New York City‑based real estate investment platform Vertex has acquired 61–63 Crosby Street, a boutique, mixed-use boutique trophy building located in the heart of SoHo.
The five-story, 32,400-square-foot landmark building is 100% leased, with long-term stability provided by Patagonia’s New York City flagship anchoring the retail component under a lease that runs through 2040. The upper floors, comprising approximately 24,300 square feet of office space, are leased to a roster of creative and technology tenants, including Comcast Ventures, Aptos Labs and Sister Group. The historic property underwent a comprehensive redevelopment in 2018, resulting in modernized interiors, upgraded systems and a penthouse level with a private terrace.
Newmark’s Adam Spies, Adam Doneger, Josh King, Marcella Fasulo and Meaghan Philbin brokered the all-cash transaction. Olmstead Properties will serve as the property manager and exclusive leasing agent at the building.
The acquisition follows Vertex’s purchase of 373 and 381 Park Avenue South from ATCO Properties & Management for $104 million this November.
“This is exactly the type of stable, high-quality asset we want to own for the long term. We built Vertex to pursue both short-term opportunities and long-term holds that produce strong, tax-efficient cash flow,” said Patrick Pavone, co-founder of Vertex. “61–63 Crosby Street fits that approach — a well-located historic building in a neighborhood with real momentum.”
Vertex was co-founded by Adam Arnow and Patrick Pavone and is backed by the Rosenblatt and Arnow families — two long-established names in New York real estate. The platform was created to target strategic office acquisitions across the city and deploy capital where location fundamentals and long-term value align.
“Our goal is to assemble a portfolio of Manhattan assets with staying power. 61–63 Crosby has that—historic character, a stable rent roll, and a location that continues to improve,” said Adam Arnow, co-founder of Vertex.
