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Report: Investor group closes $175M acquisition of NYC property leasehold

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Report: Investor group closes $175M acquisition of NYC property leasehold

Nightingale Group, Kuwaiti sovereign wealth fund Wafra Inc. and real estate investor David Werner finalized a $175 million purchase of a 49-year leasehold interest in the 111 Wall St. office building in New York City from Zurich Insurance Group AG, Crain's New York Business reported, citing an unnamed source.

The investor consortium used a $110 million loan from office landlord SL Green Realty Corp. to fund the purchase of the controlling stake in the approximately 1 million-square-foot property. The land underneath the building is owned by the Korein family. The group could invest at least $150 million for a planned gut renovation of the asset, the source reportedly said.