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 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, Chicago and Beverly Hills: New York City's Madison Avenue 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 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 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.
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| Title Annotation: | Ashkenazy Acquisition Corp. |
|---|---|
| Publication: | Real Estate Weekly |
| Article Type: | Brief Article |
| Geographic Code: | 1USA |
| Date: | Jul 18, 2001 |
| Words: | 301 |
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