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JPMorgan Sells Third Ave Stake | Real Estate News
JPMorgan is selling its 49% stake in the $425M 65 Third Avenue office tower, marking a major pivot after earlier failed attempts during the pandemic. Fisher Brothers, the other owner, is bringing in a new partner to revitalize the building—strategically upgrading it in the Grand Central area amid shifting market dynamics. While occupancy sits at 84%, the plan is to boost income dramatically over five years by renegotiating leases. This move follows a similar Park Avenue deal and reflects the broader commercial real estate reshuffle as owners adapt to changing tenant demand and location…
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