Sellers are Artemis, RWN, and Caspi
Marx Realty has acquired 135 and 161 Bowery on the Lower East Side from RWN Real Estate Partners, and Artemis Real Estate Partners, and Caspi Development for $48.5 million. The two office properties span approximately 47,708 square feet, and feature ground-floor retail units.
Flashback: The partnership paid $12.75 million for 161 Bowery in 2014, and $16.2 million for 135 Bowery in 2015. After renovating the office space, the properties are now fully leased.
Worth Noting: With current rents in the building averaging around $60 per foot, Marx plans to renovate the lobbies and increase the rents by around $10 per SF.