8-K

                          SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549


                                        ______


                                       FORM 8-K


                                    CURRENT REPORT


                        Pursuant to Section 13 or 15(d) of the
                           Securities Exchange Act of 1934



Date of Report (Date of earliest event reported) July 1, 1998
                                                 -------------------------------

                                  GLOBIX CORPORATION
- --------------------------------------------------------------------------------
                  (Exact name of registrant as specified in charter)


   Delaware                      1-14168                 13-3781263        
- --------------------------------------------------------------------------------
(State or other juris-          (Commission           (IRS Employer
diction of Incorporation)       File number)          Identification No.)



 295 Lafayette Street, 3rd Floor, New York, New York  10012        
- --------------------------------------------------------------------------------
(Address of principal executive offices)            (Zip Code)




Registrant's telephone number,
   including area code                          (212) 334-8500      
                                            ------------------------------------


- --------------------------------------------------------------------------------
            (Former Name or Former Address, if Changed Since Last Report)




ITEM 2.   ACQUISITION OR DISPOSITION OF ASSETS.

          On July 1, 1998, Globix Corporation (the "Company") through BLP
Acquisition LLC, a New York limited liability company ("BLP"), purchased the
land and building located at 139 Centre Street, New York, New York, Borough of
Manhattan (the "Property") from Bank Leumi USA, a New York banking corporation
("Bank Leumi").  The Property includes a nine story building containing
approximately 160,000 square feet of floor space.  The Property was previously
occupied in its entirety by Bank Leumi and housed Bank Leumi's operations and
money center.  The Company intends to use the Property to house its New York
SuperPOP facility and operations.  The Company anticipates occupying the
Property beginning September 1998.

     The total acquisition cost, including the cost of purchasing the rights to
acquire the Property, of $17,000,000 was paid for with proceeds from the
Company's $160,000,000 13% Senior Subordinated Notes offering that was concluded
on April 30, 1998.  In the event the Company sells the Property, the Company has
agreed to pay additional consideration, under certain circumstances, to a former
holder of rights to purchase the Property.  

     The Company has also entered into a Purchase Agreement dated as of June 2,
1998 with Hanover Equities, Inc., a Delaware corporation ("Hanover"), the
minority member of BLP, setting forth the terms and conditions pursuant to which
Hanover can require the Company to purchase all of Hanover's right, title and 


                                          2



interest in BLP and pursuant to which the Company can require Hanover to sell
all of its right, title and interest in BLP to the Company. 

ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS.

          (c)  EXHIBITS.

          99(a)  Purchase Agreement between Hanover Equities, Inc. and the
Company dated as of June 2, 1998.

          99(b)  Purchase Agreement between Young Woo and the Company dated as
of June 2, 1998.


                                      SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                        GLOBIX CORPORATION




                                        By  /s/ Marc H. Bell              
                                           -------------------------------
                                           Marc H. Bell, President
                                             and Chief Executive Officer


Dated:  July 16, 1998


                                          3



                                    EXHIBIT INDEX


                                                                    Sequentially
Exhibit                                                            Numbered Page
- -------                                                            -------------

 99(a)    Purchase Agreement between Hanover Equities, Inc.
          and the Company dated as of June 2, 1998.

 99(b)    Purchase Agreement between Young Woo and 
          the Company dated as of June 2, 1998.


                                          4

EX-99.(A)

                                                                   EXHIBIT 99(a)


                                  PURCHASE AGREEMENT

     AGREEMENT dated as of June 2, 1998, by and between  HANOVER EQUITIES, INC.,
a Delaware corporation having an office at c/o Kalnick Klee & Green, P.C., 767
Third Avenue, New York, New York 10017 (the "Seller") and GLOBIX CORPORATION, a
Delaware corporation having an office at 295 Lafayette Street, New York, New
York 10012 (the "Purchaser").

