From left: Woody Heller and Will Silverman of Studley and 525 Broadway (credit: PropertyShark)

JPMorgan Chase paid $87.5 million for the eight-story Soho building where one of its most popular bank branches is located, in an effort to protect the valuable location, several industry sources said. A number of real estate investors offered to pay around $68 million for the building, 525 Broadway, industry sources said, while others were well into the $80s. [more]

12 East 13th Street (credit: PropertyShark)

A 45,032-square-foot, eight-story former Hertz garage in Greenwich Village is now on the market for potential conversion into a hotel, office or residential space. The New York Post reported that the ultimate sales price is expected to exceed $600 per square-foot, or more than $30 million total.

Steve Hornstock, Alan Cohen and Adam Maxson of ABS Partners have the listing for the property, which is located at 12 East 13th Street, between University Place and Fifth Avenue. Many of those interested in the property, according to unnamed sources to the Post, are planning on having four to five apartments on each 5,441-square-foot floor. [more]

Rothmans, the famed men’s department store at Union Square, is leaving its home of 25 years for a larger, cheaper space one block north, according to the Post. The retailer, which currently resides in 7,500 square feet at ABS Partners’ 200 Park Avenue South, will relocate to 11,000 square feet at 222 Park Avenue South, whose retail co-op is also owned by ABS, later this year. Rothmans had five years left on its lease, but the move will allow ABS to hike up the rent sooner at 200 Park, while Rothmans will be paying less than it would be if it had waited and renewed. … [more]