The Real Deal New York

Cruise studio partner buys in Tribeca

August 14, 2008 01:06PM
By Adam Pincus

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Tom Cruise’s partner at United Artists, Paula Wagner, who announced this week she would step down as co-owner and CEO of the film studio, paid $4.5 million for a Tribeca loft with her husband, agent Richard Nicita.

Nicita, too, is involved in a large career shift. He is slated to become co-chairman of the Los Angeles-based film studio Morgan Creek Productions on Friday, leaving his long-time post as partner at Creative Artists Agency. Nicita had been Cruise’s agent at the Hollywood firm.

Wagner, Nicita and a living trust in their names purchased the tree-bedroom, 2,341-square-foot unit at 166 Duane Street on July 28. The seller was identified as Carole Sadler, according to public records posted today. The deal was first reported by Cityfile.

The 12-story building was converted to condos in 1997.

Wagner’s announcement ended a partnership with Cruise at United Artists that began when the pair came aboard in November 2006 to revive the studio. Wagner said she plans to produce full time once she leaves the company.

The 20-year-old Morgan Creek Productions is led by founder and co-chairman James Robinson. Company credits include “Ace Ventura: Pet Detective” and “The Last of the Mohicans,” and “Young Guns.”

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