Ashkenazy takes another chunk of Emmes portfolio

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

TRD 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.


Related Articles

arrow_forward_ios
Barneys at 660 Madison Avenue (Credit: Getty Images)

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

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

Barneys at 660 Madison Avenue (Credit: iStock, Google Maps)

After rent hike, Barneys extends credit line

Paradise lost? Ashkenazy deal for Brookfield’s Atlantis resort in the Bahamas falls though

Paradise lost? Ashkenazy deal for Brookfield’s Atlantis resort in the Bahamas falls though

Ashkenazy picks up Sheepshead Bay shopping center for $38M

Ashkenazy picks up Sheepshead Bay shopping center for $38M

Ralph Lauren’s exit at 625 Madison just compounded a big problem for SL Green

Ralph Lauren’s exit at 625 Madison just compounded a big problem for SL Green

Barneys Madison storefront, Ben Ashkenazy. (Credit: Wikipedia Commons)

Ashkenazy gets go-ahead to double the rent at Barneys’ Madison Avenue flagship

arrow_forward_ios
Loading...