NY Developer Pays $27.7 Million for Glover Park Building
Marx Realty, a New York City-based real estate investment company, purchased 2121 Wisconsin Avenue in Glover Park on February 3rd, 2022 for $27.7 million. Seller JBG Smith, the developer of the Glover House apartments, purchased the building in 2011 for $21 million and did significant renovation. The six-story building sits a block up from Trader Joe’s, has over 100,000 square feet of space and currently houses Balance Gym, CommuniKids, DCW50 Television, Nexstar Media Group and other offices.
This is at least the third DC property secured by Marx CEO Craig Deitelzweig in recent years, though the bulk of the investments still are in NYC. Marx Realty is a subsidiary of the century-old Merchants’ National Properties and is the leasing, development and management arm of the company. Marx also holds 819 7th Street in Chinatown (home of Nando restaurant) as well as 2200 P Street – the gas station with that odd Roman pantheon-style building next to it.
Believe it or not, $27.7 million is not a record for Glover Park, but it is 4th on the all-time sale list behind the Georgetown University sale at 2001 Wisconsin Ave, the office building at 2115 Wisconsin Ave and The Glover Park Hotel at 2505 Wisconsin Ave. All four record sales have come in the last 10 years. There is no word yet on what if any changes they plan to make to the building, but they did secure $4 million in excess of purchase money financing.