Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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Sapir had filed a lawsuit on August 7 against Green and Gramercy that was subsequently withdrawn.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.”

Sources tell GlobeSt.com that the two lenders reached a fairly quick agreement that S.L. Green would take over the building’s leasing and management in concert with the fact the loan was going into special services.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.