Two former rivals are now joining forces.
After nearly three decades at a firm he co-founded, real estate attorney Alvin Schein is leaving to join Adler & Stachenfeld. He will co-chair the firm’s NYC real estate tax and zoning incentives practice group with YuhTyng Patka, who has served as chair since 2019.
Schein and Jay Seiden founded their development-focused firm in 1996. Schein said he’s been thinking about a move for a little more than a year, and noted the departure of several attorneys a few months ago. (A few of its lawyers joined Belkin Burden Goldman, where they formed a new tax incentive group.)
Meanwhile, his old firm is winding down. Seiden, who didn’t return an email and call seeking comment, is retiring, according to a representative. Five other attorneys from the firm are also heading to Adler & Stachenfeld.
In an interview, Schein said his new role will allow him to represent clients through every facet of a transaction. He’s also excited to shed administrative responsibilities and focus more exclusively on his practice.
He and Patka said they are eager to work together and are happy that their clients no longer have to choose between them, as they were often in competition.
They’ve known each other for some time. Schein recalled that years ago, Patka called him out of the blue to ask his advice on a contract. She was just getting into inclusionary housing deals.
“Little did I know is: she was going to use it against me,” he joked.
Patka said she is thrilled “to be partnering with one of my mentors and heroes in the industry.”
The two have their work cut out for them, as developers navigate new property tax incentives, 485x and 467m, and the inclusionary housing replacement program, Universal Affordability Preference.
What we’re thinking about: Will we start seeing more mass timber projects in NYC? Do you know of any in the works? Have you thought of any timber puns that we have somehow missed? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Donahue Peebles III, CEO of Miami-based Legacy and executive vice president of the Peebles Corporation, is an executive producer on a new show about Manhattan developers.
Deadline reports that the yet-to-be named show’s pilot will appear on Hulu and describes the show as follows: “In a cutthroat battle to dominate the Manhattan skyline, two rival real estate developers risk everything — wealth, family and their souls — as their ambition turns into obsession, and their partnership turns into war.” Edgar Ramírez is expected to star in the show.
In a statement provided to TRD, Peebles said his experience as a developer is informing the show’s depiction of the “stakes, the risks, the deeply personal nature of competition.”
“Developers walk a tightrope balancing between oblivion and supremacy; that’s something that’s very hard to render authentically without the first-hand experience,” he said.
Elsewhere in New York…
— The city’s Campaign Finance Board hit mayoral candidate Andrew Cuomo with a more than $600,000 fine for improperly coordinating with super PAC Fix the City, Gothamist reports. The fine is related to allegations that the campaign posted information on its website for the group to use in ads to get around rules barring direct communications between campaigns and super PACs. The practice, known as red-boxing, is permitted under federal rules but prohibited by the city’s Campaign Finance Board.
“ CFB rules state that the board may determine an expenditure was not independent if the entity making the expenditure utilized strategic information or data that has been made publicly available by the candidate in a manner which the candidate knew or should have known would facilitate such utilization,” Richard Davis, a board member, said at a hearing on Monday, as part of a prepared statement.
Cuomo’s campaign plans to challenge the fines.
“Our campaign has operated in full compliance with the campaign finance laws and rules, and everything on our website was reviewed and approved by our legal team in advance of publication,” Cuomo spokesperson Rich Azzopardi told Gothamist.
— Brooklyn Democratic Chair and Assembly member Rodneyse Bichotte Hermelyn is backing Sabrina Gates’ bid to unseat Council member Lincoln Restler, City & State reports. “As Brooklyn’s first woman Party Chair, I see a lot of myself in Gates: with her passion, tenacity and excellent leadership in the Brooklyn Democratic Party nearly every day, despite unfair, biased criticism,” Bichotte Hermelyn said in a statement. “District 33 needs a leader who is unifying, knows how to get things done in the Democratic Party, and listens to the concerns of all the district’s diverse community members – who all have unique, multifaceted needs and pressing issues.” Restler said Bichotte Hermelyn is targeting him because he’s stood up to the Brooklyn machine and the “corrupt cabal” of Bichotte Hermelyn, Mayor Eric Adams and Frank Carone.
— The City Council’s Subcommittee on Zoning and Franchises and the Committee on Land Use on Monday approved the Atlantic Avenue rezoning, which is projected to lead to the construction of 4,600 housing units. The Council modified the proposal, so it now heads back to City Planning before going to the Council for a full vote.
Closing Time
Residential: The priciest residential sale Monday was $25 million for a condominium unit at 160 Leroy Street. The West Village condo is 3,800 square feet and was previously listed by Compass’ Hudson Advisory Team before being delisted in June 2024.
Commercial: The most expensive commercial closing of the day was 111 Reade Street for $9.7 million. The Tribeca property is a mixed-use rental building with four units across 8,800 square feet.
New to the Market: The highest price for a residential property hitting the market was $9 million for a townhouse at 163 West 87th Street. The Upper West Side home is 5,800 square feet and five stories. Brown Harris Stevens’ David Kornmeier has the listing.
Breaking Ground: The largest new building application filed was for a 28,354-square-foot, 12-story, mixed-use building at 215 West 76th Street in Manhattan. Alexander Zhitnik of Z Architecture is the applicant of record. — Joseph Jungermann
