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Steven P. Polivy
Steven P. Polivy
Office Managing Partner 
Chair, Economic Development & Incentives Practice
666 Fifth Avenue
20th Floor
New York, NY 10103
 
Tel:
212.880.3800
Fax:
212.880.8965
 
 

Steven Polivy is the chair of Akerman's Economic Development Practice and is the office managing partner of the New York office. He focuses on economic development, real estate finance, and transactional real estate matters. Steve has represented various charitable organizations and private schools in connection with various tax-exempt financings, including the New York headquarters of the American Cancer Society. His practice includes representation of financial institutions that act as lenders, underwriters, and placement agents, or that serve the function of letter of credit issuers, liquidity providers, or trustees, with respect to tax-exempt and taxable debt for real estate, industrial and economic development projects, and municipal financing generally. Steve has also represented various Fortune 500 companies and many closely held industrial companies with respect to their obtaining of economic development benefits from governmental agencies on a state and local level.
 
Representative Experience
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George Washington Bridge Bus Terminal - Representation of developer for the redevelopment of the George Washington Bridge Bus Terminal to include modern retail facilities, servicing both the commuter and neighborhood. Financing of the project was through funding by foreign investors via the EB-5 Pilot Program.
 
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Yankee Stadium Parking Facilities - Representation of Bronx Parking Development Company, LLC, the not-for-profit developer of the parking system, which when complete will include five (5) garages and six (6) surface lots containing space for 9,126 cars. Financing arranged for this project includes $237 million of tax-exempt bond financing and $106 million in State and City grant funds. Akerman was instrumental in the structuring of the project to qualify for tax-exempt financing and has overseen all aspects of the transaction from conception to closing.
 
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Jetro Cash and Carry - Representation of the company in the acquisition, financing, and approval process as well as obtaining federal, state, and city incentives for the construction of a 200,000 s.f. facility for this wholesale distributor to groceries and restaurants, located in the Park Point section of the South Bronx.
 
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International Airport Centers - Assisted the development of a 400,000 square foot state-of-the-art air cargo facility outside of JFK International Airport, for a four building complex. The property, formerly part of the Idlewild Park, required two acts of the New York State legislature to authorize site disposition and Akerman fashioned a unique program of incentives for the air cargo handlers who were going to occupy the building to enjoy over a 25-year period, including sales tax and real estate tax benefits, along with a pass-through of the development’s savings of mortgage recording tax. The project, originally conceived and commenced prior to September 11, 2001, was completed thereafter and has recently been fully completed and is near 100% occupancy.
 
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New York Life - Arranged for $20 million in incentives from the Westchester County IDA, and $600,000 of benefits from the Empire State Development Corporation for a project that involved the relocation of New York Life's administrative operations from New York City to 383,000 square feet in an existing facility in Mt. Pleasant, New York. Then implemented the tax abatement program to defer the increase in real estate taxes for the $130 million refitting of the New York Life headquarters building at 51 Madison Avenue.
 
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Sephardic Community Center - After obtaining a variance to permit the construction of a 50,000 square foot addition to its 50,000 square foot existing facility, represented the Sephardic Community Center, located in the Flatbush section of Brooklyn, New York with respect to a $40 million tax-exempt bond financing to be provided by the New York City Industrial Development Agency, through a variable rate letter of credit, and various synthetic derivative products, provided by Manufacturers and Traders Trust Company and the obtaining of over $11 million in New York City capital grant funding.
 
Awards & Recognition
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The Best Lawyers in America 2013-2015, Listed in New York for Real Estate Law
 
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The Legal 500 2012, 2014, Recommended for Real Estate & Construction - Real Estate
 
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Super Lawyers Magazine 2007-2011, Listed in New York for Real Estate
 
Published Works & Lectures
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Benjamin N. Cardozo School of Law, Speaker, "A Practical Guide to the EB-5 Foreign Investment Program," February 2013
 
Professional Memberships & Activities
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United Nations Development Corporation, Board of Directors, Finance Committee, Member
 
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Urban Land Institute (ULI), New York City District Council, Advisory Board, Member
 
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The Jewish Braille Institute, Board of Directors, Executive Committee, Member; Investment Committee, Vice-Chairman and Chairman
 

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Steven P. Polivy

Practice
Real Estate
Education
J.D., Benjamin N. Cardozo School of Law, 1980
A.B., Vassar College, 1977
Bar Admissions
New York
 
 
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