     WHEREAS, Seller owns a 20% interest of BLP Acquisition LLC, a New York
limited liability company (the "LLC"); and 

     WHEREAS, Purchaser owns an 80% interest in the LLC; and     

     WHEREAS, Purchaser and Seller wish to provide the terms and conditions
pursuant to which Seller can require Purchaser to purchase all of Seller's
right, title and interest in the LLC (the "Interest") and pursuant to which
Purchaser can require Seller to sell the Interest to Purchaser.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:

     1. PURCHASE AND SALE.  Upon the terms and subject to the conditions
contained herein, Seller agrees to sell, and Purchaser agrees to purchase the
Interest.  On the Closing Date (as that term is hereinafter defined), Seller
shall execute and deliver to Purchaser an Assignment of Limited Liability
Company Interest in substantially the form of Exhibit A attached hereto.






     SECTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION.



     3. CLOSING.  The closing of the purchase and sale of the Interest (the
"Closing") shall take place at the offices of Milberg Weiss Bershad Hynes &
Lerach LLP, One Pennsylvania Plaza, New York, New York 10119, at 10:00 o'clock
a.m. on such date (the 


                                        - 2 -



"Closing Date") as shall be specified by either Seller or Purchaser to the other
in a written notice given at least 15 days prior to the designated Closing Date,
or at such other time, date and/or place as may be agreed to by the parties.

     4.   REPRESENTATIONS AND WARRANTIES OF PURCHASER.  Purchaser represents and
warrants to Seller as follows:

          (a) NO VIOLATIONS; VALIDITY.  No provision of any agreement,
instrument or understanding, or of any order, judgment, decree, statute, rule or
regulation of any court or governmental authority, to which Purchaser is a party
or by which it is bound or subject, has been or will be violated by the
execution by it of, or the performance or satisfaction of any agreement or
condition upon its part to be performed or satisfied under, this Agreement. 
This Agreement and each of the other instruments executed or to be executed by
Purchaser pursuant to this Agreement has been duly authorized and constitutes or
will constitute the valid and legally binding obligations of the Purchaser in
accordance with its terms except as enforcement may be limited by applicable
bankruptcy, insolvency and other laws relating to or affecting creditors' rights
generally and subject also to general principles of equity affecting the right
to specific performance and injunctive relief.

          (b) AUTHORIZATIONS; APPROVALS.  No authorization or approval of, or
filing with, or compliance with any applicable order, judgment, decree, statute,
rule or regulation of, any court or governmental authority, or approval,
consent, release or 


                                        - 3 -



action of any third party, which has not been obtained, is required in
connection with the execution and delivery by the Purchaser of, or the
performance or satisfaction of, any agreement of the Purchaser contained in or
contemplated by, this Agreement.

          (c) INVESTMENT INTENT.  The Interest to be acquired by the Purchaser
hereunder will be acquired for investment for the Purchaser's own account and
not with a view to a sale or other distribution thereof within the purview of,
and no portion of the Interest will be offered, sold, or otherwise disposed of
by the Purchaser in violation of, any applicable provisions of the Securities
Act of 1933, as amended, any state "blue sky" or other securities laws or any
rules and regulations thereunder.

          (d) NO RELIANCE OR REPRESENTATIONS.  Purchaser acknowledges that
neither Seller nor any of Seller's agents has made any representations or
warranties in connection with this Agreement or the transactions contemplated
herein, except those expressly set forth in Section 5.  The Purchaser has,
independently (or together with its financial advisors) and without reliance on
Seller or any of Seller's agents, and based upon such documents and information
as it deemed appropriate, made its own analysis and decision to enter into this
Agreement.  In connection with that decision, neither Seller nor any of Seller's
agents has made (and has no responsibility with respect to) and the Purchaser is
not relying upon, any representation or 


                                        - 4 -



warranty (other than those expressly set forth in Section 5), express or
implied, or any duty of disclosure by Seller or any of her agents as to any
matter.

