Nightingale and Wafra’s $220 Million Acquisition of a Korein Family’s Property

Olshan Frome Wolosky LLP represented the Korein Family in the transaction.

The Korein Family executed the sale of 111 Wall Street for $220 million to a joint venture of Nightingale Properties and Wafra Capital Partners, a subsidiary of Kuwait’s sovereign wealth fund.

The 24-story waterfront property at 111 Wall St. was developed in 1968 as the headquarters for First National City Bank. Citigroup vacated the building at the end of 2019 after the ground lease expired. The office asset will soon undergo an extensive renovation and modernization plan.

Nightingale is a privately held vertically integrated commercial real estate investment firm. Founded in 2005 by Elie Schwartz and Simon Singer, Nightingale deploys capital on behalf of itself and its partners through specific and nonspecific investments. 

Wafra Capital Partners Inc., previously the Structured Finance and Business Product and Development Divisions of Wafra Investment Advisory Group, Inc., commenced operations on January 1, 2012 as a separate operating entity and U.S. registered investment adviser. 

The Olshan team was led by Sam Ross (Picture) and included Thomas Kearns, Dov Brandstatter, Hyman Kindler, and Vesna Naidoo-Chinsammy with tax assistance from Warren Gleicher and Shirlee Gordon.

Involved fees earner: Dov Brandstatter – Olshan Frome Wolosky; Warren Gleicher – Olshan Frome Wolosky; Shirlee Gordon – Olshan Frome Wolosky; Thomas Kearns – Olshan Frome Wolosky; Hyman Kindler – Olshan Frome Wolosky; Vesna Naidoo-Chinsammy – Olshan Frome Wolosky; Samuel Ross – Olshan Frome Wolosky;

Law Firms: Olshan Frome Wolosky;

Clients: Korein Family;

Author: Martina Bellini