Holy Cow! Downtown’s Biggest Leasing Challenge

The suit was dropped in mid-August. “I’m not sure what the sticking point was with the lender,” the source said. “I’m not pointing fingers, but their side couldn’t deliver on the lease agreement they signed. It’s unfortunate that [Alex Sapir] really didn’t own the building, the bank owned the building.”


S.L. GREEN’S EXECUTIVE vice president and leasing director, Steve Durels, told The Observer in the last week of August that the firm was hunting for a broker to market the building’s 12 unoccupied floors. “We’ve got about 650,000 square feet to lease up,” he said, though adding that SL Green is not marketing just yet. “Right now we’re getting our arms around the details of the building … and interviewing respective agents in the brokerage community.”

Despite the changing of the guard, Tungsten Properties is still advertising 150- to 3,000-square-foot, “fully-furnished” office suites for $500 a month at 100 Church on its Web site. The listing promises “no credit check.” The broker confirmed that the space was still on the market, though the asking rent has recently risen to $1,000.

Huge “For Rent” banners still hang in the window of the vacant ground-floor retail space on Barclay Street, too. The Winick Realty broker marketing the listing declined to comment on anything related to 100 Church.

The building’s current tenants appeared oblivious to the trouble. One employee who has worked at 100 Church since 2001 said she has never noticed a management transition. “Aside from the crystal balls, it’s actually a really nice building,” she said, during a smoke break in late August in front of the non-regulation signage.

“Seriously?,” her companion said. “Have you seen the lobby? They are Swarovski crystal.”



Holy Cow! Downtown’s Biggest Leasing Challenge