The Real Deal New York

Ashkenazy wants $30M for Fifth Ave. commercial building

Eastern Consolidated marketing property as retail expansion

February 12, 2015 03:40PM
By Mark Maurer

433

From left: Ben Ashkenazy, 433 Fifth Avenue in Midtown (center) and David Schechtman

Ben Ashkenazy’s Ashkenazy Acquisition is asking $30 million for a six-story Midtown commercial building. The 17,000-square-foot property at 433 Fifth Avenue, between East 38th and 39th streets, houses jewelry retailer Prima Donna on the ground floor and five full-floor office suites above it.

An Eastern Consolidated team led by David Schechtman and Lipa Lieberman is marketing the property.

The building could be renovated to hold a multi-level retail space, Schechtman said. The first two floors are already connected by a staircase.

Two of the office floors are vacant, the brokers said. The other three floors are leased at roughly $38 per square feet. Prima Donna’s lease is set to expire by 2019. The retail rent is about $145 per square foot.

Ashkenazy bought the property in 1997 and occupied an office there until 2011, when it moved to 150 East 58th Street.

Just 10 blocks north, Ashkenazy entered contract in December to buy the New York Marriott East Side for $290 million.

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