Sapir forks out $231M to buy back ground lease in Tribeca
World-Wide Group turned the office towers into luxury resi buildings in 2000
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.
Tamir Sapir, the founder of the Sapir Organization, died earlier this fall. His son, Alex Sapir, now runs the firm.[Real Estate Weekly] — Claire Moses