In the latest move in its Harlem push, Ashkenazy Acquisition Corporation picked up a 31,000-square-foot retail space at the base of a Fifth Avenue residential condominium building, The Real Deal has learned.
Ashkenazy paid $12.5 million for the condo at 1400-1416 Fifth Avenue, between 115th and 116th streets. Tenants include New York Sports Clubs and dog daycare Doggedly Devoted.
Harlem-based developer Full Spectrum constructed the eight-story, nearly 200,000-square-foot property in 2004. The structure holds 129 apartments and about 400 feet of frontage.
Lev Kimyagarov of Massey Knakal Realty Services represented both sides in the deal.
One-fifth of the retail condo – about 6,000 square feet – is vacant. Ashkenazy has not yet hired a brokerage to market that space, said Daniel Levy, a partner at the firm.
Ashkenazy entered contract in July to buy a commercial building at 4250-4254 Broadway in Washington Heights, as TRD reported. The developer has also considered converting the former RKO Hamilton Theater at West 146th Street and Broadway into condominiums.
Full Spectrum faced a legal dispute last year. Managing members Walter Edwards and Carlton Brown agreed to pay $1.9 million in arbitration amid claims that they diverted a minority partner’s share of money to a third party, as previously reported.