Ashkenazy buys three Barneys flagship stores.Ashkenazy Acquisition Corporation, a national owner and operator of commercial and retail real estate, has acquired three flagship properties net leased to Barneys New York  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . from Japanese department store firm Isetan Co. Ltd. for $180 million. The flagship stores, totaling 450,000 SF of space in three properties, are located in the most exclusive and desirable shopping districts of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Chicago and Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. : New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. District, Chicago's Magnificent Mile and Beverly Hills' Golden Triangle. Ashkenazy Acquisition Corp. was founded in 1987 and operates nearly 3 million SF of retail and office property throughout the United States. The Barney's New York acquisition is part of an ongoing program by Ashkenazy to purchase $1 billion in premier quality retail and commercial office assets in major commercial markets in the next two years. The transaction was arranged by the CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Real Estate New York Capital Markets team, led by Scott Latham and Jon Caplan. "The Barneys flagship stores were a tremendous opportunity for us," says Ben Ashkenazy, president of Ashkenazy Acquisition Corporation. "Ashkenazy accelerated the acquisition process and the lender, CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation Mortage Capital, was able to quickly mobilize its resources," said Jon Caplan, of CB Richard Ellis. "This facilitated a closing that was significantly ahead of schedule." The New York City property, 660 Madison Ave., was built in 1958 and completely renovated in early 1994. The store is located at the corner of Madison Avenue and 61st Street within the Plaza District, Manhattan's most upscale shopping district with some of the highest retail rents in nation. The 264,498 SF site consists of a nine-story retail condominium beneath an office condominium unit comprised of the 10th through the 23rd floors. The office unit was sold to Bruce Brickman Associates and Rockwood Capital Corp. in November 2000. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion