The Firm represented the City of New York on a pro bono basis in connection with the formation of the Trust for Governors Island, the new City-controlled entity that will guide the future of Governors Island, and the Trust’s acquisition from Empire State Development Corporation, a corporate governmental agency of the State of New York, of approximately 150 acres of Governors Island and all of the assets related to the operations and activities performed on Governors Island. Twenty-two acres of space, which comprise the Governors Island National Monument, will continue to be managed by the National Park Service.
The Trust is responsible for the planning, operation and redevelopment of 150 acres of Governors Island. The Trust will implement a comprehensive strategy to redevelop Governors Island, which includes the implementation of the Governors Island Park and Public Space Master Plan. The park plan will transform 87 acres of open green space on Governors Island, rejuvenating existing landscapes in the National Historic District, revitalizing the southern half of the island with a new 40 acre park and adding a 2.2-mile Great Promenade along the waterfront. Last year, Governors Island welcomed a record 275,000 visitors over a 60 day public access season and offered a diverse array of free cultural and recreational programs and activities to visitors from neighborhoods across New York City.
The STB team that worked on the transaction included: Casey Cogut, Edward Chung, Ryan Gavin and Craig Katerberg (M&A); Victoria Bjorklund, Jennifer Franklin, Jennifer Reynoso and Drew Rabe (Exempt Organizations); Greg Ressa and Aaron Yowell (Real Estate); Mike Isby and Timothy Mulvihill (Environmental); Samantha Shipp (Executive Compensation and Employee Benefits); Andy Keller (Corporate); Jonathan Talansky and Chang Won Choi (Tax); Lori Lesser and Genevieve Dorment (Intellectual Property); William Levine (Litigation); Andrea Sung (Banking and Credit); summer associate Laura Safdie and Sponsors for Educational Opportunity Intern Daniel Gwen.