JTRE in contract to buy Broadway retail facing Macy’s for $12M: sources

Jack Terzi’s JTRE Holdings signed a contract this week to buy the retail building at 958 Sixth Avenue that has an alternate address of 1330 Broadway, for $12 million, according to sources. The five-story building is owned by SCG Retail II LLC and for about a decade was occupied by Spanish retailer Desigual. The building is a holdout parcel on a lot just 18 feet by 60 feet, adjacent to  SL Green Realty’s 2 Herald Square which has an alternate address of 1328 Broadway.

This acquisition follows the $19 million purchase JTRE made of  14 Vesey Street in May 2021.

The 5-story, 5,640-square-foot building, across Broadway from Macy’s flagship Herald Square store, had been controlled by the Chera family’s Crown Acquisitions through a net leased signed in 2009 with an original term of 49 years which was reduced to 25 years following litigation in 2010. A lawsuit SCG filed against Crown’s net lease entity,  958 Avenue of the Americas LLC, in November 2020 over the lease and a sublease with Desigual, was discontinued last year, according to court records.

Terzi filed a new special purpose entity to own the property with the New York State Secretary of State, 1330 Broadway Owner LLC, on February 15, 2022.

The contract was signed on May 18, 2022, according to a source. Terzi declined to comment. A broker representing the seller declined to comment.

SCG Retail II, which identifies Olivia Armao as managing member on the most recent loans, had loans that totaled $4.2 million as of 2013, given by Sussex Bank. Tina-Marie Bullaro is an officer of SCG, according to the court filings.

JTRE owns a portfolio of retail in New York City and beyond, including 23 Wall Street, 63 Spring Street and others.

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