Published On: Tue, Aug 12th, 2014

Ben Ashkenazy Buys $13 Million Carnegie Hill Building

1424-1428 Lexington Avenue

Ben Ashkenazy’s New York based Ashkenazy Acquisition Corporation has acquired an apartment building in Manhattan’s Upper East Side for almost $13 million from First Atlantic Real Estate and Lazar Equities. This according to a report in The Real Deal.

Located on the corner of East 93rd Street in Carnegie Hill, 1424-1428 Lexington Avenue is a five story walk up with a red brick and black trim façade. It holds a total of 13, 520 square feet of space. The rental apartment building was built in the 1920s.

It holds nine large apartments over the upper four floors, most of which have four bedrooms and two bathrooms. They were recently gut renovated and feature 14 foot ceilings with crown moldings, the original hardwood floors, granite kitchens with stainless steel appliances and marble bathrooms.

The building’s store frontage on Lexington has three different retail spaces, over 75 feet, one of which was just leased by an outlet of Pet Central. It will be neighbor to a pizza place and a branch famous New York butcher and restaurant chain Ottomanelli Brothers.

The building was last sold in 2011, for $9.5 million.

Ashkenazy says that he does not intend to transform it into condominiums, at least for now, and expects to renovate the units.

The brokers Lipa Lieberman and David Schechtman of Eastern Consolidated represented both the buyer and the sellers.

This was the second property on Lexington Ave in the Carnegie Hill area that Ashkenazy has acquired in the last six months. Back in February it purchased the retail space at the base of the Cheshire Group’s Philip House 1311-1337 Lexington Avenue. That space includes 5, 400 square feet at the street level as well as 3, 700 square feet in a cellar.

The retail space is divided into six different condominium units that the owners lease for rent. It covers 200 feet of frontage on Lexington, running the full block between East 88th and East 89th Streets.

Headquartered in New York City, Ashkenazy Acquisition Corporation is a private real estate investment firm focusing on retail and office assets. It has acquired over 13 million square feet of retail, office and residential properties, located throughout the United States and Canada, with a portfolio containing more than 100 buildings valued at approximately $5 billion.

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