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.
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