JPMorgan Chase partners with Josh Schuster to reposition 525 Broadway

Bank bought Soho building for $88M in 2012

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

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

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

10 East 53rd Street and SL Green's Marc Holliday (Credit: TPG Architecture, Sl Green)

SL Green snags $220M refi for Midtown East office tower

Wesley Edens’s Fortress Investment Group picked up a mortgage bond portfolio for a steal (Credit: Drew Angerer/Getty Images, iStock)

Sharks circle as mortgage lenders shed portfolios at steep discounts

Commercial loans expected to suffer because of the pandemic (Credit: iStock)

March saw fewer CMBS delinquencies. That is likely to change: Fitch

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief

Banks, funds, mortgage REITs, and agencies like Fannie Mae and Freddie Mac have all begun adjusting their lending approach in face of the economic downturn (Credit: iStock)

These are the sectors where real estate lending is still happening: report

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans