CB Developers, Tarter Family Entities and The Kingdom of Lesotho recently completed a joint venture arrangement pursuant to which The Kingdom of Lesotho contributed to the venture the land and building used by the Permanent Mission of Lesotho to the United Nations located at 204 East 39th Street in Manhattan, New York and the Tarter Family contributed an adjoining property at 208-210 East 39th Street.
The Kingdom of Lesotho will receive no direct compensation for contributing its property to the joint venture, which will develop a primarily residential, condominium-style, 19-story rental building on the combined site. Upon substantial completion of the building, The Kingdom of Lesotho will receive a commercial unit for use by the Permanent Mission as its new offices. The project is located adjacent to CB Developer's current development project at 200 East 39th Street.
Shearman & Sterling LLP provided legal counsel to The Kingdom of Lesotho. Paul Hastings represented the Tarter Family interests. Levy Holm Pellegrino & Drath LLP represented CB Developers.