Moguls’ Mechanic

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The Sit-Down
Location: Last year, a Legal Media Group study named you the best-connected and most powerful real estate lawyer in the world. That’s sort of extraordinary.
Mr. Mechanic: I did get a kick out of that, I have to admit. That was fun. I went to a meeting with a tenant I was representing with a pretty good sense of humor, and I walked in and he said, ‘Aha! We now have the best real estate lawyer in the galaxy!’ So you have to enjoy all that. But I think I’m pretty good at what I do, and certainly I have lots of relationships that I’ve developed in almost 30 years in the business.
How is the real estate law business now?
I think the New York market has been extraordinarily strong. Obviously, you’ve seen dramatic sales take place, whether it’s the sale of the GM Building or the sale of the retail unit at 666 Fifth Avenue.
Both of which you were involved with.
Yes.
Would you mind if I listed a few moguls just to get a sense of the breadth of your client list?
O.K.
Jerry Speyer?
Done a lot of work with Jerry Speyer over the years.
Steven Roth?
I worked with Steven.
Stephen Ross.
Yes.
Mike Bloomberg?
I have only worked with the mayor in the context of his role as mayor, not privately.
The guys at SL Green?
I do a lot of work with the guys at SL Green.
Bruce Ratner?
I’ve worked with Bruce Ratner.
Douglas Durst?
I’ve done work with Douglas Durst, mostly across the table, but we as a firm do a lot of work for Douglas on the land-use side.
Mort Zuckerman?
I’ve spent time with Mort Zuckerman in connection with the sale of a large property portfolio in Princeton, New Jersey—the Carnegie Center, which Boston Properties bought seven or eight years ago. And I spent some time with him in this recent acquisition here.
Because you represented the Macklowes in the sale of the GM Building.
We represented the Macklowes with my partner, Rob Sorin, who has a long history with Macklowe Properties.
The Zeckendorfs?
I’ve represented the Zeckendorfs. The Zeckendorfs recently did a deal buying the site from Harry Macklowe across from the United Nations, with a partner, Global Holdings.
El-Ad’s Miki Naftali?
We represented the owners of the Plaza [in its sale] to Elad.
Sheldon Solow?
I have had a couple of things across the table, but I’ve never represented Mr. Solow.
Gary Barnett?
We’re representing Gary on some of his land-use [issues].
The Rudins?
I’ve worked with the Rudins as well.
The Olnicks?
I’ve worked with the Olnicks as well.
The Trumps?
I’ve both been across the table from and represented the Trumps on some matters.
Just a few more. Kent Swig?
I’ve worked with him for a very long time.
Paramount’s Al Behler?
We sold them a building on Ninth Avenue from SL Green, and I’ve dealt with Albert in other contexts.
The Moinians?
We’ve repped them on a lot of stuff.
Larry Silverstein?
Across the table we represented Moody’s, which is the primary tenant of 7 World Trade Center. We also sold them 575 Lexington Avenue.
The LeFraks?
We’ve done a lot of stuff across the table with the LeFraks.
The Spitzers?
I did a lease for Playboy at the Crown Building, both the original one and when they extended their lease.
How do you handle it when you have two clients who are across the table from each other?
It happens a lot, and generally it’s been actually very helpful, because there is a sense of confidence in dealing on the up and up.
What do you think of the cast of characters that is the New York development community?
I love the real estate development community in New York.
Why?
I think they’re unbelievably talented, bright, energetic, creative. I think all you have to do is look around you and see the fabulous city that they’ve helped create.
Surely some of them must have outrageously large egos.
They have accomplished a great deal, so it’s not unreasonable for people to believe they can accomplish difficult tasks. And, obviously, if you look around you, they have.
Do you have a big ego?
I don’t think so.
What is the biggest deal you’ve been involved in?
Probably the purchase of Peter Cooper/Stuyvesant Town.
What’s the most stressful deal you’ve been involved in?
No comment.
Now, you represented Vornado and Related on the Moynihan Station project—are you doing any work on that now?
No comment.
Do you foresee Moynihan Station happening at all, given Madison Square Garden’s plans to renovate?
I can’t comment.
Is there any client that you’ve had that you wouldn’t work with again?
I’ve had a great relationship with the clients that I represent, and I think that it’s been a relationship that’s worked for both sides. I think there’s a selection process that goes on for both sides, the lawyer working with a client and the client working with a lawyer.
How does the selection process work?
I think it can happen in, you know, an untold number of ways. You can meet at some real estate function; you can meet across the table; you can meet at a Real Estate Board function; you can meet at a charity function; you can meet at some other industry event. And you establish a reputation.
Do you invest in real estate?
Sometimes, when I have the opportunity.
Any investments in particular that you could tell us about?
No.
Do you think that your apparent humility makes it easier to work in the real estate industry, with so many outsized personalities?
I think that I have a good way of dealing with people, and I think there are different approaches with different people, and I think you need to make sure that you are acting in a way that is most suitable for whatever client you’re working with.
How much longer do you think you’ll be doing this? Certainly, from a financial standpoint, you don’t need to keep working.
Ah, well, I don’t know about that, but I like what I do; in fact, I love what I do, and so I think that people who really enjoy what they’re doing tend to work for a longer period of time, and those that are less enthusiastic tend to move and to do something else.
Do you do any international work?
We’ve done transactions in the U.K. and in Europe. We have a group in Asia, out of Hong Kong and Shanghai, and we’ve worked with our partners in those other jurisdictions.
Do you have a group in Dubai?
We do not have a group in Dubai.
Are you planning on doing something there?
I think for the moment we’re situated where we need to be, and, obviously, those things can change over time.
Does one need a lawyer in Dubai, where there aren’t so many laws?
I can’t comment on that. But certainly there’s lots of investment coming from Dubai to the United States.
Do you ever find yourself, in your pro bono work, representing a tenant who might have a gripe against one of your clients?
Well, obviously, we couldn’t do it in a conflict situation, so we try to do it in a place where we can be helpful; we provide a service, we can benefit the community, but not in a way that would run counter to the interests of our clients.
What are your thoughts on rent-stabilization?
I think I will leave that to members of the industry.
drubinstein@observer.com
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