Nightingale Properties through the entity 111 Wall Fee Holdings LLC signed a contract with the Korein Family through the entity 111 Wall Street LLC to purchase for an undisclosed amount the fee under the tax class office building tower type with 20 or more stories (O4) at 111 Wall Street in the Financial District.
The Commercial Observer reported the Korein family was in contract to sell the fee. Nightingale and Wafra were in the market for an $860 million construction rehabilitation loan, according to the CO.
The contract was signed on July 13, 2020 and was recorded on October 20, 2020. The parcel(s) have total development potential of 990,250 square feet.
The property contains a total of 990,250 square feet of built space.
The memorandum of contract provides several options for the closing, which could have occurred on September 30, 2020, but that can be extended by purchaser to January 6, 2021 or by the seller to October 3, 2021.
Nightingale and Wafra purchased the building through a leasehold acquired on January 15, 2020, for $175 million. The Korein family owns the fee. Leo Korein, CEO of Omnispective Management, was the signatory for the contract vendor. Elie Schwartz was signatory for Nightingale.
Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $18,916,913.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Elie Schwartz