NEW YORK CITY—World-Wide Group has sold its ground leasehold interests at 110 Church St. (or 50 Murray St.) and 53 Park Pl. in Tribeca for $231 million. The sale was made to the Sapir Organization. In 2000, the Sapir Organization, the owner of the land, ground-leased the sites to World-Wide Group, which subsequently re-developed and constructed full service luxury high-rise rental buildings on the sites.
The New York-based law firm of Hunton & Williams represented World-Wide. The deal's team was led by Carl Schwartz and included Susan Saslow, a senior real estate attorney, and Anna Cadet, a real estate associate.
"We're delighted to have been a part of World-Wide's successful redevelopment of this property,” says Schwartz, a partner in Hunton & Williams' New York office and co-head of its global real estate practice. “World-Wide's sophisticated financing and leasing strategy, as well as its post-9/11 recovery efforts, have helped to redefine Tribeca.”
The Sapir Organization was represented by DLA Piper LLP for the acquisition and by Sheppard Mullin Richter & Hampton LLP for the financing.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
