Paul Hastings Advises NYCFC on Stadium Development
Deal News | Dec 05, 2024 | Paul Hastings
Paul Hastings LLP has successfully advised New York City Football Club LLC (NYCFC) on the leasing and financing arrangements required for the development of its new stadium, Eithad Park, in the Willets Point section of Queens, New York. The stadium, expected to open in March 2027, will have a seating capacity of 25,000. NYCFC secured a 49-year ground lease for the 17-acre site from the City of New York. Additionally, Paul Hastings, alongside DLA Piper LLP, assisted in securing a $425 million construction loan. The project also involves a significant equity investment from an affiliate of Marcelo Claure and agreements concerning parking and development restrictions with New Green Willets. The deal signifies the last major stadium development in New York City for the foreseeable future. The legal team led by Real Estate partner Bruce DePaola included multiple associates from Paul Hastings.
Sectors
- Real Estate Development
- Sports and Entertainment
- Legal Services
- Finance
Geography
- United States – The article centers around a project located in New York City, USA.
- New York – Specific attention is given to the development at Willets Point in Queens, New York.
Industry
- Real Estate Development – Involves the leasing and development of land for the construction of new structures, such as the soccer stadium in Queens.
- Sports and Entertainment – Encompasses the development and management of sports facilities, such as the new stadium for NYCFC.
- Legal Services – Involves legal advisory services provided by law firms like Paul Hastings in connection with large development projects.
- Finance – Refers to the securing of a $425 million construction loan, necessary for financing the stadium project.
Financials
- $425 million – The amount secured as a construction loan for the development of NYCFC's new stadium.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Paul Hastings LLP | Legal Advisor | Company | An international law firm providing legal services to NYCFC for the stadium development. |
| New York City Football Club LLC (NYCFC) | Target | Company | A professional soccer team intending to develop a new stadium in Queens, New York. |
| City of New York | Vendor | Government | Owner of the development site in Willets Point, leasing ground to NYCFC. |
| DLA Piper LLP | Legal Advisor | Company | Co-advised on the $425 million construction loan for the stadium. |
| Marcelo Claure | Investor | Person | Affiliate investor providing significant equity investment into NYCFC. |
| New Green Willets | Other Company | Company | Involved in agreements related to parking and development restrictions with NYCFC. |