14 Vesey Prop Co, LLC Snaps Up 14 Vesey Street for $13.5M in a 29% Financial District Basis Reset

Directly across Vesey Street from St. Paul's Chapel and One World Trade Center, the historic home of the New York County Lawyers' Association has changed hands again at a 28.9 percent discount to its 2021 trade. On September 3, 2026, 14 Vesey Prop Co, LLC paid $13.5 million ($450 per square foot) to acquire the four-story, 30,000-square-foot landmarked building at 14 Vesey Street from Jack Terzi's JTRE 14 Vesey LLC, which had paid $19 million for the property in April 2021. When the deed closed on September 3, 2026, 14 Vesey Prop Co, LLC had officially taken down 14 Vesey Street from Jack Terzi's JTRE Holdings (via JTRE 14 Vesey LLC) for $13.5 million, with Lower Manhattan Capital Markets brokering the trade.

Look past the headline figure and the story is all about the basis reset. The 30,000-square-foot building last traded in April 2021 for $19 million. Stepping in at $450 a square foot shaves 28.9 percent off that prior valuation, giving 14 Vesey Prop Co, LLC a margin of safety that would have been unthinkable at the top of the cycle.

Buying Next to the World Trade Center at $450 a Foot With 92.6 Percent Bridge Leverage

The real tell in any Manhattan closing sits on the debt side of the ledger. To fund the purchase, 14 Vesey Prop Co, LLC locked in a $12.5 million senior bridge & repositioning facility from NEG Facility 1 LLC at 92.6 percent loan-to-value.

That loan commitment meant the buyers only needed to write a $1 million equity check to control a 4-story, 1930-vintage Financial District asset. Credit committees aren't stretching to 75 percent leverage anymore, but when a sponsor brings $1 million of real cash equity and a basis of $450 a square foot, lenders like NEG Facility 1 LLC are wide open for business.

From Our Desk

When we look at 14 Vesey Street on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. 14 Vesey Prop Co, LLC didn't try to fight the tape—they bought Financial District footage at $450 a square foot and structured the stack to match the asset's timeline. Resetting the basis on a Georgian Revival jewel box opposite the Oculus from $633 a foot to $450 a foot—backed by a $12.5 million private credit facility from NEG Facility 1 LLC—shows how entrepreneurial capital is repricing Lower Manhattan boutique commercial buildings.