     5.   REPRESENTATIONS AND WARRANTIES OF SELLER.  Seller represents and
warrants to Purchaser as follows:

          (a) GOOD TITLE.  Seller owns beneficially and of record  the Interest,
and Seller has full and unrestricted power and authority to sell, assign and
transfer the Interest, to Purchaser in the manner provided herein, free and
clear of any liens, claims, charges, options, and encumbrances of any nature or
kind whatsoever.

          (b) NO RELIANCE OR REPRESENTATIONS.  Seller acknowledges that none of
Purchaser, Purchaser's subsidiaries, or any of their respective officers,
directors, employees or agents (collectively, the "Purchaser's Affiliates") has
made any representations or warranties in connection with this Agreement or the
transactions contemplated herein, except those expressly set forth in section 4.
Seller has, independently (or together with Seller's financial advisors) and
without reliance on Purchaser or any of the Purchaser's Affiliates, and based
upon such documents and information as Seller deemed appropriate, made Seller's
own analysis and decision to enter into this Agreement.  In connection with that
decision, neither Purchaser nor any of the Purchaser's Affiliates has made (and
has no responsibility with respect to) and Seller is not relying upon, any
representation or warranty (other than those expressly set forth 


                                        - 5 -



in Section 4), express or implied, or any duty of disclosure by Purchaser or any
of the Purchaser's Affiliates, as to any matter.

          (c) NO VIOLATIONS; VALIDITY.  No provision of any agreement,
instrument or understanding, or of any order, judgment, decree, statute, rule or
regulation of any court or governmental authority to which Seller is a party or
by which he is bound or subject, has been or will be violated by the execution
by Seller of, or the performance or satisfaction of any agreement or condition
upon Seller's part to be performed or satisfied under, this Agreement.  This
Agreement and each of the other instruments executed or to be executed by Seller
pursuant to this Agreement has been duly authorized and constitutes or will
constitute the valid and legally binding obligations of Seller in accordance
with its terms except as enforcement may be limited by applicable bankruptcy,
insolvency and other laws relating to or affecting creditors' rights generally
and subject also to general principles of equity affecting the right to specific
performance and injunctive relief.

          (d) AUTHORIZATIONS; APPROVALS.  No authorization or approval of, or
filing with, or compliance with any applicable order, judgment, decree, statute,
rule or regulation of, any court or governmental authority, or approval,
consent, release or action of any third party, is required in connection with
the execution and delivery by Seller of, or the performance or satisfaction of
any agreement of Seller contained in or contemplated by, this Agreement.


                                        - 6 -



     6.   INDEMNIFICATION BY SELLER.  From and after the date hereof and the
Closing Date, Seller shall indemnify and hold harmless Purchaser and Purchaser's
Affiliates from and against any and all claims, losses, liabilities, costs,
damages and expenses, including, without limitation, reasonable attorneys fees
(collectively, "Losses") arising out of or in any way connected with a
misrepresentation, breach of warranty or default in performing a covenant by
Seller contained in this Agreement.

     7. INDEMNIFICATION BY PURCHASER.  From and after the date hereof and the
Closing Date, the Purchaser shall indemnify and hold harmless Seller and
Seller's agents from and against any and all Losses arising out of or in any way
connected with a misrepresentation, breach of warranty or default in performing
a covenant by the Purchaser contained in this Agreement.

     8. FURTHER ASSURANCES.  From and after the date of this Agreement and the
Closing Date, each of the parties hereto shall from time to time, at the request
of any other party and without further consideration, do, execute and deliver,
or cause to be done, executed and delivered, all such further acts, things and
instruments as may be reasonably requested or required more effectively to
evidence and give effect to the transactions provided for in this Agreement.

     9. NOTICES.  All notices, requests, demands and other communications
required or permitted under this Agreement shall be in writing and shall be
deemed to have been duly given if personally delivered or if mailed by first
class registered or 


                                        - 7 -



certified mail return receipt requested, or by first class mail if received,
addressed to the parties at their respective addresses set forth or referred to
on the first page of this Agreement, with copies to their respective counsel,
Milberg Weiss Bershad Hynes & Lerach LLP, Att: Arnold N. Bressler, Esq., One
Pennsylvania Plaza, New York, New York 10119, in the case of Purchaser, and
Kalnick, Klee & Green, P.C., Att: Sheldon Reiter, Esq., 767 Third Avenue, New
York, New York 10017, in the case of Seller, or to such other person or address
as may be designated by like notice hereunder.

