Jack Terzi of JTRE is wrapping up his long-running court battle to buy the historic building at 23 Wall St. from its Chinese owners for north of $150 million.
Rather than buy the property outright, he’s availing himself of a court settlement allowing him to lease it for 99 years and simply pay rent.
The building, which was built by Gilded Age financier J.P. Morgan and housed his private offices, has been coveted by a series of potential owners hoping to fill the 150,000 square feet with luxury retailers as well as office tenants.
As first reported here, Terzi signed a contract in August 2016 to buy 23 Wall St. from Singapore-based China Sonangol. That company paid $150 million in 2008 to previous owner Africa Israel, which had turned the tower above into market rentals.
Hermès does so well there that it recently renewed its 2007 lease, sources said.
The nine or so stories can host offices and retailers in numerous configurations, and the building runs from the landmarked 23 Wall St. downhill and around the corner of Broad Street and into portions of the base floors of both 33 Wall St. and 15 Broad St.
Terzi and his lawyer, Michael Berengarten of Herrick Feinstein, declined to comment, while the defendants’ lawyers declined to comment or did not return requests for comment.
We can only hope that more retailers finally fill in these dark spaces by the New York Stock Exchange.