Law School talks collapse

Real Estate Weekly, Nov 30, 2005 by Tiffany Razzano

Tishman Speyer Properties has reportedly backed out of a $150 million deal to buy the New York Law School.

The company had hoped to buy the 12,500 s/f site bounded by Church, Leonard and Worth Streets and West Broadway and build a 300,000 s/f residential tower. The school has dangled the site as a prize to the developer who not only submitted the winning bid, but also agreed to rebuild the law school on the remainder of the space.

In September, Robert Speyer, Tishman's senior managing director, confirmed the company was negotiating with the schoole. However, published reports say the talks broke down over escalating construction costs.

Studley brokers Woody Heller and Howard Nottingham are representing the school. They had no comment.

A spokesman for Tishman Speyer was unavailable by press time.