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In the early ‘80s, CRE attorney Joshua Stein was driving down Doheny Drive in LA when he saw a sign on a palm tree advertising a band called Joshua that was going to have a solo performance at the Troubadour. After the show started, he took one of the posters and framed it. Perhaps it was premonition, but the poster now hangs in his new office at 59 E. 54th St.
Joshua Stein
After two decades as a partner at a global mega firm, Joshua launched his own law practice in August, focusing exclusively on commercial real estate. Among his practice areas: acquisitions and sales, ground leases, space leases and subleases, hotels, JVs, distressed loans, loan origination, development, and other major CRE matters. Many real estate clients have become impatient with the billing rates of large firms, he says, and the market for legal services helped drive his move. He's now handling several development projects, others with co-counsel, and some leasing, among other transactions. Plus he's in demand as an expert witness, with two recent engagements arising from the use of multiple layers of debt in the late real estate financing boom.
Putney, Twombly, Hall & Hirson's James Strauss, former ING Real Estate Finance president David Mazujian, Joshua Stein, and Credit Agricole's John Wain
Joshua with Putney Twombly Hall & Hirson's James Strauss, former ING Real Estate Finance president David Mazujian, and Credit Agricole's John Wain. This year turned out to be the perfect time to start, with real estate people coming out of hibernation and rethinking some of its assumptions, he notes. Think starting your own office is enough? Joshua has one-upped it with a newly released book—his fifth—called A Guide to Troubled Commercial Real Estate Loans for Lenders and Borrowers: And the Deathly HallowsPublished by LexisNexis, it offers tactical suggestions for borrowers and lenders as they try to deal with “underwater” properties and a challenging CRE market. His daughters want him to write a novel about real estate fraud, and he keeps filing away vignettes to add to the book. “Even though I won't name names, the book should be interesting,” he says.