JTRE’s Jack Terzi’s wrapped up his court battle to buy 23 Wall Street.
Terzi has finalized a court settlement that lets him lease the building and pay rent for 99 years, according to the New York Post. He had signed a contract in 2016 to buy 23 Wall Street for $140 million from China Sonangol, a company based in Singapore, but the purchase was never completed.
He sued China Sonangol in 2017, alleging that the firm did not cooperate with an escrow agent and refused to prove that it has no ties to Chinese/Angolan investor Sam Pa, who has been sanctioned by the U.S. Treasury. Terzi had hoped to force the sale to go through or receive $250 million in damages.
China Sonangol had bought the building in 2008 from Africa Israel for $150 million.
The building spans 150,000 square feet. Potential buyers had hoped to fill it with office and retail tenants. [NYP] — Eddie Small