Dealmaker: Newmark Arranges $500M Acquisition, Construction Loan for 111 Wall Street

Newmark, New York, closed a $500 million acquisition and construction loan for 111 Wall Street in Manhattan’s Financial District.

The Newmark team led by Vice Chairmen Dustin Stolly and Jordan Roeschlaub secured the debt, which Nightingale Properties and Wafra Capital Partners will use to reposition and redevelop 111 Wall Street into a Class A office asset.

David Blaivas of Blaivas & Associates P.C. advised Nightingale and Michael Lefkowitz of Rosenberg & Estis P.C. advised Wafra Capital Partners in the transaction.

Occupying a city block between Wall Street and Gouverneur Lane, 111 Wall Street has a waterfront location adjacent to Wall Street Pier 11 with views of the Brooklyn skyline, New York Harbor and the East River. The 25-story property totals nearly 1.2 million square feet.

Nightingale and Wafra Capital Partners plan to outfit the asset with touchless and smart-building technology, including floor-to-ceiling “smart glass” windows to control glare and reduce heat, destination dispatch elevators and fully redundant power systems. The joint venture partners also plan a 40,000-square-foot space across the basement and ground floor with a 125-seat conference center, event space and a bike and scooter charging room.

Roeschlaub said 111 Wall Street’s attractive basis and business plan made lenders comfortable with a large office redevelopment on the heels of COVID.

Stolly said the New York City market is re-emerging, “specifically for best-in-class and bespoke office product.”