Lerch Early Leads $25.5 Million Scholastic Inc. Real Estate Deal
September 2010 -- Lerch, Early & Brewer served as lead counsel and strategic advisor to seven owners of 557 Broadway, a 10,000 square foot parcel in Manhattan’s Soho District, in their sale of the land to Scholastic Inc., the book publisher, for $25.5 million on September 23, 2010. Scholastic built their headquarters building, designed by the famed architect Aldo Rossi, on the property in 1998, and had an option to purchase the property at fair market value in 2011. Using the owners’ rights under the option, Lerch Early arranged for market involvement and a bidding competition that resulted in the owners receiving far more than the option holder had contended was fair market value. Lerch Early’s Raymond J. Sherbill has represented and advised the ownership group since 1996.