David Portal

/My focus

REAL ESTATE

I help my clients (which include landlords, tenants, developers, nursing homeowners and operators, banks, hotel owners, hospitals, universities, and nonprofit organizations) with the acquisition and sale of commercial office and mixed-use buildings and hotels, the leasing (ground and master) of properties, multilevel financings, and negotiation of limited liability operating agreements and joint ventures. I also work in commercial office and retail leasing, representing both landlords and tenants, as well as in airport leasing.

I strategize with clients on how to seize new or evolving opportunities through federal and state agencies, among other resources.

In addition to representing my clients in real estate deals, I provide overall general advice and counsel on the transactions.

NEW YORK CITY AND NATIONWIDE

Much of my work is located within the city. New York City represents what our great nation is all about—diversity of people, neighborhoods, businesses, and communities. I am also involved in multistate deals.

SPEAKING AND PUBLIC SERVICE

I lecture and give seminars on real estate matters at various institutions on behalf of the New York State Bar Association, the Legal Aid Society, and other associations. I enjoy teaching and the networking aspects of this service.

/Representative experience

Purchase And Sale Agreements

• Representation of The City University of New York (CUNY) in connection with the acquisition of a portion of a large office building in Queens, New York, which was converted into a condominium for the relocation of its law school. The engagement included overseeing the building’s conversion, as well as negotiating the condominium documents with the only other condo owner, a nationally recognized bank. I also represented CUNY in the sale of its headquarters building located at 535 East 80th Street, New York, New York.
• Representation of New York developers in the purchase and sale of numerous middle-market properties.
• Representation of a well-known New York developer in the purchase and financing of a Mid-town mixed-use office and retail building. The engagement included negotiating the purchase and sale agreement, reviewing and analyzing the existing space leases, and negotiating the loan documents.
• Representation of developer in the purchase and financing of a large commercial office/retail building in Chicago.
• Representation of an accredited college in connection with the purchase of a building in Upstate New York and a lease of significant space in another building in the same area.
• Representation of a developer in the sale of prime ground lease property in Midtown Manhattan.
• Representation of nonprofit entities in leasing and acquisition of real estate interests.
• Representation of purchaser in connection with the purchase of a mixed-use retail and commercial office building in Midtown Manhattan ranked among the ten largest New York City real estate transactions in the subject year.

Commercial Leasing

• Representation of a developer/landlord in leasing more than 190 nursing/assisted living facilities throughout the US.
• Representation of developer landlord in the leasing of 27 skilled nursing facilities.
• Representation of a foreign bank in connection with the sale of its lease covering a large block of space in an office building in Manhattan to a Fortune 500 company.
• Representation of a foreign beverage company in connection with a significant lease transaction as it entered into the US market.
• Representation of corporate property investors for all leasing transactions affecting the General Motors Building, 767 Fifth Avenue, New York City.
• Representation of an investment brokerage house in connection with its leasing of approximately 90,000 square feet of commercial space at 360 Madison Avenue in New York City.
• Representation of a foreign bank in connection with its leasing of approximately 50,000 square feet of commercial space at 1185 Avenue of Americas in New York City.
• Representation of various law firms in connection with leasing office space ranging from 10,000 to 100,000 square feet.
• Representation of a foreign bank in connection with its lease of approximately 135,000 square feet at 7 World Trade Center.

Commercial Leasing for Not for Profit

• Representation of not-for-profit tenant leasing approximately 140,000 square feet in a downtown Manhattan Building with leasehold condo structure to allow for real estate tax exemption.
• Representation of not-for-profit tenant leasing office space in a Midtown Manhattan Building with a leasehold condo structure to allow for real estate tax exemption.

Airline and Related Airport Leasing

• Representation of JetBlue Airline in the leasing of its Terminal 5 at JFK International Airport in New York.
• Representation of JetBlue Airline in its terminal lease in Orlando, Florida.
• Representation of entity in the negotiation of a ground lease agreement for the development of a state-of-the-art multi-million-dollar cargo facility on JFK property, as well as a sublease of said property to an end user of same.

Hotels

• Representation of developers in the purchase of various hotels.

Financings

• Representation of developer in revolving mortgage loan facility in connection with purchases of various retail properties.
• Representation of both underwriters of the National Football League’s New York Giants and New York Jets’ new 82,000-seat open-air stadium, which will be home to both teams.
• Representation of the New York City Industrial Development Agency in connection with the development, construction, and financing of two new baseball stadiums for Major League Baseball’s New York Mets and New York Yankees.
• Representation of various individual and corporate investors and developers in the financing of mixed-use commercial and retail buildings in New York City and nationwide.
• Representation of developer in three separate multi-property CMBS (commercial mortgage-backed securities) loans (covering 18 properties, four properties, and major commercial buildings).
• Representation of a major developer in the sale, financing, disposition, and leasing of buildings in New York City.

/Looking ahead

The real estate market is competitive. Getting deals done in a timely manner with the client understanding the potential risk is critical.

/Insights

Teaching/Education

David’s Lessons Learned

I have instituted a practical learning segment within NP's Real Estate Department, where we/I discuss in a group setting current issues that lawyers encounter in real estate transactions, including purchases and sales, financings, leasing, transfer tax issues, and the like and best approaches for resolving issues.

Speaking Engagements

• “Commercial Leasing Workshop,” New York Legal Services, May 16, 2018 (Speaker).
• “Legal Essentials of Commercial Leasing Workshop,” Legal Aid Society, 2008–2013, 2017 (Speaker). 
• “The Art of Subleasing: What Every General Counsel in New York City Should Know,” Association of Corporate Counsel lecture series, March 12, 2009 (Speaker). 

Publications

• “When Subprimes Lead to Subleases: You Better Get it Right,” Real Estate Weekly (Co-author).