23 Wall Street – Our Theories
We have written on the famed J.P. Morgan piece of property more times than perhaps any other Blog. We have written on the various Jona Rechnitz and Jeremy Reichberg properties/investments/shady dealings. We have written about Chetrit and Bistricer, China Sonangol, Queensway, Angola. The story below from “The Real Deal” almost feels like something we could have written. But, of course, we didn’t.
The new buyer, as you will see below from the article on the bottom of the page, Jack Terzi, lacks certain social graces (or did in 2012). He apparently was an abusive boss who, according to reports in the NY Daily News from 2012, engaged in bizarre behavior. In the interest of full disclosure, his employees at his yogurt shops felt that he was “strictly business” and “humble.” Hard to tell.
We can say this:
It would not surprise us if nestled within the many companies listed on the Africa-Israel website with reference to the Israel Stock Exchange we were to find the new J.P. Morgan buyer’s name, his company or some financial/management synergy with Africa Israel and perhaps concurrently with China Sonangol. It will take a while to find and some might write this one off as a leap. We don’t think so.
It is a Buyer’s market not a Seller’s market in Manhattan right now (if the comment about the losses below by The Real Deal is any indication). China Sonangol/Africa-Israel/Sam Pa/ want out of New York but we doubt they would take a financial loss. We think that it will prove to be anything but a loss.
The company is traded on the Tel Aviv Stock Exchange.
|Africa Israel Properties|
|Africa Israel Residences|
|Africa Israel Industries|
Paydirt: The Compass unicorn, a more modest buyer pool, 23 Wall in play … & more
Billionaires hiding? We’ll take the millionaires: Compass’ valuation comes at a time when Manhattan’s high-end residential market is taking body blows. Developers finally seem willing to accept things aren’t where they were in 2014. They’re either offering fat discounts (Extell at One Manhattan Square, World Wide Group and Rose Associates at 252 East 57th Street), pushing sales back (JDS & PMG at 111 West 57th Street) or abandoning ship (Witkoff at Park Lane, Chetrit & Bistricer at the Sony Building). “The next two years will be the year of the deal,” PMG’s Kevin Maloney told Bloomberg.
Developers who set their sights a little more main street have been faring better: Condos priced between $500,000 and $999,000 have sold five times as fast as their $10 million-and-up counterparts, according to a Miller Samuel analysis of a decade of residential sales.
You don’t know Jack: JTRE’s Jack Terzi is in contract to buy 23 Wall Street, a landmarked property that was once the headquarters of J.P. Morgan & Co. – it was dubbed the “House of Morgan” — but of late has been a pox on Lower Manhattan. The long-vacant building is owned by the shadowy China Sonangol, a joint venture between Sam Pa’s Queensway Group and the nation of Angola — go figure. Sources told the New York Post that Terzi will be buying the property at a discount to the $150 million Sonangol paid for it in 2008. That’s hard to fathom, except for the fact that Pa is under investigation for allegations of financial crimes, according to the FT.
Terzi, who grew up in Gravesend and cut his teeth at Hidrock Realty, has made a number of splashy acquisitions of late, including a number of $20 million-plus buys in Midtown East. But this deal, if he does close on it, elevates him to a different level — giving him control of more than 130,000 square feet in the heart of Lower Manhattan.
THE NEW YORK POST:
For a tall tale about how China Sonangol may or may not have come to its original purchase through individuals mixed up in the NYPD scandals, read The Post’s Steve Cuozzo’s story from July 4.
The 160,000 square feet stretches from the landmarked 23 Wall St. where banker Morgan once had his private offices, around the sloped corner to portions of the base floors of 33 Wall and 15 Broad St.
The stone fortress has been touted as a retail play for years, but it’s stood mostly dark — due to absentee ownership and landmark-related restrictions.
Prospective deals to lease it to Brooks Brothers and a multi-media event company fell through but Hermes has been a tenant since 2007.
The upper stories of 15 Broad next door were converted into apartments.
JACK TERZI – NEW YORK DAILY NEWS:
Ex-worker suing real estate boss, Jack Terzi, for $5 million for abuse, fines, and urinating
A foul-mouthed boss from hell unzipped more than his lip in torturing his young assistant.
Brash real estate broker Jack Terzi urinated on the underling’s clothes during a three-year reign of terror in their Manhattan office, according to a astonishing new lawsuit.
The allegedly abusive broker was accused by ex-employee Albert Sultan of abuse that included cutting four-letter insults, sharp flying objects and bizarre fines.
Sultan, hired shortly after Terzi launched his company in 2009, “became emotionally distraught, was humiliated and embarrassed … by the systematic and continuous unlawful harassment,” charged the 15-page suit filed Wednesday.
Court papers contain a cruel recital of Terzi’s perverse management style, including the time he “urinated on a garment” belonging to Sultan as others watched.
Terzi was accused of throwing a shoe and a pair of scissors at his young assistant, hurling insults like “f—— idiot” and “piece of s—“ — and repeatedly “sneezing in (Sultan’s) face in a contemptuous fashion.”
Terzi, in a countersuit, charged Sultan was a conniving backstabber who launched his own business with confidential information stolen from Jack Terzi Real Estate.
Sultan, of Eatontown, N.J., declined further discussion about his ex-boss.