Jack Terzi bets $20M more on Second Avenue

JTRE closes on 25-unit rental at 53rd St.

From left: 1004 Second Avenue in Midtown East and Jack Terzi

JTRE Holdings’ Jack Terzi has doubled down on Second Avenue, with the $20 million acquisition of a five-story rental building. JTRE closed Thursday on 1004 Second Avenue, sources told The Real Deal.

Clint Olsen of Cushman & Wakefield represented the seller, Judith Margulies’ JM Properties of New York, which owned the building since the late 1980s. JTRE’s Ricky Braha represented the buyer in-house.

Located at the corner of Second Avenue at 53rd Street, the building has 25 residential units and 3,000 square feet of retail space on the ground floor.

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Terzi declined to comment, but he previously told TRD that he’s “bullish” on Midtown East, particularly now that construction on the forever-delayed Second Avenue subway is making progress.

In December, JTRE closed on its $21 million acquisition of a garage at 234-240 East 54th Street, which it bought from the Gould family, as TRD reported. JTRE is converting the former garage into a three-story retail building with 30,000 square feet.

In February, JTRE signed leases there with Discount gym Blink Fitness, a division of Equinox, and spinning studio SoulCycle.