Transactions - NOVEMBER 10, 2014

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NYC investor buys two properties for $231m

by Andrea Waitrovich

Sapir Organization has purchased two apartment buildings in New York City for approximately $231 million. Sapir will be the 100 percent owner of two buildings located at 110 Church St., also known as 50 Murray St., and 53 Park Place in Manhattan’s Tribeca area.

Sapir acquired the ground leases from the World Wide Group. The 53 Park Place and 110 Church St. buildings are connected. The apartment complex totals 505 units and 620,552 square feet. There is 50,500 square feet of street retail space.

The transaction closed Nov. 6.

In 2000, World Wide had leased the two office buildings at the site from Sapir, which continued to own the land, and subsequently converted them into high-end rental buildings.

Sapir Organization was represented by DLA Piper LLP with respect to the acquisition and Sheppard Mullin Richter & Hampton LLP with respect to the financing. Hunton & Williams advised World Wide Group. 

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