Nightingale, Wafra pay $220M to Korein family for ground-leased fee in FiDi

Nightingale Properties and Wafra through the entity 111 Wall Fee Holdings LLC paid $220 million to the Korein family through the entity 111 Wall Street LLC for the ground-leased fee under the office building (O4) at 111 Wall Street in Financial District, Manhattan. Nightingale and Wafra already owned the ground lease, and this addition purchase was reported last year. This is the closing and the recording of the deal.
The deal closed on June 10, 2021 and was recorded on June 23, 2021.
The property has 990,250 square feet of built space and 0 square feet of additional air rights for a total buildable of 487,410 square feet according to PincusCo analysis of city data. The sale price per built square foot is $222 per the PincusCo analysis.
The signatory for Korein family was Leo Korein. The signatory for Nightingale Properties and Wafra was Elchonon ‘Elie’ Schwartz.
Over the past five years, there have been 30 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 30 renovation/alteration projects (A2) applied for with a total estimated value of $19.0 million.
Nightingale and Wafra bought the fee under 111 Wall Street, which they already controlled through a long-term ground lease. They extinguished the ground lease simultaneously and borrowed Nightingale and Wafra signed the contract in July 16, 2020 and recorded the memorandum of contract in October 2020.
Within a 400-foot radius of 111 Wall Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitations or alteration that require a change to the certificate of occupancy. They were one permit with a total initial cost of $7.3 million and two initial temporary certificate of occupancy issuances for projects that initially costed $681,000.

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