This year, the Junior League of Stamford-Norwalk (JLSN) celebrates 100 years of service and a century-long record of addressing critical community needs with innovative programs and projects throughout southwestern Fairfield County.
It is with our eyes on the future that we have made the decision to list our headquarters at 748 Post Road in Darien for sale.
JLSN has occupied the building on the Post Road since 1983 and operated the Yellow Balloon thrift shop at this location through 2007.
Today’s Junior League is a dynamic and modern membership organization that does not solely rely on a brick and mortar space to further its Mission of promoting voluntarism, developing the potential of women, and improving the community through effective action and leadership of trained volunteers.
Throughout this transition, we will continue to serve our communities through volunteer efforts, empower our members as change agents, and serve as a hub for women’s leadership in Fairfield County.
APRIL ’24 UPDATE
The Listing Agreement with Vidal Wettenstein expired on February 23, 2024. JLSN has been actively negotiating five offers that were received through Vidal Wettenstein. Through this negotiation process, it became clear that 4 of the 5 were not viable (due to the difference between listing price and offer, the financial contingencies, or other terms of the offer). The terms of the remaining offer were consistent with the guidance of the Board, and, with consultation from the attorney, the Task Force recommended that the Board move forward with the offer.
The Board approved the motion to sign the Letter of Intent (the “LOI” or the “offer”) and on Friday, March 29th, the Letter of Intent was signed. Over the next couple of weeks, the JLSN attorney and the potential buyers attorney will work to draft a Purchase Agreement (the legal contract for the sale of the building). As a reminder, the LOI is a non-binding agreement.
In addition to negotiating the existing offers through Vidal Wettenstein, the Financial Assessment Task Force has been interviewing additional commercial realtors in the area to relist the building if we are unable to advance with the existing offer.
While we are still focused on the sale of the property, we are open to considering other opportunities that will allow us to address our current financial budget gaps. If you have any other ideas to address this need, please reach out to Amy Muslim or Kerry Safir to discuss.
JANUARY ’24 UPDATE
At the time of the last HQ update, November 2023, the President had signed a mutually agreed upon Letter of Intent with a potential buyer.
A Letter of Intent (LOI) is a non-binding agreement that outlines the sale terms and conditions. It’s intended to start as a draft agreement which informs the creation of the legally binding contract called a purchase agreement.
Since November, the President, JLSN Board, Financial Assessment Taskforce, our real estate agent, and our attorney worked to transfer the Letter of Intent details to a formal Purchase Agreement.
A Purchase Agreement is a legally binding contract between a buyer and seller. In real estate, a purchase agreement outlines the purchase price and other conditions for the sale.
Additionally, during the process of developing a purchase agreement, the potential buyer has modified his offer due to an appraisal completed by his intended financial institution.
To assess the modified offer, JLSN has arranged for a pro-bono assessment of the property. The information gathered through the pro-bono assessment will be used by the President, JLSN Board, Financial Assessment Taskforce, our real estate agent, and our attorney to understand our current value in the marketplace to inform our ongoing negotiation with the potential buyer.
Throughout, JLSN has continued to show the building.
NOVEMBER UPDATE
Since the last HQ update, the President has been negotiating the current offer to purchase the building with input from our broker and attorney, the JLSN Financial Assessment Task Force, and the Board. On November 2, 2023, the President signed a mutually agreed upon Letter of Intent with the potential buyer.
A Letter of Intent (LOI) is a non-binding agreement that outlines the sale terms and conditions. It’s intended to start as a draft agreement which informs the creation of the legally binding contract called a purchase agreement.
In the coming days, JLSN will receive a draft purchase agreement which will, again, be reviewed, negotiated, and signed by the President with the support of the Financial Assessment Task Force, our attorney, and the Board.
To prepare for the intended sale of the building, a Financial Working Group has been created, consisting of active and sustainer representation who have financial backgrounds, nonprofit funds experience, and/or knowledge of fiduciary best practices. The group will be working to develop a recommendation to the Board for a financial plan for the intended proceeds from the sale.
Additionally, groups are being developed to work on the preservation of historic JLSN materials, relocation of building contents (such as disposal, donation, and movement to a new location), planning for financial materials, and space planning for the organization.
If anyone has any questions about the process or if you are interested in joining working groups to advance these initiatives, please reach out to Amy Muslim, Treasurer, at treasurer@jlsn.org.
JLSN Headquarters Updates