     10. PARTIES IN INTEREST.  All representations, warranties, agreements and
covenants herein and any certificate or agreement delivered in connection
herewith shall survive the Closing Date and be binding upon, and shall inure to
the benefit of and be enforceable by, the parties hereto and their respective
legal representatives, successors and assigns, but no other person shall acquire
or have any rights under this Agreement.

     11. ENTIRE AGREEMENT; MODIFICATION; WAIVER.  This Agreement contains the
entire agreement and understanding among the parties hereto with respect to the
subject matter hereof and supersedes all prior negotiations and understandings,
if any, and there are no agreements, representations or warranties other than
those set forth, provided for or referred to herein.  All exhibits and schedules
to this Agreement are expressly made a part of this Agreement as fully as though
completely set forth herein, and all references to this Agreement herein, in any
of 


                                        - 8 -



such writings or elsewhere shall be deemed to refer to and include all such
writings.  Neither this Agreement nor any provisions hereof may be modified,
amended, waived, discharged or terminated, in whole or in part, except in
writing signed by the party to be charged.  Either party may extend the time for
or waive performance of any obligation of any other party or waive any
inaccuracies in the representations or warranties of any other party or
compliance by any other party with any of the provisions of this Agreement.  No
waiver of any such provisions or of any breach of or default under this
Agreement shall be deemed or shall constitute a waiver of any other provisions,
breach or default, nor shall any such waiver constitute a continuing waiver.

     12. BROKERS.  The parties represent to each other that they have not
employed any broker, finder or intermediary in connection with the transaction
contemplated herein who might be entitled to a fee or commission upon the
consummation hereof.

     13. FEES AND EXPENSES.   All costs and expenses incurred in connection with
this Agreement and the transaction contemplated hereby shall be paid by the
party incurring such cost or expense.

     14.  INTERPRETATION.

          (a) GOVERNING LAW.  This Agreement shall be governed and construed and
enforced in accordance with the laws of the State of New York applicable to
contracts made and to be 


                                        - 9 -



performed exclusively in that State without giving effect to the principles of
conflict of laws.

          (b) INTERPRETATION.  All pronouns and words used in this Agreement
shall be read in the appropriate number and gender, the masculine, feminine and
neuter shall be interpreted interchangeably and the singular shall include the
plural and vice versa, as the circumstances may require.

     15. HEADINGS; COUNTERPARTS.  The article and section headings in this
Agreement are for reference purposes only and shall not define, limit or affect
the meaning or interpretation of this Agreement.  This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original but all
of which shall constitute one and the same instrument.


     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above written.

                                        HANOVER EQUITIES, INC.


                                        By: /s/ Edmund A. Shiffzen, V.P.
                                           -----------------------------
                                                               (Title)


                                        GLOBIX CORPORATION


                                        By: /s/ Marc H. Bell, President 
                                           -----------------------------
                                                               (Title)


                                        - 10 -

EX-99.(B)

                                                                   EXHIBIT 99(b)


                                  PURCHASE AGREEMENT



     AGREEMENT dated as of June 2, 1998, by and between YOUNG WOO, having an
office at 450 Park Avenue, New York, New York 10022, individually and as nominee
(the "Seller") and GLOBIX CORPORATION, a Delaware corporation having an office
at 295 Lafayette Street, New York, New York 10012 (the "Purchaser").

     WHEREAS, Seller is the holder of a 60% interest in 139 Centre Street
Associates, LLC, a limited liability company (the "LLC"); and 

     WHEREAS, Purchaser wishes to purchase, and Seller wishes to sell Seller's
60% interest in the LLC (the "Interest") pursuant to the conditions set forth
herein.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:

     1.  PURCHASE AND SALE.  Upon the terms and subject to the conditions
contained herein, Seller agrees to sell, and Purchaser agrees to purchase the
Interest.  On the Closing Date (as that term is hereinafter defined), Seller
shall execute and deliver to Purchaser an Assignment of Limited Liability
Company Interest in substantially the form of Exhibit A attached hereto.

     SECTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION.





     SECTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION.
















                                        - 2 -



     SECTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION.


     3.  CLOSING.  The closing of the purchase and sale of the Interest (the
"Closing") shall take place at the offices of Milberg Weiss Bershad Hynes &
Lerach LLP, One Pennsylvania Plaza, New York, New York 10119, at 10:00 o'clock
a.m. on June 30, 1999 (the "Closing Date") or at such other time, date and/or
place as may be agreed to by the parties.

     4.  REPRESENTATIONS AND WARRANTIES OF PURCHASER.  Purchaser represents and
warrants to Seller as follows:

     (a)  NO VIOLATIONS; VALIDITY.  No provision of any agreement, instrument or
understanding, or of any order, judgment, decree, statute, rule or regulation of
any court or governmental authority, to which Purchaser is a party or by which
it is bound or subject, has been or will be violated by the execution by it of,
or the performance or satisfaction of any agreement or condition upon its part
to be performed or satisfied under, this Agreement.  This Agreement and each of
the other instruments executed or to be executed by Purchaser pursuant to this
Agreement has been duly authorized and constitutes or will constitute the valid
and legally binding obligations of the Purchaser in accordance with its terms
except as enforcement may 


                                        - 3 -



be limited by applicable bankruptcy, insolvency and other laws relating to or
affecting creditors' rights generally and subject also to general principles of
equity affecting the right to specific performance and injunctive relief.

     (b)  AUTHORIZATIONS; APPROVALS.  No authorization or approval of, or filing
with, or compliance with any applicable order, judgment, decree, statute, rule
or regulation of, any court or governmental authority, or approval, consent,
release or action of any third party, which has not been obtained, is required
in connection with the execution and delivery by the Purchaser of, or the
performance or satisfaction of, any agreement of the Purchaser contained in or
contemplated by, this Agreement.

     (c)  INVESTMENT INTENT.  The Interest to be acquired by the Purchaser
hereunder will be acquired for investment for the Purchaser's own account and
not with a view to a sale or other distribution thereof within the purview of,
and no portion of the Interest will be offered, sold, or otherwise disposed of
by the Purchaser in violation of, any applicable provisions of the Securities
Act of 1933, as amended, any state "blue sky" or other securities laws or any
rules and regulations thereunder.

     (d)  NO RELIANCE OR REPRESENTATIONS.  Purchaser acknowledges that neither
Seller nor any of his agents has made any representations or warranties in
connection with this Agreement or the transactions contemplated herein, except
those expressly set forth in Section 5.  The Purchaser has, independently (or
together with its financial advisors) and without 


                                        - 4 -



reliance on Seller or any of his agents, and based upon such documents and
information as it deemed appropriate, made its own analysis and decision to
enter into this Agreement.  In connection with that decision, neither Seller nor
any of his agents has made (and has no responsibility with respect to) and the 
Purchaser is not relying upon, any representation or warranty (other than those
expressly set forth in Section 5), express or implied, or any duty of disclosure
by Seller or any of his agents as to any matter.

     5.  REPRESENTATIONS AND WARRANTIES OF SELLER.  Seller represents and
warrants to Purchaser as follows:

     (a)  GOOD TITLE.  He owns beneficially and of record  the Interest, which
constitutes his entire interest in the LLC and he has full and unrestricted
power and authority to sell, assign and transfer the Interest, to Purchaser in
the manner provided herein, free and clear of any liens, claims, charges,
options, and encumbrances of any nature or kind whatsoever.

