Published On: Wed, Nov 12th, 2014

Sapir Organization Buys back Tribeca Ground Lease for $231Million

110 Church Street

Alex Sapir has put his Tribeca apartment located in a building shared by Beyoncé on the market while his family’s Sapir Organization has made a $231 million buy back of the ground leases in another building in the same neighborhood.

The Sapir Organization re-acquired the ground lease under 110 Church Street and 53 Park Place in Tribeca from The World Wide Group which took over the lease in 2000. Sapir continued to own the land, however.

The two buildings located there were converted from office spaces into high end residential rentals by World Wide.

110 Church Street is a 391-unit, 620, 000 square foot rental property. It is directly connected to the adjacent, 115 unit 53 Park Place, a full service luxury rental building. The buildings were completed in 1964 and 1921.

A Hunton & Williams LLP team led by Carl F. Schwartz advised World-Wide on the sale.

“The ground was leased to World-Wide in a totally different world downtown, ” Carl Schwartz told real estate weekly, a partner who co-heads Hunton & Williams’ global real estate practice. “Because of the structure of the deal and the time that has passed (World-Wide) thought it was good opportunity to sell the building.”

“We’re delighted to have been a part of World-Wide’s successful redevelopment of this property, ” he added.

Meanwhile, Alex Sapir is marketing his apartment at 195 Hudson Street for $4.8 million. It has three bedrooms and three bathrooms over 3, 205 square feet. The apartment features 15 foot high ceilings, steel beams, a chef’s kitchen, a laundry room and comes with a deeded on-site parking spot.

Sapir bought it for $2.9 million in 2006.

195 Hudson is a seven 7 story brick building built in 1929. It was originally the headquarters of the US Rubber Company and was converted into condominiums in 1999. It features triple pane windows, a landscaped roof deck with Hudson River views, 12 foot ceilings, a huge freight elevator and a garage with dedicated parking spaces for most of its 27units.

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