Ashkenazy buys Prada’s Hampton House store for $51M

New York /
Oct.October 15, 2010 01:00 PM

Ashkenazy Acquisition added to its portfolio of high-end retail holdings when it closed last week on the purchase of Prada’s 18,000-square-foot Store On Madison Avenue, for $51 million.

The four-floor commercial condominium sits at the base of the 15-story Hampton House building at 841 Madison Avenue on the corner of East 70th Street. The store once held the title as Prada’s largest.

The condo last changed hands in 2004 for $48.38 million, according to city documents, when Red Sail Real Estate New York, an entity of the Beni Stabili Group of Rome, bought it and leased it to Prada. Apartments, which use the address 28 East 70th Street, fill out the rest of the building. A penthouse in the building is on the market for $14.75 million, according to Streeteasy.com.

The fashionable retail strip runs upwards of $1,000 a square foot, according to Faith Hope Consolo, chairman for retail leasing at Prudential Douglas Elliman.

“Madison Avenue has been the most resilient of all of the shopping corridors, and yes there is a resurgence,” she said in an e-mail. Prada Sits Across The Street from Gucci and Chloe, and Polo Ralph Lauren opens its retail mansion today, two blocks away.

The Madison Avenue location is one of three Prada properties purchased by Ashkenazy in a deal totaling $90 million, according to David Kriss, partner at Kriss & Feuerstein, who represented the buyers. The three-property deal was first reported in the New York Post. The other two properties are located in Chicago and Los Angeles. Kriss said that no broker represented Ashkenazy.

Ashkenazy, led by CEO Ben Ashkenazy, the CEO, and Michael Alpert, the president, owns $5 billion in real estate, including the Barney’s store and owns the Knickerbocker Hotel, with Crown Acquisitions and Highgate Holdings. Ashkenazy did not immediately respond to a request for comment.

 

Related Articles

arrow_forward_ios
From left: Ben Ashkenazy, 1991 Broadway, 2067 Broadway and Samuel Gindi (Getty; Google Maps)

Billionaire developer Ben Ashkenazy in feud with investor over reputation, cash

Billionaire developer Ben Ashkenazy in feud with investor over reputation, cash
Ben Ashkenazy, CEO of Ashkenazy Acquisition Corporation and 660 Madison Avenue (Credit: Google Maps)

Eataly in talks with Ashkenazy to gobble up some of Barneys space

Eataly in talks with Ashkenazy to gobble up some of Barneys space
Faith Hope Consolo (Credit: Getty Images)

Faith Hope Consolo’s secret family probes her will

Faith Hope Consolo’s secret family probes her will
Faith Hope Consolo (Credit: Getty Images, iStock)

The real story behind Faith Hope Consolo’s glamorous life

The real story behind Faith Hope Consolo’s glamorous life
Barneys at 660 Madison Avenue (Credit: Getty Images)

Ben Ashkenazy jacked up the rent to $30M. Now Barneys is weighing another bankruptcy

Ben Ashkenazy jacked up the rent to $30M. Now Barneys is weighing another bankruptcy
285 Lafayette Street, Ashkenazy Acquisition's Ben Ashkenazy and Kushner Companies' Charles Kushner (Credit: Google Maps and Sasha Maslov for The Real Deal)

Kushner Cos. pays $39M for Soho retail condo, continuing buying spree

Kushner Cos. pays $39M for Soho retail condo, continuing buying spree
Clockwise from left: Ben Ashkenazy, 711 5th Avenue, Wafra CEO Fawaz Al-Mubaraki, and Nightingale Properties' Elie Schwartz (Credit: Google Maps; Wafra)

Ben Ashkenazy is the secret ingredient in Nightingale, Wafra’s Coca-Cola deal

Ben Ashkenazy is the secret ingredient in Nightingale, Wafra’s Coca-Cola deal
Barneys at 660 Madison Avenue (Credit: iStock, Google Maps)

After rent hike, Barneys extends credit line

After rent hike, Barneys extends credit line
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...