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New York & Tri-State  + Downtown New York  + Retail  | 

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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