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S.L. Green Takes 100 Church to the Auction Block

NEW YORK CITY-After a defaulted loan, S.L. Green has taken back the property and will bring it to auction.

By Cody Lyon | Updated on August 27, 2009

NEW YORK CITY-S.L. Green Realty Corp. says it has taken over management and leasing of the 21 floor 100 Church St. in Lower Manhattan after owner, the Sapir Organization, failed to make payments on $85 million in mezzanine cash it had borrowed from S.L. Green and Gramercy Capital. The company says the property is on the market, and will be auctioned October 15.

Sapir had filed a lawsuit on August 7 against Green and Gramercy that was subsequently withdrawn. According to the court documents, Sapir charged that both Green and Gramercy “deliberately prevented plaintiffs (Sapir) from satisfying the conditions precedent to an extension of the maturity date so they can rely on such failure in denying plaintiffs (Sapir) request to extend the maturity date and thereby seize the buildings for themselves.”

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