Mystery mansion bargain
JPMorgan’s landmark home goes for less than $150M
THE former home of JPMorgan at 23 Wall St. is being sold to retail developer Jack Terzi. The pricing is not yet clear, but sources told The Post it is “less” than the $150 million paid by mysterious Singapore-based China Sonangol in 2008 to previous owner Africa-Israel.
The six-story, marblefronted building is being sold without brokers and has been the subject of much speculation.
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 stretch from the landmarked 23 Wall St., 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 multimedia event company fell through, but Hermés has been a tenant since 2007.
The upper stories of 15 Broad next door were converted into apartments.
Terzi, known for making strategic deals with retailers, and China Sonagol, could not immediately be reached for comment. A city requirement that certain properties file either an income and expense statement or a form stating they don’t have to file a form has already resulted in the venerable John Hancock Real Estate Group being fined $100,000.
A newly released Finance Department list of buildings that did not file the required forms by June 1 shows 35 non-filers in Manhattan having an assessed value of more than $10 million — certainly buildings operated by sophisticated managers.
Yet that list includes several fancy hotels, office buildings and rental apartment towers from the Battery to Morningside Heights that didn’t file the forms.
They are not alone. The Manhattan list covers 2,264 non-filers, all of which could get fined.
John Hancock’s 100 William St. was fined $100,000 and paid the amount back in January for not filing last year’s form. Yet there they are again on the non-filing list. Inquiries to its press office did not result in an explanation.
Queens has 3,988 non-filers, with seven valued at more than $10 million, and Brooklyn’s 6,009 non-filers include one worth more than $10 million. Out of 1,904 nonfilers, the Bronx also has an office building with an assessed value of more than $14 million. That building is partially exempt but is still required to file a form.
Staten Island has 998 nonfilers, with three assessed at over $10 million, including a partially exempt college stadium where the bills are sent to the Department of Parks.
Fines are graduated, with $100,000 being the highest for a building assessed at $25 million or more. At $10 million, the fine is $40,000 and at $15 million it could result in a $60,000 tab.
If you think your building should be excluded or isn’t worth enough for Finance to bother with, think again. For any “income producing” properties, which includes co-ops and condos assessed even at $40,000 or less, and even tax-exempt properties like churches, hospitals and museums, forgetting to file the exclusion form will cost you $100. If your property is assessed more than $40,000, fines start at $300 and rise rapidly.
Some properties on the lists are there due to mistakes that have since been corrected.
For instance, at least one building that takes up two lots did file, the owner said, but the box was not checked for multiple lots.
The Whitney Museum, which opened in May 2015, has now filed the appropriate forms. The Post story on Monday revealing its unppaid $208,000 water bill will result in a payment for the city, as the bills were being sent to the wrong address. Yes, as we’ve told you, only in the City of New York are you required to file a form stating you don’t have to file the form or risk fines from $100 to $100,000.