James M. Carolan

Partner

New York

+1 212 506 3919

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Areas of Work

Private Client, Real Estate, Corporate, Exempt Organizations

Languages

Italian

Overview

Jim Carolan has nearly 35 years of experience advising investors on their real estate needs including acquisition, development, financing, leasing, disposition, and regulation. His clients include high net worth individuals and family offices, investors and investment funds, developers, major corporations, art galleries, luxury retailers, restauranteurs, universities and other tax-exempt organizations and their endowments. Jim has handled acquisitions and sales of single assets and portfolios, ground leases, space leases for office, retail, warehouse and other uses, asset-based and mezzanine financings, development and investment joint ventures, construction and design arrangements, and complex easements for conservation, utilities, construction, and access.

In addition to his extensive commercial experience, Jim has handled over $1 billion in luxury residential transactions in and outside the United States. He frequently advises high net worth individuals with substantial real estate holdings on intergenerational real estate ownership challenges, threats of partition, and uncooperative partners.

Jim’s experience includes previously leading the US real estate group of an international law firm for 10 years, where he worked extensively with high net worth clients and family offices. Before that, he served as associate general counsel to Yale University for 14 years, where he advised the central university and endowment on real estate investment, development, and general business matters.

Jim has lectured on real estate law and practice at the Yale Law School, the Yale School of Forestry and Environmental Studies, NYU, Columbia, and Cornell and at bar and professional events. He has handled pro bono matters throughout his career, ranging from affordable housing issues to advice on the formation and governance of nonprofit organizations.

Fluent in Italian, Jim regularly advises Italian speaking clients on their US dealings, and assists foreign investors dealing with Italy. Jim also raises money for the maintenance of Italian monuments in his spare time.

New York
Connecticut
District of Columbia

J.D., University of Connecticut School of Law, with honors
M.A., Stanford University
A.B., Cornell University

Areas of Work

Representative Matters

Assisted Swiss asset manager acquire many mixed use and commercial properties throughout the U.S. for separate account investors.
Advised family on $45MM in mortgage and mezzanine loans secured by luxury residential compound.
Restructured and liquidated equity interests in various NY office towers for passive foreign partners.
Handled sale-leaseback transaction with a public REIT of a manufacturing facility for the portfolio company of a private equity fund.
Represented foreign developer on structuring joint venture for construction of luxury and mixed-use projects in Manhattan.
Drafted build-to-suit ground leases for boutique hotel in Chicago and art gallery in New York City.
Assisted with $100 million financing for Manhattan healthcare organization.
Negotiated purchase and lease-back of prime development site on Madison Avenue for foreign investor.
Assisted with purchase and sale of various real estate portfolios in Manhattan and elsewhere.
Handled acquisition of 25 mixed-use, urban properties in Connecticut through consensual foreclosure.
Structured joint venture for equity investment into major Boston retail project.
Advised on creation, enforcement, and modification of conservation easements.
Helped foreign companies establish U.S. manufacturing and office facilities.
Acted as fiduciary and gave advice on commercial developments in NY and CA for foreign developer.
Advised public and private universities on structuring real estate holdings.
Counselled families and family offices on intergenerational transfer and management of jointly owned real estate, and on resolution of disputes with uncooperative partners and heirs.

Speaking Engagements

"Nonprofit Opportunities in Difficult Times: Understanding Mergers, Acquisitions, Combinations, Bankruptcies and Other Solutions to Distress," New York State Bar Association's 2021 Annual Meeting, January 19, 2021
"The Land of OZ: Is that Opportunity Behind the Curtain? A Hype-Free Exploration of the Risks and Potential Rewards of O-Zone Real Estate Development," American College of Real Estate Lawyers annual meeting, October 18, 2019
"Borrower Negotiations of Loan Documents," Practising Law Institute's Commercial Real Estate Financing 2019 Conference, April 2, 2019