Ashkenazy takes another chunk of Emmes portfolio

Young real estate mogul has invested $90M buying investment firm’s properties

New York /
Aug.August 20, 2013 06:00 PM

Ashkenazy Acquisition, the Midtown-based real estate firm headed by young real estate mogul Ben Ashkenazy, has purchased another mixed-use Manhattan property from national investment company Emmes Management, according to public records filed with the city today.

The property, a multi-family and retail building at 21 East 62nd Street between Fifth and Madison avenues, is the latest in a string of deals that Ashkenazy has made with Emmes in recent months.

In November 2012, the company acquired a two-story retail building at 1042 Madison Avenue and a pair of retail properties on West 146th and West 147th streets in Harlem, all from Emmes, as The Real Deal previously reported. In January, the company also snapped up a Harlem retail condominium at 300 West 145th from Emmes.

In the most recent deal, in the heart of the Upper East Side, Ashkenazy paid $14 million for a 5,800-square-foot building, which comes with 12,261 square feet of unused air rights, according to PropertyShark.

The property’s 1,400-square-foot retail space is currently occupied by the Mediterranean restaurant Amaranth.

Those five deals with Emmes account for a total of $90.5 million in investment from Ashkenazy, The Real Deal calculated.

The deal for 21 East 62nd Street closed July 26, records show. It was not clear if a broker had been involved in the deal.

A representative for Emmes was not immediately available for comment. Ben Ashkenazy referred questions about the deal to Ashkenazy President Michael Alpert, who was not immediately available for comment.


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