Major FiDi landlord resigns as bank chairman after stock windfall

Moses Marx owns multiple commercial buildings along Broadway

New York /
Jun.June 15, 2021 12:45 PM
Berkshire Bank headquarters in 4 East 39th Street (Google Maps)

Berkshire Bank headquarters in 4 East 39th Street (Google Maps)

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





    Related Articles

    arrow_forward_ios
    From left: Adam Neumann and Marc Andreessen (Getty Images)
    Adam Neumann raises $350M from a16Z for multifamily venture
    Adam Neumann raises $350M from a16Z for multifamily venture
    427 Broadway and Robert Frey (HGetty, THCNYC)
    Former Vegas club owner bringing cannabis museum to SoHo
    Former Vegas club owner bringing cannabis museum to SoHo
    Mayor of New York City Eric Adams (Photo Illustration by The Real Deal with Getty Images)
    NYC turns back to hotels to grow homeless shelters
    NYC turns back to hotels to grow homeless shelters
    Leonard Stern with Wyndham Garden Hotel Newark Airport (Getty, Hotels Combined)
    Hartz buys Newark Airport hotel for $34M, plans demolition
    Hartz buys Newark Airport hotel for $34M, plans demolition
    Brookfield Property Partners CEO Brian Kingston and 660 Fifth Avenue (Brookfield Properties, Getty Images)
    Major asset manager moves to 660 Fifth Avenue
    Major asset manager moves to 660 Fifth Avenue
    Cushman's Gary Gabriel and Adam Spies with one of the Long Island Industrial Assets (Cushman, Sherwood Equities, Getty Images)
    Silverman grabs Sherwood industrial portfolio for $76M
    Silverman grabs Sherwood industrial portfolio for $76M
    50 Pennsylvania Avenue (LinkedIn, Pennrose)
    Supermarket nabs 20K sf at Pennrose project in Brooklyn
    Supermarket nabs 20K sf at Pennrose project in Brooklyn
    Billionaire entrepreneur Mark Cuban (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
    Mark Cuban: Metaverse real estate is the “dumbest sh*t ever”
    Mark Cuban: Metaverse real estate is the “dumbest sh*t ever”
    arrow_forward_ios

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

    Loading...