Jack Terzi buying Downtown headquarters of Manhattan lawyers’ association

Nonprofit is moving into new space at 28 Liberty Street

New York /
Apr.April 11, 2019 06:00 PM
14 Vesey Street and Jack Terzi (Credit: Wikipedia and JTRE)

14 Vesey Street and Jack Terzi (Credit: Wikipedia and JTRE)

The New York County Law Association has found a buyer for its headquarters and inked a lease for a new home a few blocks away.

The organization is selling the four-story, 89-year-old landmarked building at 14 Vesey Street to Jack Terzi for a price in the low $20 million range, according to a source.

Meanwhile, it has signed a lease for office space at Fosun International’s 28 Liberty Streetin Lower Manhattan, once known as One Chase Manhattan Plaza. The lease spans about 20,000 square feet, according to a source.

Terzi and the NYCLA did not immediately return requests for comment.

On Monday, the NYCLA Board of Directors unanimously approved the lease and sale of its headquarters, the group said in a press release Thursday. The sale is dependent on approval from the New York State Attorney General’s office.

NYCLA plans to move to the office building, which recently had $150 million worth of improvements, in 2020.

CBRE’s Michael Geoghegan secured the lease on behalf of NYCLA, and Daniel Kaplan and Timothy Sheehan, also of CBRE, negotiated the sale. They declined to comment.

The New York Law Journal first reported news of the transactions Thursday, but did not identify the buyer or note the price.

NYCLA put the property up for sale in 2017. The group’s president, Michael McNamara, said then that it was time for NYCLA to downsize as its vast library had been digitized.

“If you look at law firms across the country, they look a lot different than they did even 10 years ago,” NYCLA’s president-elect Stephen Lessard said in a press release. “Bar Associations should reflect their members, and NYCLA recognizes that technology and the need for flexible space has become very important.”


Related Articles

arrow_forward_ios
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
Alex Sapir (Getty)

Former Sapir employee accuses company of retaliation

Former Sapir employee accuses company of retaliation
229 West 43rd Street in New York and Two Westlake Park in Texas. New York and Texas are the states with the largest exposure to loans with appraisal reductions. (Photos via iStock; Google Maps; JLL)

What appraisal reductions mean for future losses on CMBS loans

What appraisal reductions mean for future losses on CMBS loans
Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)

Cushman & Wakefield, NYC cut ties to Trump Organization

Cushman & Wakefield, NYC cut ties to Trump Organization
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...