The Real Deal New York

Ashkenazy snags Fifth Ave. retail condo in Harlem

Space anchored by New York Sports Club sits at base of 200K sf resi building

December 23, 2014 11:10AM
By Mark Maurer

1400-fifth-avenue

1400 Fifth Avenue in Harlem (Inset: Daniel Levy)

In the latest move in its Harlem push, Ashkenazy Acquisition Corporation picked up a 31,000-square-foot retail space at the base of a Fifth Avenue residential condominium building, The Real Deal has learned.

Ashkenazy paid $12.5 million for the condo at 1400-1416 Fifth Avenue, between 115th and 116th streets. Tenants include New York Sports Clubs and dog daycare Doggedly Devoted.

Harlem-based developer Full Spectrum constructed the eight-story, nearly 200,000-square-foot property in 2004. The structure holds 129 apartments and about 400 feet of frontage.

Lev Kimyagarov of Massey Knakal Realty Services represented both sides in the deal.

One-fifth of the retail condo – about 6,000 square feet – is vacant. Ashkenazy has not yet hired a brokerage to market that space, said Daniel Levy, a partner at the firm.

Ashkenazy entered contract in July to buy a commercial building at 4250-4254 Broadway in Washington Heights, as TRD reported. The developer has also considered converting the former RKO Hamilton Theater at West 146th Street and Broadway into condominiums.

Full Spectrum faced a legal dispute last year. Managing members Walter Edwards and Carlton Brown agreed to pay $1.9 million in arbitration amid claims that they diverted a minority partner’s share of money to a third party, as previously reported.

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