BigMac
August 10th, 2005, 03:45 PM
New York Post
August 10, 2005
NEW LEGAL OCCUPANT
By LOIS WEISS
http://www.nypost.com/photos/comreal08102005039.jpg
THERE OUGHTA BE A LAW (SCHOOL): Jerry Speyer. In return for the rights to the downtown site of New York Law School, Tishman Speyer would have to build a whole new school next door. Photo: Robert Kalfus
TISHMAN Speyer Properties has become the top contender to buy land being sold by New York Law School, with a bid of $153 million.
The site comes with a kicker, however, as the developer will have to construct an entirely new law school next door and make renovations to other buildings at cost.
TSP chairman Jerry Speyer dropped out of last week's race for Manhattan House (which we told you was won by N. Richard Kalikow and Jerry O'Connor for a record $625 million) and instead is concentrating on buying and developing this project.
The 12,500-foot parcel can support a 306,155-foot residential tower with no height limit, while the new law school will be 300,000 feet including underground spaces.
The residential tower will end up on the northeast corner of the block bounded by Church and Leonard, Worth Street and West Broadway, on which the law school currently has an old, four-building campus and some parking.
Sources tell us that several months ago, the Rudins had the deal for $400 a foot or $122 million but tried to negotiate to $115 million.
At that point, the school decided to go to the market — and has now obtained the extra $30 million. Among other contenders who were all above $140 million include David Picket's Gotham, and a team of Howard Lorber and Beekman Regent developer Dennis Herman.
The block includes NYLS's Mendik Law Library, which will move temporarily to 40 Worth St. and is to later be renovated, a librarian told us.
The school's press rep referred all calls to Studley, where as Post colleague Steve Cuozzo reported earlier this summer, Woody Heller and Howard Nottingham are leading the capital market sales efforts. They also refused comment.
Aside from this being a good development in a TriBeCa area filled with new residential projects, Speyer, we expect, is also interested because there is a sentimental component.
The late library and school benefactor Bernard Mendik was a graduate and active trustee of NYLS and was overseeing all its expansion plans until his untimely death in 2001. Mendik, who was additionally co-chairman of the Real Estate Board of New York from 1992 onward, was a very good friend of Speyer, who was his co-chairman.
A TSP spokesperson declined comment.
As of yesterday, there was a letter of intent in place but also some coughs and sneezes. Nothing firm — like a contract — has been inked while due dilligence continued. Stay tuned.
Copyright 2005 NYP Holdings, Inc.
August 10, 2005
NEW LEGAL OCCUPANT
By LOIS WEISS
http://www.nypost.com/photos/comreal08102005039.jpg
THERE OUGHTA BE A LAW (SCHOOL): Jerry Speyer. In return for the rights to the downtown site of New York Law School, Tishman Speyer would have to build a whole new school next door. Photo: Robert Kalfus
TISHMAN Speyer Properties has become the top contender to buy land being sold by New York Law School, with a bid of $153 million.
The site comes with a kicker, however, as the developer will have to construct an entirely new law school next door and make renovations to other buildings at cost.
TSP chairman Jerry Speyer dropped out of last week's race for Manhattan House (which we told you was won by N. Richard Kalikow and Jerry O'Connor for a record $625 million) and instead is concentrating on buying and developing this project.
The 12,500-foot parcel can support a 306,155-foot residential tower with no height limit, while the new law school will be 300,000 feet including underground spaces.
The residential tower will end up on the northeast corner of the block bounded by Church and Leonard, Worth Street and West Broadway, on which the law school currently has an old, four-building campus and some parking.
Sources tell us that several months ago, the Rudins had the deal for $400 a foot or $122 million but tried to negotiate to $115 million.
At that point, the school decided to go to the market — and has now obtained the extra $30 million. Among other contenders who were all above $140 million include David Picket's Gotham, and a team of Howard Lorber and Beekman Regent developer Dennis Herman.
The block includes NYLS's Mendik Law Library, which will move temporarily to 40 Worth St. and is to later be renovated, a librarian told us.
The school's press rep referred all calls to Studley, where as Post colleague Steve Cuozzo reported earlier this summer, Woody Heller and Howard Nottingham are leading the capital market sales efforts. They also refused comment.
Aside from this being a good development in a TriBeCa area filled with new residential projects, Speyer, we expect, is also interested because there is a sentimental component.
The late library and school benefactor Bernard Mendik was a graduate and active trustee of NYLS and was overseeing all its expansion plans until his untimely death in 2001. Mendik, who was additionally co-chairman of the Real Estate Board of New York from 1992 onward, was a very good friend of Speyer, who was his co-chairman.
A TSP spokesperson declined comment.
As of yesterday, there was a letter of intent in place but also some coughs and sneezes. Nothing firm — like a contract — has been inked while due dilligence continued. Stay tuned.
Copyright 2005 NYP Holdings, Inc.