The Real Deal New York

Jack Terzi bets $20M more on Second Avenue

JTRE closes on 25-unit rental at 53rd St.

May 14, 2015 05:50PM
By E.B. Solomont


From left: 1004 Second Avenue in Midtown East and Jack Terzi

JTRE Holdings’ Jack Terzi has doubled down on Second Avenue, with the $20 million acquisition of a five-story rental building. JTRE closed Thursday on 1004 Second Avenue, sources told The Real Deal.

Clint Olsen of Cushman & Wakefield represented the seller, Judith Margulies’ JM Properties of New York, which owned the building since the late 1980s. JTRE’s Ricky Braha represented the buyer in-house.

Located at the corner of Second Avenue at 53rd Street, the building has 25 residential units and 3,000 square feet of retail space on the ground floor.

Terzi declined to comment, but he previously told TRD that he’s “bullish” on Midtown East, particularly now that construction on the forever-delayed Second Avenue subway is making progress.

In December, JTRE closed on its $21 million acquisition of a garage at 234-240 East 54th Street, which it bought from the Gould family, as TRD reported. JTRE is converting the former garage into a three-story retail building with 30,000 square feet.

In February, JTRE signed leases there with Discount gym Blink Fitness, a division of Equinox, and spinning studio SoulCycle.