Page 109 - NYLJ Professional Excellence 2021

DEALMAKERS OF THE YEAR

felt by the surrounding community for retail businesses with fewer customers,
years to come as these unique tenants and landlords with fewer tenants. And
open up and become local fixtures. It limits on construction materials made
is a microcosm of the economic revival construction projects on new retail
we will surely see in New York over the spaces very costly. Collectively, these
coming years. challenges made it very difficult for
landlords and retail tenants to operate,
What qualities make a great dealmak- let alone come to terms and execute a
er? In consummating deals that contain new deal.
many different rights, responsibilities
and real world repercussions, a great A prospective client calls and asks why
dealmaker must be able to quickly for- you or your team should be retained.
mulate compromises. Legal precedent What is your response? Having spent
and industry norms offer parameters the past 10 years managing properties
GEOFFREY WEG, to consider, but most instructive is in New York City, I have a well-rounded
the dealmaker’s common sense as to view of the issues that landlords and
MANAGING MEMBER, what is fair and their ability to under- their tenants face in practice, of which
stand what is most important for each there are many. This knowledge helps
WEG PROPERTY GROUP party. me structure and negotiate thorough
agreements, and to have a holistic view
Q&A What were some of your What recent market factors have been of the broad array of the legal, compli-
ance and practical matters that land-
most satisfying successes
the most challenging in your practice
of the past year, and why? The set of area? The COVID-19 pandemic intro- lords and tenants contend with on a
three retail deals described in the essay duced unprecedented challenges to daily basis. Beyond this base level of
was one of my more satisfying successes the retail sector in New York. Govern- knowledge and experience, I have an
of the past year. In a market that had ment mandates and civil unrest either aggressive yet collegial and constructive
been ravaged by retail vacancies, it was forced businesses to close entirely, approach to handling matters, with an
an honor to spearhead multiple deals or severely restricted their ability to eye towards having a smooth and enjoy-
in such a concentrated area—a Manhat- service customers. Many residents able process, where your rights will be
tan block. The effects will hopefully be left certain areas of New York, leaving protected.

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Photo: Weg Property Group | October 2021 107