Ashkenazy in $400M contract for 625 Madison land

Rent for SL Green-leased space set to jump tenfold in 2022

New York /
Oct.October 02, 2013 01:13 PM

Ashkenazy Acquisitions is in contract to buy the ground under 625 Madison Avenue for roughly $400 million. SL Green Realty currently has a long-term lease at the 563,000-square-foot, 17-story building.

Ashkenazy – headed by Ben Ashkenazy and Michael Alpert – already own the leasehold at 635 Madison Avenue, the retail condominium rented out to Barney’s at 660 Madison Avenue and the retail condo occupied by Prada at 841 Madison Avenue.

The land is being sold by its longtime family owners, the New York Post reported, but the newspaper did not name them.

Cushman & Wakefield’s Helen Hwang, Steve Kohn, Nat Rockett, Karen Wiedenmann and Sujohn Sarkar were marketing the property. SL Green’s lease ends in 2054, and the current $4.6 million rent is due for a reset in 2022, which could see it jump to $50 million, according to the Post.

Polo Ralph Lauren currently occupies 70 percent of the office space, while the 30,500-square-foot retail space is leased by high-end stores including Lavo and Swarovski.

Over the past year, Ashkenazy has spent $90.5 million acquiring a Midtown portfolio from Emmes Management, as The Real Deal reported. [NYP]  – Hiten Samtani


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
 SL Green’s Marc Holliday with 450 Park Avenue  (Taconic Partners, SL Green)
TRD Pro: Here are NYC’s biggest offices sales of Q2
TRD Pro: Here are NYC’s biggest offices sales of Q2
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
Paycheck potential: A look at real estate’s top earners
SL Green's Marc Holliday and 450 Park Avenue (Getty, Reading Tom, CC BY 2.0 via Wikimedia Commons)
SL Green reports $44M quarterly loss as it pivots to paying down debt
SL Green reports $44M quarterly loss as it pivots to paying down debt
Ben Ashkenazy goes on the offensive
Ben Ashkenazy goes on the offensive
Ben Ashkenazy goes on the offensive
SL Green’s Harrison Sitomer with 245 Park Avenue
SL Green gets restraining order against HNA at 245 Park Ave
SL Green gets restraining order against HNA at 245 Park Ave
arrow_forward_ios

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

Loading...