Nightingale, Wafra pay $220M for land under 111 Wall
Buyers acquired leasehold for $175M last year
In the poker game of real estate development, two investors are going all-in on 111 Wall Street.
After acquiring the leasehold interest in the 24-story office building for $175 million last year, Nightingale Properties and Wafra Capital Partners have now added the building’s fee interest to their holdings as well — a $220 million purchase, according to property records.
The deal for the land under the building, sold by Omnispective Management, follows an announcement made earlier this month that the joint venture between Nightingale and Wafra had secured $500 million in debt to redevelop the property.
The $500 million loan package included $89 million in C-PACE financing, a program that can help landlords and building owners pay for energy reduction improvements at lower interest rates. It was the first C-PACE deal inked in New York City, two years after the program was first signed into law.
Proponents say C-PACE will prove essential to covering costs incurred by property owners to comply with Local Law 97, which requires most commercial buildings larger than 25,000 square feet to reduce their carbon emissions by 40 percent by 2030 and 80 percent by 2050.
Neither Nightingale, which is led by Elie Schwartz and Simon Singer, nor Wafra, a subsidiary of Kuwait’s sovereign wealth fund, returned a request for comment.