, including one for $250 million and another for millions of dollars, in cases involving breaches of loan agreements. These actions defended our clients’ rights and challenged lender overreach, preserving vital financial interests.

Corporate Disputes in Renewable Energy
We filed a derivative action involving one of the largest solar farms in the United States, addressing failures to convey shares critical to the project's success and ensuring our clients’ equity interests were protected.

High-Stakes Legal Malpractice and Defamation Cases

Initiated a $55 million legal malpractice suit against a law firm, holding them accountable for professional lapses.

Pursued a $30 million defamation claim to protect our client’s reputation and business standing within the competitive real estate industry.

2024

Real Estate Development: Filed multiple Chapter 11 cases for real estate developers, addressing debts ranging from under $1 million to over $75 million. In one case, we confirmed a reorganization plan that fully paid creditors and returned equity to the owner. In another, we delayed adverse creditor actions for nearly a year, forcing an alternative resolution.

Church Refinancing: Represented a church in Chapter 11 with $1 million in debt and an imminent foreclosure sale. We are finalizing refinancing to preserve its $3.8 million property.

Wholesale Business: Guided a wholesale business with over $14 million in debt through Chapter 11, preparing a consensual reorganization plan to restructure liabilities and keep the business operational.

Restaurant: Resolved a Chapter 11 case for a restaurant with $1.2 million in arrears by negotiating a settlement with the landlord, enabling continued operations and dismissing the bankruptcy.

Tax Debt Relief Through Chapter 7
Assisted a client in discharging over $300,000 in tax debts incurred from a 401k scam. By initiating adversary proceedings, we secured a full discharge, providing significant financial relief.

2024 Achievements

A Year of Strategic Counsel and Positive Outcomes

This year demonstrated our ability to handle high-stakes legal challenges with precision and dedication. From defending clients in litigation to restructuring businesses and preserving assets, our focus remains on delivering results that matter.

1. Interest Rate Impacts
Higher borrowing costs have spurred creative financing solutions and intensified scrutiny of deal structures. Understanding these dynamics is critical to ensuring compliance and mitigating risk.

2. Zoning and Land Use Challenges
Local governments are adapting to increased demand for mixed-use and affordable housing developments, presenting new regulatory hurdles for developers and investors.

3. ESG Regulations in Real Estate
Environmental, Social, and Governance (ESG) standards have become integral to investment decisions. Navigating green building requirements and sustainability obligations is now essential for long-term success.

4. Emerging Technologies
Proptech advancements, from blockchain-based transactions to AI-powered property management, bring new opportunities but also new legal considerations.

1. Legislative Developments
Anticipated changes in federal and state tax laws could impact real estate transactions and ownership structures. Jacobs PC is closely monitoring these developments to keep our clients informed and prepared.

2. Market Resilience
Despite ongoing economic uncertainty, real estate remains a stable asset class. As institutional investors continue to re-enter the market, opportunities for growth and innovation will follow.

3. Evolving Client Needs
With an increasing focus on diversification and adaptive reuse of properties, we foresee more complex deal negotiations that require strategic legal insight.

As we look ahead to 2025, we are committed to building on these successes, continuing to advocate for our clients, and driving meaningful outcomes in every case we take on.

Here’s to another year of collaboration and achievement!

Leo Jacobs, speaks with Phil Rosen, Partner at Shutts & Bowen LLP, at the Real Deal forum. They stress the importance of protective measures in forbearance agreements and the strategic need to be "dangerous" enough to stand firm in negotiations.

Real Estate Slowdown and Strategic Counsel

Insights from Phil Rosen at Shutts & Bowen

At the Real Deal forum in South Florida, Leo Jacobs sat down with Phil Rosen, Partner at Shutts & Bowen LLP, to discuss the current state of the real estate market and the critical role of strategic counsel in navigating challenging times. The conversation shed light on the market's slow transaction pace for large multifamily assets and the increasing patience of banks with distressed borrowers.

You can watch the full interview below to gain further insight:

Despite media narratives suggesting widespread distress in the real estate market, Rosen emphasized that this is not as pervasive as reported. "Things are happening, but they’re happening slowly," he explained. Banks are demonstrating notable patience, often allowing borrowers to extend deadlines by six to twelve months, a level of leniency that has exceeded expectations.

Transactional Counsel as a Problem Solver

The discussion delved into the importance of effective transactional counsel in protecting real estate investments. Jacobs, speaking from his experience in bankruptcy and litigation, highlighted the pitfalls of inadequate counsel. Rosen agreed, noting that the details in forbearance agreements are critical to safeguarding a client’s future. His team at Shutts & Bowen takes a proactive approach, fostering partnerships with lenders and focusing on problem-solving rather than placing blame.

"Forbearance agreements are about thinking two steps ahead," Rosen explained. "We insert provisions that might allow lenders to bring in new capital or facilitate a loan buyout, ensuring the client’s bottom line remains protected."

Balancing Collaboration and Assertiveness

Both speakers underscored the importance of collaboration in negotiations while maintaining enough leverage to stand firm. As Jacobs put it, “Engaging with the lender is essential, but you also have to be ‘dangerous’ enough to show you’re capable of standing your ground.” Rosen agreed, highlighting the delicate balance required in these negotiations. "If you owe the bank a little money, it’s your problem. But if you owe the bank a lot of money, it’s the bank’s problem," he quipped.

The conversation between Jacobs and Rosen showcased the evolving dynamics of the real estate market and the strategic thinking required to navigate it successfully. As transactions for large multifamily assets slow and banks exercise patience, the role of experienced counsel becomes even more vital.

Ruben Izgelov and Leo Jacobs discuss the potential for inflation as optimism rises, with possible Federal Reserve rate adjustments on the horizon.

Interview with Ruben Izgelov, CEO and Founder of WeLend

Continuing our interview series, this discussion focuses on how investor sentiment in the real estate market has shifted from caution to confidence following the Trump administration's win. Previously hesitant investors are now eager to increase their stakes, signaling bullish market momentum. Ruben Izgelov and Leo Jacobs discuss the potential for inflation as optimism rises, with possible Federal Reserve rate adjustments on the horizon. They also assert the need for updated policies to keep pace with evolving market dynamics, predicting a positive trajectory for the sector.

Watch the full interview for key insights and takeaways:

Leo Jacobs: What are the effects of a Trump administration on the commercial real estate side and the residential real estate side? A lot of our investors in our fund today have been, I would say, a little bearish on the market for some time. But what I’ve learned is that many of them are now ready to increase their investment. The sentiment has changed.

Ruben Izgelov: Absolutely. Thanks for having me, Leo. It’s a pleasure to be here with you.

Leo Jacobs: Pleasure’s all mine, Ruben. From what I understand, there are about 700-800 people here. That’s amazing. Out of all those people, I’m standing here with the one and only Ruben Izgelov, CEO and founder of WeLend, a direct lender. Your face and name are everywhere as one of the lead sponsors of this event. So, a lot of credit to you for that. Keep doing what you’re doing. You’re doing an amazing job.

Ruben Izgelov: Thank you, Leo. I really appreciate it.

Jacobs P.C. Lawyers

Meet the team

Jacobs PC Represents LuxUrban Hotel Group in Ongoing Legal Matters

Third time’s not the charm: Meir Babaev escapes $40M foreclosure

From Special Ed Teacher to Real Estate Empire: Eli Karp’s Rise, Fall & Fight to Rebuild

Company

Evidence

Get in touch

Elsewhere