Teachers Union Relocating to 740,000-SF Downtown Space

NEW YORK CITY-A unique agreement that involves the purchase of one building and a long-term net lease on an adjacent one will allow the United Federation of Teachers to relocate Downtown. The $65- to $70-million deal, which includes the purchase price and first year lease, represents a major investment in the future of Lower Manhattan.

Funding for the complex transactions will come from the sale of the labor organization’s current headquarters at 260 Park Avenue South and additional buildings it owns it 48 E. 21st St and 41 E. 21st St. The union’s new headquarters will be located at 50 and 52 Broadway.

The building to be purchased, 50 Broadway, is owned by Koll Bren and Schreiber LLP, a REIT. The 52 Broadway building is owned by Jack Resnick & Sons Inc. The UFT is represented in all transactions, including the sale of its Midtown South properties, by Colliers ABR vice chairman Mark Boisi. Legal counsel for the union is Leonard Boxer of Stroock & Stroock & Lavan.