     (b)  NO RELIANCE OR REPRESENTATIONS.  Seller acknowledges that none of
Purchaser, Purchaser's subsidiaries, or any of their respective officers,
directors, employees or agents (collectively, the "Purchaser's Affiliates") has
made any representations or warranties in connection with this Agreement or the
transactions contemplated herein, except those expressly set forth in section 4.
Seller has, independently (or together with his financial advisors) and without
reliance on Purchaser or any of the Purchaser's Affiliates, and based upon such
documents and information as he deemed appropriate, made his own analysis 


                                        - 5 -



and decision to enter into this Agreement.  In connection with that decision,
neither Purchaser nor any of the Purchaser's Affiliates has made (and has no
responsibility with respect to) and Seller is not relying upon, any
representation or warranty (other than those expressly set forth in Section 4),
express or implied, or any duty of disclosure by Purchaser or any of the
Purchaser's Affiliates, as to any matter.

     (c)  NO VIOLATIONS; VALIDITY.  No provision of any agreement, instrument or
understanding, or of any order, judgment, decree, statute, rule or regulation of
any court or governmental authority to which Seller is a party or by which he is
bound or subject, has been or will be violated by the execution by Seller of, or
the performance or satisfaction of any agreement or condition upon his part to
be performed or satisfied under, this Agreement.  This Agreement and each of the
other instruments executed or to be executed by Seller pursuant to this
Agreement has been duly authorized and constitutes or will constitute the valid
and legally binding obligations of Seller in accordance with its terms except as
enforcement may be limited by applicable bankruptcy, insolvency and other laws
relating to or affecting creditors' rights generally and subject also to general
principles of equity affecting the right to specific performance and injunctive
relief.

     (d)  AUTHORIZATIONS; APPROVALS.  No authorization or approval of, or filing
with, or compliance with any applicable order, judgment, decree, statute, rule
or regulation of, any court or governmental authority, or approval, consent,
release or 


                                        - 6 -



action of any third party, is required in connection with the execution and
delivery by Seller of, or the performance or satisfaction of any agreement of
Seller contained in or contemplated by, this Agreement.

     (e)  CONCERNING THE LLC.  Seller represents and warrants that the LLC has
carried on no business other than (i) that related to the Contract of Sale dated
November 19, 1997 between Bank Leumi USA and the LLC for premises located at 139
Centre Street, New York, New York, as modified by (a) letter agreement between
said parties dated January 21, 1998, (b) Modification of Contract of Sale
between said parties dated January 28, 1998 and (c) letter agreement between
said parties dated May 4, 1998 and (ii) negotiating a lease with the State of
New York for the entire Property, which negotiations have terminated and no such
lease was ever finalized.  As of the date hereof, the LLC has no assets or
liabilities of any nature or kind whatsoever except architect's fees, legal fees
and other expenses not exceeding $50,000 relating to the activities set forth
above, which Seller shall indemnify and hold Purchaser harmless from and
against.  Prior to the Closing, Seller shall cause the LLC to refrain from
taking any action of any nature or kind whatsoever, without the prior written
consent of the Purchaser.

     6.  RELEASES.  Concurrently with the execution hereof, Purchaser and Seller
are exchanging mutual releases.  In addition, general releases in favor of
Purchaser and Seller are being delivered by the LLC, Harshad Shah and Irwin Liu.


                                        - 7 -



     7.  INDEMNIFICATION BY SELLER.  From and after the date hereof and the
Closing Date, Seller shall indemnify and hold harmless Purchaser and Purchaser's
Affiliates from and against any and all claims, losses, liabilities, costs,
damages and expenses, including, without limitation, reasonable attorneys fees
(collectively, "Losses") arising out of or in any way connected with a
misrepresentation, breach of warranty or default in performing a covenant by
Seller contained in this Agreement.

     8.  INDEMNIFICATION BY PURCHASER.  From and after the date hereof and the
Closing Date, the Purchaser shall indemnify and hold harmless Seller and his
agents from and against any and all Losses arising out of or in any way
connected with a misrepresentation, breach of warranty or default in performing
a covenant by the Purchaser contained in this Agreement.

