Five World Trade Center. Designed by Kohn Pedersen Fox. Credit: DBOX for KPF

Fried Frank acted as counsel to a joint venture between Brookfield Properties and Silverstein Properties in connection with the planned development of a 1.56 million-square-foot mixed-use tower at 5 World Trade Center. The Port Authority of New York and New Jersey have selected the joint venture for the project and will enter into a 99-year ground lease for the development, which will have approximately 1.2 million square feet of residential space, 25 percent designated as affordable housing, and approximately 190,000 square feet of office space. Construction is expected to begin in 2023.

The Fried Frank team included real estate partners Joshua Mermelstein, David Karnovsky, and Laurinda Martins; tax partner Libin Zhang; and real estate associate Simon J. Elkharrat.