Marx Realty Picks Up Pair of Bowery Assets from JVs
Marx Realty has acquired a pair of office and retail assets located a block apart along the Bowery for a total of $48.5 million. A joint venture of Caspi Development, RWN Real Estate Partners and Artemis Real Estate Partners sold 135 Bowery to Marx, while the JV partners were joined by Ultimate Realty in selling 161 Bowery.
“135 and 161 Bowery are optimally situated in a vibrant neighborhood and represent a perfect fit for our growth strategy in New York City while providing a terrific opportunity to add value to our portfolio,” said Craig Deitelzweig, president and CEO of Marx Realty.
An Avison Young team headed by James Nelson represented the sellers. “We were able to identify a well-established purchaser who utilized a 1031 tax-free exchange and orchestrated a very smooth and easy process with real professionals on both sides of the table,” said Nelson.
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