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New York

Newmark takes over leasing at 100 Church St.

Commercial brokerage Newmark Knight Frank has been tapped to take over leasing at the troubled Financial District office building 100 Church Street, an industry source said.

SL Green Realty, a holder of mezzanine debt on the 21-story building, took over management and leasing in August from the owner Sapir Organization, which purchased it in 1997.

That month, SL Green vice president Steve Durels told the Observer that commercial brokerage CB Richard Ellis, which was the leasing agent at the time, was on the top of a list of candidates for the building.

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SL Green filed to foreclose on its loan after the Sapir Organization failed to make $85 million in loan payments on the building that was about 61 percent available, according to data from CoStar Group.

SL Green owns most of the mezzanine debt on the building, located on Church Street between Park Place and Barclay Street, according to Crain’s, citing unnamed sources.

SL Green and Newmark did not immediately provide comment. CBRE declined to comment.

A source said it was likely SL Green would win the auction, slated for Oct. 15, but that it would probably not take title until January 2010.

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Financial DistrictNewmark Knight FrankSapir Organization