Closings will begin at the Trump Soho condo-hotel after the latest Trump Hotel Collection property is unveiled this Friday, according to a hotel spokesperson (note: correction appended). The 391-unit, 46-story building at 246 Spring Street is one of the largest condo-hotel properties to be built in the city in recent memory. The project, which broke ground in 2007, was originally slated to open in fall 2009. The first downtown property in the Trump Hotel Collection, the Trump Organization’s line of luxury and boutique hotels, Trump Soho generated controversy during its construction when a concrete collapse caused one worker to fall to his death. A rocky economy and community opposition also led to delays. Trump Soho is “creating a new category Downtown,” Donald Trump Jr., executive vice president with the Trump Organization, told The Real Deal at the project’s media preview last night (see slide show of the event above). … [more]
Posts Tagged ‘the sapir organization’
From left: SL Green’s Andrew Mathais, Roger Cozzi of Gramercy Capital, Alex Sapir of the Sapir Organization and 100 Church Street
Five months after taking back 100 Church Street from the Sapir Organization, SL Green and Gramercy Capital won the auction this morning to take over the Lower Manhattan office tower for only $10,000, as investors grew leery of millions of dollars in debt and empty space at the troubled office tower.
SL Green, the former owner of Gramercy Capital and a current investment partner, will share 50-50 ownership of 100 Church. SL Green took over management and leasing of the building in August, according to sources, and will remain in that role.
The new owners must also work out the defaulted senior debt, a $145 million senior mortgage from Wachovia Bank.
SL Green President Andrew Mathias, in an October conference call with investment analysts, said he expected the company to acquire additional properties through similar mezzanine auctions.
“As we have indicated on prior calls, we expect this market environment to produce additional opportunities within our mezzanine portfolio like 100 Church, giving us opportunity to grow our portfolio with quality assets at an attractive basis,” Mathias said on the call, according to a transcript by Seeking Alpha. … [more]
Manhattan commercial property landlord SL Green Realty is positioned to take ownership over 100 Church Street, a Financial District office building that has struggled to retain tenants, the Wall Street Journal reported. The firm has long been the assumed future owner of the building — with the building’s January auction on the horizon, industry experts say other investors are unlikely to outbid SL Green. The group, which took control over 100 Church Street after the Sapir Organization defaulted on its loan in August, is one of the building’s biggest lenders and is angling to protect its investment, according to Michael Knott, an analyst with Green Street Advisors. “This is a situation where [SL Green] will have to put in some capital and work some leasing magic to salvage their total investment,” Knott said. According to him, the plan to acquire the building “is a lot better than just foreclosing and selling an empty building.” … [more]
The Sapir Organization’s office rehabilitation project at 100 Church
Street has financial challenges that extend beyond the scuttled lease
deal for the Claremont School that led to a lawsuit against SL Green
Realty last week.
Seven architectural and contracting firms that have worked at 100
Church Street in Lower Manhattan claim they are owed nearly $3 million
in unpaid invoices since March from the building’s owner, Sapir, a
Midtown-based developer and owner.
Between March and August, the companies filed mechanic’s liens totaling
$2.89 million, including $202,919 by Long Island City-based Remco
Maintenance and $1.7 million by Ecker Window, based in Yonkers,
according to a review of New York County Clerk records by The Real