The Real Deal New York

A Chinese billionaire is letting one of Downtown’s prime assets go to ruin

Energy magnate Sam Pa has kept 23 Wall Street dark since 2008

December 28, 2015 08:01AM

From left: Sam Pa and 23 Wall Street in the Financial District

From left: Sam Pa and 23 Wall Street in the Financial District

A shadowy Chinese energy tycoon, recently arrested in a Communist Party corruption probe, is responsible for keeping 23 Wall Street in the Financial District out of commission since 2008.

Sam Pa, who heads investment firm Sonangol, has failed to find a tenant for the 101-year-old landmark building, which sits across the street from the New York Stock Exchange, despite its prime location and a booming investment market.

“Their heart’s never really been in finding a tenant,” an unnamed real estate insider told the New York Post.

Still, a plan to lease the 130,000-square-foot building to multimedia production firm Latitude 360 only recently fell through, the Post reported.

Pa’s whereabouts since his arrest two months ago are unknown. The mogul controls an interlocked network of more than 60 companies, known as 88 Queensway, is known for his globe-trotting, partying lifestyle and seven different aliases.

23 Wall Street is the investor’s only US real estate property. Commercial brokers told the Post the property could best be utilized as an events space, though the necessary upgrades would cost millions. [NYP]Ariel Stulberg