A low-profile downtown landlord who owns multiple prominent commercial buildings in the Financial District has resigned from his role as chairman of Berkshire Bancorp.
Moses Marx, the bank’s longtime majority shareholder whose properties include 225 Broadway, 11 Broadway and 160 Broadway, is stepping down as executive chairman after cashing in on a pandemic-driven windfall, Crain’s reports.
Previously one of the largest individual stakeholders in Eastman Kodak, Marx made a fortune last year, Crain’s reported, when the company’s stock exploded to $60 per share from $2 after the federal government provided it with a $765 million loan to begin producing pharmaceutical ingredients. Bloomberg had previously estimated Marx’s wealth at $1 billion.
Marx is not a well-known figure outside of real estate circles. He fled Nazi Germany in the 1930s and is now in his 80s. He purchased 225 Broadway, a 44-story tower in 1982 for $10 million, according to city records. The building is now worth over $100 million.
[Crain’s] — Keith Larsen