Here’s what the $10M-$20M NYC investment sales market looked like last week

JPMorgan buys Midtown air rights, Marx Realty buys Tribeca retail condo

TRD New York /
Oct.October 16, 2017 05:10 PM

124 Hudson Street, Time Equities’ David Becker and 510 Fifth Avenue

In the world of mid-market New York City investment sales last week, JPMorgan Chase acquired air rights from a Midtown building it used to own and Marx Realty bought a retail condominium unit in Tribeca.

1.) Carmine Limited bought two Yorkville apartment buildings for $17.5 million. The two adjacent buildings at 1435-1537 First Avenue, between East 74th and 75th streets, have 40 units combined, including four commercial units. The previous owner, Norman Rothman, held the building under various entities since before 1988. Carmine, run by Arnold Meier, owns a three-story building at 51 Carmine Street in the West Village.

2.) JPMorgan Chase bought a block of air rights in Midtown for $13.6 million from Vornado Realty Trust. The air rights, from the five-story retail building at 510 Fifth Avenue, now the North Face flagship, were part of an agreement between Vornado and Chase back in 2000, when Chase sold Vornado the building at the corner of West 43rd Street. Chase exercised its right of first refusal to acquire the rights.

3.) Marx Realty & Improvement Co. bought the commercial condo at a Time Equities condominium building in Tribeca for $15.2 million. The retail condo at the base of the nine-story building at 124 Hudson Street is fully occupied by three long-term tenants, Warburg Realty the Tribeca Community School and the Little Gym of Tribeca. Jeremy Nazarian and Itan Rahmani of Venture Capital Properties represented Marx Realty in the deal.

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