Ashkenazy in $400M contract for 625 Madison land

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

TRD 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
From left: Empire State Building, One Vanderbilt and 220 Central Park South

REITs: A crystal ball for NYC’s commercial real estate

REITs: A crystal ball for NYC’s commercial real estate
Isaac Zion

SL Green’s co-CIO leaving firm

SL Green’s co-CIO leaving firm
SL Green CEO Marc Holliday, One Madison Avenue and Hines Group CEO Jeffrey Hines (SL Green; Hines via Sanjeev Verma/Hindustan Times via Getty Images)

SL Green sells half of One Madison to Hines, NPS of Korea

SL Green sells half of One Madison to Hines, NPS of Korea
SL Green CEO Marc Holliday and CFO Matthew DiLiberto (Credit: SL Green)

SL Green preparing $1B coronavirus cushion

SL Green preparing $1B coronavirus cushion
SL Green's Mark Holliday with Industry City in Brooklyn and 95 Morton Street (Credit: Industry City; SL Green; Google Maps)

SL Green in talks to sell loans to CIM, Rockwood

SL Green in talks to sell loans to CIM, Rockwood
arrow_forward_ios

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

Loading...