Ruben M. Ravago

My focus

I work with developers and commercial property owners in the acquisition, financing, disposition, development, leasing, and management of mixed-use properties, with an emphasis on for-sale residential projects.

I also assist developers in establishing or investing in cooperative and condominium projects, particularly for-profit for-sale projects and not-for-sale affordable multifamily housing developments.

Having a background in traditional real estate and real estate finance, with added specialties in coop/condo structures and seniors housing and care, means that I also do a lot of peer review for lenders and investors looking to invest in complex condominium or cooperative projects, and am well situated to provide strategic structuring advice, and to negotiate sophisticated JV investment arrangements.

I also assist nonprofits in the creation of leasehold condominiums, which enables them to get the benefit of an exemption from real estate taxes. Doing so results in a “win-win” situation, where the landlord to a nonprofit gets a financially stronger long-term tenant, and the nonprofit gets more resources to dedicate to their mission. 

With any type of transaction, giving good strategic advice requires understanding both the applicable legal and regulatory backdrop, as well as the particular history and circumstances that give rise to a particular transaction or issue. Appreciating the whole picture helps maximize value for clients and identify a framework for successful negotiations.

Looking ahead

While I think we will continue to see shifts in the market driven by legislative changes, material and labor costs, and views on the market cycle, I believe there will also continue to be a focus on affordable housing initiatives. . Getting viable projects off the ground in the current macro environment will continue to require flexibility and innovation in sourcing, planning, and financing. Many clients have been waiting for the right opportunities to arise, and when they do, we will need to be ready to act quickly and effectively. I also look forward to helping both nonprofit and for-profit developers with new for-sale projects, including those focused on affordable and middle-market projects, which are necessary to grow viable and vibrant communities.

Insights

• “The Condominium in Affordable Housing Transactions,” NYSAFAH's 2022 Annual New York State Affordable Housing Conference, May 18, 2022 (Panelist)
• “Leasehold Condominiums for Nonprofits - A Primer,” Nixon Peabody and Lawyers Alliance for New York Co-Hosted Webinar, April 26, 2022 (Speaker)