Ashkenazy on retail buying spree in metro area.Ashkenazy Acquisition Corporation has acquired three retail properties in the past few months. The company bought Douglaston Plaza Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in the Flushing section of Queens, N.Y.; Washington Bridge For the bridge in Rhode Island, see Washington Bridge (Providence). For the bridge in Minneapolis, see Washington Avenue Bridge (Minneapolis). For the bridge in New York that crosses the Hudson River, see George Washington Bridge. Shopping Center in Fort Lee, N.J., and a retail strip in Brooklyn, N.Y. Ashkenazy Acquisition acquired the 300,000-square-foot Douglaston Plaza Shopping Center, 24202 61st Avenue in the Flushing section of Queens, N.Y. The company purchased the property from Yale University Yale University, at New Haven, Conn.; coeducational. Chartered as a collegiate school for men in 1701 largely as a result of the efforts of James Pierpont, it opened at Killingworth (now Clinton) in 1702, moved (1707) to Saybrook (now Old Saybrook), and in 1716 was . Ashkenazy Acquisition was represented in house. The seller was represented by Eastdil Realty. "The Douglaston Plaza Shopping Center offered a superior location with tremendous upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar ," said Ben Ashkenazy, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ashkenazy Acquisition Corp. "The existing tenants are paying rents that are substantially below market rates. We are looking to improve the tenant mix by adding exciting new retailers." Tenants at Douglaston Plaza Shopping Center include Macy's, Toys R Us, Modell's, Waldbaums and a variety of local retailers. In addition, the company acquired the Washington Bridge Shopping Center, 2151 Lemoine Avenue in Fort Lee, N.J., from an undisclosed seller. Ashkenazy Acquisition was represented in house. Steve Siegel of Marcus & Millichap represented the seller. Washington Bridge Shopping Center, located on Lemoine Avenue between Lincoln Avenue and Cross Street, includes 50,000 square feet of retail with office space on the second floor. It is nearby a number of major highways that lead to The George Washington Bridge George Washington Bridge, vehicular suspension bridge across the Hudson River, between Manhattan borough of New York City and Fort Lee, N.J.; constructed 1927–31. It is one of the longest suspension bridges in the world. into Manhattan. "Washington Bridge Shopping Center sees strong sales from tenants such as Walgreens," said Ashkenazy. "We see a strong value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. opportunity by upgrading the tenant mix with a new breed of retailers paying market rents." Ashkenazy Acquisition also bought the 10,000-square-foot retail strip on Church Avenue in Brooklyn, N.Y. The company acquired the property from the Estate of Martin Tomberg. Ashkenazy Acquisition was represented in house. "We were able to acquire the property at a very attractive price," said Ashkenazy. "It lies in a great location in a busy shopping hub of Brooklyn and offers a terrific opportunity to add value by bringing in new tenants." Ashkenazy Acquisition acquired approximately $1 billion worth of real estate assets throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. during the past 12 months, and plans to purchase an additional $500 million by year-end 2005. New York-based Ashkenazy Acquisition Corp. is a private, real estate investment firm that focuses on purchasing primarily retail assets throughout the United States. Ashkenazy Acquisition owns and operates more than 50 properties, and has acquired more than 10 million square feet of retail, office and residential real estate, with a combined value of approximately $2 billion. |
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