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Acquisitions

Marx Realty buys LES office properties

Sellers are Artemis, RWN, and Caspi

161 Bowery (Credit: 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.

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