JPMorgan Chase partners with Josh Schuster to reposition 525 Broadway

Bank bought Soho building for $88M in 2012

New York /
Mar.March 28, 2017 05:40 PM

JPMorgan Chase is partnering with developer Josh Schuster’s Silverback Development to reposition an office building at 525 Broadway in Soho, sources told The Real Deal.

The partners have been vacating the office component of the eight-story building, which was primarily occupied by small tenants, and are looking to reposition it for a larger creative tenant.

Neither he nor a spokesperson for JPMorgan responded to requests for comment, though Schuster’s name is attached to Department of Buildings filings related to plans to repair the property’s facade. The applicant is architecture firm Kutnicki Bernstein Architects.

JPMorgan has owned the building since 2012, when it paid $87.5 million to buy it from the families of longtime owners Isidor Green and Samuel Skura.

It reportedly bought the 45,000-square-foot building, at the corner of Spring Street, in a move to secure its lease for the 5,000-square-foot retail space, since so many customers use that branch. It worried that, if an investor purchased the property, the rents would skyrocket.

Silverback Development launched earlier this year to focus on ground-up development and adaptive reuse projects. Schuster was a principal at DHA Capital, where he worked on residential projects such as 50 Clinton Street and 12 East 13th Street.

It wasn’t clear if he has acquired an equity stake in the 525 Broadway deal.

Office rents in Soho are at a high. Health startup ZocDoc recently renewed its 85,000-square-foot lease for 10 years at the nearby Prince Building at 568 Broadway, where the asking rent was around $70 per square foot, TRD previously reported.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
3 New York Avenue in Jersey City, NJ (Google Maps, iStock)
Developers land $97M for Jersey City multifamily
Developers land $97M for Jersey City multifamily
Hudson Meridian Construction Group founder Bill Cote and a rendering of the Science Park Apartments planned at 201 Munson in New Haven (Hudson Meridian Construction Group)
Breakthrough for beleaguered New Haven project
Breakthrough for beleaguered New Haven project
From left: Scott Rechler and 5 Times Square; Marc Holliday, Steven Roth and 280 Park Avenue (Getty Images, Eden, Janine and Jim from New York City - via Wikimedia Commons)
Swell of maturing debt pressures office owners
Swell of maturing debt pressures office owners
Jamestown chairman Christoph Kahl and One Times Square (Jamestown LP, iStock)
Jamestown lands $425M to bring the metaverse to One Times Square
Jamestown lands $425M to bring the metaverse to One Times Square
Ron Perelman with 35 East 62nd Street and 41 East 62nd Street (Getty, Google Maps)
Ron Perelman’s former Lenox Hill offices hit market for $160M
Ron Perelman’s former Lenox Hill offices hit market for $160M
World Wide Group's James Stanton, Suchman Group's Jeffrey Suchman and rendering of 66 Nowedonah Avenue in Water Mill NY (World Wide Group, Getty Images, The Water Mill Crossing)
JS Squared gets financing to build 38 Water Mill townhomes
JS Squared gets financing to build 38 Water Mill townhomes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...