Jay Neveloff (left) and Elise Wagner.
Jay A. Neveloff and Elise Wagner
Chair of real estate; co-chair of land use at Kramer Levin Naftalis & Frankel
Last year's rank: 95
Attorneys Jay A. Neveloff and Elise Wagner proved their importance over the course of the past year in helping to bring deals across the finish line in a dislocated commercial real estate market.
The duo played a crucial legal advisory role on a variety of CRE transactions, including debt originations, investment sales, recapitalizations, joint venture partnerships and adaptive reuse projects. As deals have become more complex amid higher interest rates and with multiple layers of the capital stack involved, Kramer Levin’s importance has grown more vital with versatile offerings that include expertise in advising with New York City’s condominium laws.
“We do everything, and having the condominium expertise has been invaluable because with so many of the major buildings in New York there’s a condominium structure,” Neveloff said. “Deals are getting more complex and more sophisticated, and having all that expertise in-house makes a huge difference.”
One of the notable transactions Neveloff advised on in 2024 involved representing Vornado Realty Trust in a deal with New York University for 770 Broadway. NYU master-leased more than 1 million square feet for 70 years at the landmarked building. As part of the deal, the university agreed to a large rent prepayment so that Vornado could settle around $700 million of debt encumbered to the property.
The last year has seen Kramer Levin representing the Related Companies and Wynn Resorts with its Hudson Yards casino bid, helping the proposal receive required preliminary approvals from the City Planning Commission last month. Wagner, as co-chair of the law firm’s land use practice, has led the casino proposal and helped navigate it through multiple stages. That includes seeking City Council approval this spring for a necessary zoning change.
“We as the land use lawyers are responsible for basically coordinating everything from the architect, the clients, the environmental consultant and the political consultant, and getting everything together into the application,” Wagner said. “There’s also a very complex and long environmental impact statement process which we review and make sure that it is able to withstand scrutiny.”
