Sapir yields control of 100 Church Street

Alex Sapir and 100 Church Street

SL Green Realty Corp. has taken over leasing and management at 100 Church Street, after the Sapir Organization handed over control. Sapir had failed to pay approximately $85 million in loans to lenders SL Green and Gramercy Capital, and subsequently sued the two organizations earlier this month in a move to prevent the groups from foreclosing on the tower. In the suit, Sapir alleged that the lenders had hindered its ability to close leasing transactions. The complaint is now defunct. According to Crain’s, this latest move in the 100 Church Street saga shows Sapir’s desire to shed responsibility of the building, which is approximately 60 percent vacant.