     9.  FURTHER ASSURANCES.  From and after the date of this Agreement and the
Closing Date, each of the parties hereto shall from time to time, at the request
of any other party and without further consideration, do, execute and deliver,
or cause to be done, executed and delivered, all such further acts, things and
instruments as may be reasonably requested or required more effectively to
evidence and give effect to the transactions provided for in this Agreement.

     10.  NOTICES.  All notices, requests, demands and other communications
required or permitted under this Agreement shall be in writing and shall be
deemed to have been duly given if personally delivered or if mailed by first
class registered or 


                                        - 8 -



certified mail return receipt requested, or by first class mail if received,
addressed to the parties at their respective addresses set forth or referred to
on the first page of this Agreement, with copies to their respective counsel,
Milberg Weiss Bershad Hynes & Lerach LLP, Att: Arnold N. Bressler, Esq., One
Pennsylvania Plaza, New York, New York 10119, in the case of Purchaser, and
Brown Raysman Millstein Felder & Steiner LLP, Att:  Kenneth M. Block, Esq., 120
West 45th Street, New York, New York 10036, in the case of Seller, or to such
other person or address as may be designated by like notice hereunder.

     11.  PARTIES IN INTEREST.  All representations, warranties, agreements and
covenants herein and any certificate or agreement delivered in connection
herewith shall survive the Closing Date and be binding upon, and shall inure to
the benefit of and be enforceable by, the parties hereto and their respective
legal representatives, successors (including heirs and distributees in the case
of Seller) and assigns, but no other person shall acquire or have any rights
under this Agreement.

     12.  ENTIRE AGREEMENT; MODIFICATION; WAIVER.  This Agreement contains the
entire agreement and understanding among the parties hereto with respect to the
subject matter hereof and supersedes all prior negotiations and understandings,
if any, and there are no agreements, representations or warranties other than
those set forth, provided for or referred to herein.  All exhibits and schedules
to this Agreement are expressly made a part of this Agreement as fully as though
completely set forth herein, and all references to this Agreement herein, in any
of 


                                        - 9 -



such writings or elsewhere shall be deemed to refer to and include all such
writings.  Neither this Agreement nor any provisions hereof may be modified,
amended, waived, discharged or terminated, in whole or in part, except in
writing signed by the party to be charged.  Either party may extend the time for
or waive performance of any obligation of any other party or waive any
inaccuracies in the representations or warranties of any other party or
compliance by any other party with any of the provisions of this Agreement.  No
waiver of any such provisions or of any breach of or default under this
Agreement shall be deemed or shall constitute a waiver of any other provisions,
breach or default, nor shall any such waiver constitute a continuing waiver.

     13.  BROKERS.  The parties represent to each other that they have not
employed any broker, finder or intermediary in connection with the transaction
contemplated herein who might be entitled to a fee or commission upon the
consummation hereof.

     14.  FEES AND EXPENSES.   All costs and expenses incurred in connection
with this Agreement and the transaction contemplated hereby shall be paid by the
party incurring such cost or expense.

     15.  INTERPRETATION.

     (a)  GOVERNING LAW.  This Agreement shall be governed and construed and
enforced in accordance with the laws of the State of New York applicable to
contracts made and to be 


                                        - 10 -



performed exclusively in that State without giving effect to the principles of
conflict of laws.

     (b)  INTERPRETATION.  All pronouns and words used in this Agreement shall
be read in the appropriate number and gender, the masculine, feminine and neuter
shall be interpreted interchangeably and the singular shall include the plural
and vice versa, as the circumstances may require.

     16.  HEADINGS; COUNTERPARTS.  The article and section headings in this
Agreement are for reference purposes only and shall not define, limit or affect
the meaning or interpretation of this Agreement.  This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original but all
of which shall constitute one and the same instrument.


     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above written.



                                         /s/ Young Woo                
                                        ------------------------------
                                        Young Woo, Individually and as
                                        Nominee


                                        GLOBIX CORPORATION



                                        By  /s/ Marc H. Bell, President
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                                                               (Title)


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