Prada at 841 Madison Avenue
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.