JTRE Holdings Buys Midtown Garage for $21M


240 East 54th Street
240 East 54th Street.

Jack Terzi of JTRE Holdings has closed on the purchase of a three-story Midtown East parking garage at 240 East 54th Street between Second and Third Avenues, for $21 million. The property went under contract in December, as The New York Post previously reported and public records indicate the seller was Gould Investors.

The sale closed on Jan. 13 and was recorded with the city yesterday.

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CBRE‘s Timothy Sheehan and Daniel Kaplan marketed the building, which has 30,000 square feet of space, since 2012, as Commercial Observer previously reported.

The lot on 240 East 54th Street is zoned C1-9, which allows residential, commercial and facility uses. The property does not have air rights for a high-rise.

Mr. Terzi plans to convert it to retail space and already has interest from potential tenants, according to the Post.

Gould Investors is a limited partnership that owns a portfolio of real estate assets. It is the largest shareholder in public traded companies, BRT Realty Trust and One Liberty Properties, according to its website.

JTRE Holdings, Gould Investors and CBRE did not immediately respond to requests for comment.