James M. Carolan

Senior Counsel

Overview

Jim Carolan is a senior counsel in Crowell & Moring’s Corporate group, based in New York. Jim specializes in real estate transactions, offering extensive expertise in acquisitions, sales, leasing, and financing. His practice encompasses the acquisition and disposition of single assets and portfolios, including in distressed situations, ground leases, space leases for office, retail, warehouse, and other uses, as well as asset-based and mezzanine financings and workouts. Jim also advises on development and investment joint ventures, construction and design arrangements, and complex easements for conservation, utilities, construction, and access.

Jim's commercial experience across the United States is vast, and he has handled over $1 billion in luxury residential transactions both in and outside the United States. He advises on the real estate aspects of M&A and healthcare transactions.  He also advises high net worth individuals on intergenerational real estate ownership challenges, threats of partition, and uncooperative partners. His clientele includes major corporations, investors and investment funds, developers, art galleries, luxury retailers, restauranteurs, universities, and other tax-exempt organizations and their endowments.

Jim's professional background includes leading the US real estate group of two international law firms for over 15 years. Prior to that, he served as associate general counsel to Yale University for 14 years, advising on real estate investment and development for its endowment and facilities offices, and general business matters.

Beyond his commercial practice, Jim has lectured on real estate law and practice at Yale Law School, the Yale School of the Environment, NYU, Columbia, and Cornell, as well as at bar and professional events. He has handled pro bono matters throughout his career, addressing commercial real estate and affordable housing issues and advising on the formation and governance of nonprofit organizations.

Fluent in Italian, Jim regularly advises Italian-speaking clients on their US dealings and assists foreign investors dealing with Italy. In his spare time, he serves as the President of the US affiliate of the Fondo Ambiente Italiano (FAI) which protects and enhances Italy’s natural and cultural assets for public enjoyment.

Career & Education

    • University of Connecticut School of Law, J.D., with honors
    • Stanford University, M.A.
    • Cornell University, A.B.
    • University of Connecticut School of Law, J.D., with honors
    • Stanford University, M.A.
    • Cornell University, A.B.
    • New York
    • Connecticut
    • District of Columbia
    • New York
    • Connecticut
    • District of Columbia
      • New York, Connecticut, District of Columbia bars
      • Real Property Committee, NYC Bar Association (former member)
      • President, Friends of FAI-The Italian Environment Foundation, Inc.
      • Honorary Trustee, The Saint Thomas More Corporation
      • Fellow, Timothy Dwight College, Yale University
      • Former Trustee, Saint Raphael Healthcare System
      • New York, Connecticut, District of Columbia bars
      • Real Property Committee, NYC Bar Association (former member)
      • President, Friends of FAI-The Italian Environment Foundation, Inc.
      • Honorary Trustee, The Saint Thomas More Corporation
      • Fellow, Timothy Dwight College, Yale University
      • Former Trustee, Saint Raphael Healthcare System
    • English
    • Italian
    • English
    • Italian

James's Insights

Firm News | 2 min read | 05.30.25

Veteran Real Estate Transactional Lawyer James Carolan Joins Crowell & Moring

New York – May 30, 2025: James Carolan has joined Crowell & Moring’s Corporate Group as senior counsel, bringing over 35 years of experience advising major corporations, investors, funds, universities, and tax-exempt organizations on their real estate needs.

Representative Matters

  • Assisted a European family office to acquire many mixed use and commercial properties throughout the U.S.
  • Advised family on $45MM in mortgage and mezzanine loans secured by luxury residential compound.
  • Restructured and liquidated equity interests in various NY office towers for passive foreign partners.
  • Handled sale-leaseback transaction with a public REIT of a manufacturing facility for the portfolio company of a private equity fund.
  • Represented foreign developer on structuring joint venture for construction of luxury and mixed-use projects in Manhattan.
  • Drafted build-to-suit ground leases for boutique hotel in Chicago and art gallery in New York City.
  • Assisted with $100 million financing for Manhattan healthcare organization.
  • Negotiated purchase and lease-back of prime development site on Madison Avenue for foreign investor.
  • Assisted with purchase and sale of various real estate portfolios in Manhattan and elsewhere.
  • Handled acquisition of 25 mixed-use, urban properties in Connecticut through consensual foreclosure.
  • Structured joint venture for equity investment into major Boston retail project.
  • Advised on creation, enforcement, and modification of conservation easements.
  • Helped foreign companies establish U.S. manufacturing and office facilities.
  • Acted as fiduciary and gave advice on commercial developments in NY and CA for foreign developer.
  • Advised public and private universities and their endowments on structuring real estate holdings.
  • Counselled families and family offices on intergenerational transfer and management of jointly owned real estate, and on resolution of disputes with uncooperative partners and heirs.

James's Insights

Firm News | 2 min read | 05.30.25

Veteran Real Estate Transactional Lawyer James Carolan Joins Crowell & Moring

New York – May 30, 2025: James Carolan has joined Crowell & Moring’s Corporate Group as senior counsel, bringing over 35 years of experience advising major corporations, investors, funds, universities, and tax-exempt organizations on their real estate needs.

Recognition

  • Fellow, American College of Real Estate Lawyers
  • Super Lawyers, New York, Real Estate (2010, 2018–2024)
  • The Best Lawyers in America, Real Estate Law (2018–2024)
  • Lawdragon, 500 Leading Global Real Estate Lawyers (2024)

James's Insights

Firm News | 2 min read | 05.30.25

Veteran Real Estate Transactional Lawyer James Carolan Joins Crowell & Moring

New York – May 30, 2025: James Carolan has joined Crowell & Moring’s Corporate Group as senior counsel, bringing over 35 years of experience advising major corporations, investors, funds, universities, and tax-exempt organizations on their real estate needs.

James's Insights

Firm News | 2 min read | 05.30.25

Veteran Real Estate Transactional Lawyer James Carolan Joins Crowell & Moring

New York – May 30, 2025: James Carolan has joined Crowell & Moring’s Corporate Group as senior counsel, bringing over 35 years of experience advising major corporations, investors, funds, universities, and tax-exempt organizations on their real estate needs.