Ashkenazy pays $115M for Madison Ave. home to Hermès

Luxury brand has nine years left on its lease in the 8,000-square-foot property

From left: 692 Madison Avenue on the Upper East Side and Ben Ashkenazy
From left: 692 Madison Avenue on the Upper East Side and Ben Ashkenazy

UPDATED 1:30 p.m., July 15: Ben Ashkenazy’s Ashkenazy Acquisition bought the Madison Avenue Hermès men’s store for $115.2 million.

The property is located on the corner of East 62nd Street and Madison Avenue, according to the New York Post. An off-shore entity of the Brooks family is the seller, the newspaper reported.

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The fancy French brand, which moved into the building in 2008 and has nine years left on its lease, pays about $4 million a year in rent, the newspaper reported. Bank of China holds the $72 million mortgage on the property.

Late last year, Ashkenazy bought the New York Marriott East Side for $290 million. Earlier in 2014, the developer bought a pair of adjacent retail buildings just a block south of the Port Authority Bus Terminal for $40 million as well as two retail condos 522 Fifth Avenue for $170 million. [NYP, 1st]Claire Moses