Published On: Tue, Nov 18th, 2014

Ben Ashkenazy Makes $40 Million Manhattan Retail Acquisition

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Ben Ashkenazy’s Ashkenazy Acquisition Corporation paid $40 million for a three level condo base in Manhattan’s Nolita area, according to a report in The Real Deal. The acquisition was made in partnership with Ralph Tawil’s Centurion Realty.

Located at 285 Lafayette Street, just south of West Houston, the 30, 000 square foot retail space is at the base of a nine floor apartment building and has just seven tenants.

The building has 21 condominium apartments on top of the original six-story loft building that was built in 1886 and converted to Condominium in 1999. The eight penthouses in the new section of the building have wood-burning fireplaces and 26-foot-high ceilings. 285 Lafayette has a landscaped rooftop garden with direct elevator access in Downtown New York.

Currently The New York Public Library’s Mulberry Street branch leases 16, 100 square feet of space there. But its lease expires in 2021, meaning that Ashkenazy and centurion can look forward to increasing the rents at that time.

There is also the outgoing tenant, American Apparel, which currently holds 7, 000 square feet of space. Cosmetics retailer Santa Maria Novella also has space there.

Ashkenazy, according to TRD, is planning to hold on to the retail spaces for the long term. The company already has plenty of bidders for the American Apparel space.

Headquartered in New York City, Ashkenazy Acquisition Corporation is a private real estate investment firm focusing on retail and office assets. Ashkenazy Acquisition has acquired over 13 million square feet of retail, office and residential properties, located throughout the United States, Canada and England. With a portfolio containing more than 100 buildings valued at approximately $7 billion, Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets.

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