Ashkenazy Acquisitions moves into the residential business for the first time.
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Ashkenazy Acquisition Corp, owned by Ben Ashkenazy and Michael Alpert, has made its first foray into residential apartment buildings with the acquisition of Avalon Chrystie Place for close to $400 million. Previously, Ashkenazy has limited itself to retail and office buildings.
Avalon Chrystie Place is a retail and apartment complex located at Houston and the Bowery in Manhattan, which has been pursued by a number of prospective buyers. The 361 unit complex located at 229 Christie Street was completed in 2005. It is an 80/20 project, meaning that 20% or 72 of its units are reserved for “affordable rents.”
The complex covers 1 and 1/3 acres with a fourteen story tower. Tenants have access to an exercise room, a roof deck, a billiards room and a swimming pool, which is part of a 42, 000 square foot underground Y.
There is also a Whole Foods store there encompassing 72, 300 square feet. While it is currently paying below market rent, its lease is up in 2028 so the new owners can look forward to increased revenues in the future. Also, the 80% of the apartment units that go for market rates are held at rents for below market value so as the tenants move out the rental income on those units should increase.
It was Designed by Arquitectonica.
Headquartered in New York City, Ashkenazy Acquisition Corporation is a privately held real estate investment firm focusing on retail and office assets. It has acquired assets throughout the United States and Canada, with a portfolio containing more than 100 buildings valued at approximately $5 billion.