Valeray Completes Sale of Upper East Side Properties

Paul, Weiss advised Valeray Real Estate Company and its affiliates in connection with the sale of two adjacent multifamily buildings located on the Upper East Side of Manhattan to Douglaston Development for a combined purchase price of $124.5 million. The buildings are located on Third Avenue between East 82nd Street and East 83rd Street. Douglaston Development plans to demolish the existing building located on East 82nd Street to build a $500 million luxury residential condominium project.

The Paul, Weiss team was led by real estate partner Peter Fisch and included, among others, counsel Barry Langman, Ruobing Chen and Andrew Wurzburger; tax partners Brian Krause and Robert Killip; restructuring partner Robert Britton; litigation partners Gregory Laufer and Aidan Synnott; and corporate counsel Hilary Christian.