The Sapir Organization is buying back the ground leases at 110 Church Street and 53 Park Place in Tribeca for $231 million from the World-Wide Group.
World-Wide leased the buildings from Sapir in 2000, according to Real Estate Weekly. It then converted them into high-end residential buildings with lofts. But with the $231 million transaction, Sapir is again the full owner of the properties. Hunton & Williams LLP represented World-Wide in the transaction.
The 620,000-square-foot property at 110 Church Street includes 391 units. The building is connected to 53 Park Place.