Jack Terzi buying Downtown headquarters of Manhattan lawyers’ association

Nonprofit is moving into new space at 28 Liberty Street

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.”

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