Sapir Organization is a group of privately and publicly held real estate companies run by the Sapir family. Among the properties the organization owns are 218 Madison Avenue and MTA headquarters at 2 Broadway. The companies also own a number of luxury hotel condominiums and residential spaces. The company was founded by U.S.S.R-born businessman Temur Sepiashvili (who changed his last name to Sapir after immigrating to Israel). Today, son Alex runs the business (Temur reportedly has been suffering from a mental problems). In 2015, Sapir Organization and CIM Group announced the sale of 11 Madison Avenue, an iconic office building, for nearly $2.3 billion. Sapir had bought the historic building in 2003 and was joined by CIM seven years later. In 2014, the organization purchased the ground lease under 110 Church Street and 53 Park Place for $231 million, taking complete control of both sites (the company had owned the buildings). The Sapir group also purchased the Mondrian SoHo hotel at 9 Crosby Street earlier that year in a partnership with Gerard Guez, paying $205 million for the site and renaming the hotel the NoMo SoHo.