PepsiCo Disposes 20- Acre Site for New Development

On September 19, 2003, Purchase, New York-based PepsiCo, Inc. completed the disposition of a 20-acre site in the Long Island City section of Queens to the Queens West Development Corporation, a subsidiary of the Empire State Development Corporation, for public/private development. The project will include the construction of residential high-rise buildings by affiliates of Rockrose Development Corp., and construction of streets and public parks. The deal’s value is undisclosed.

Queens West Development was represented by Skadden, Arps, Slate, Meagher & Flom LLP, as lead counsel, with a team that included Neil Rock, Audrey Sokoloff and Michael Jackowitz. Rockrose Development was represented by Kramer Levin Naftalis & Frankel LLP, as lead counsel, with a team that included Michael Korotkin, Larry Loeb and Frances Buchinsky.

PepsiCo was represented by Torys LLP, with a team that included Mirek Fajt, Gary Litke, Trip Dorkey, III, Jeff Gracer, Matt Nichols and Karin Bonner.