Ashkenazy looks to sell Hermes flagship at 690 Madison

Owner bought the nearly 8K sf building in 2015 for $115M

New York /
May.May 31, 2017 11:00 AM

Ashkenazy Acquisition is looking to Sell The Madison Avenue home of Hermes, which it bought in 2015 for $115.2 million.

The firm led by Ben Ashkenazy and Michael Alpert hired JLL to market the five-story 7,850-square-foot property at 690 Madison, according to Real Estate Alert. Sources told the publication the asking price is $135 million, which works out to $17,200 per square foot.

Hermes has a net-lease on the property running through 2024, and pays roughly $4 million in annual rent. The retailer has two 10-year renewal options at fair-market rent.

Nearby retailers include David Yurman, Etro, Hublot, Jimmy Choo, Nello and Robverto Cavalli.

Asking Rents On Madison Avenue’s Gold Coast between 57th and 72nd streets average $1,446 per square foot, according to the Real Estate Board of New York’s spring retail report. That represents a 12 percent decline from the year prior.

In late March, The Real Deal reported that Ashkenazy and partner DekaBank were looking to sell the retail condos at 522 Fifth Avenue, which were valued last year at $277 million.

Ashkenazy recently partnered with Saudi Prince Al-Waleed Bin Talal in a bid to gain control of The Plaza Hotel from imprisoned partner Subrata Roy. [RE Alert]Rich Bockmann

(To view more of Ashkenazy Acquisition’s commercial sales transactions, click here)


Related Articles

arrow_forward_ios
Clare Newman with Governors Island (Credit: Governors Island, Getty Images)

Governors Island redevelopment opposed as excessive

Governors Island redevelopment opposed as excessive
Blackstone's Ken Caplan (iStock; Blackstone)

Industrial now 36% of Blackstone’s RE portfolio

Industrial now 36% of Blackstone’s RE portfolio
Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)

Workforce housing investor gets $320M boost

Workforce housing investor gets $320M boost
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
 Robert Morse, executive chairman of Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate.  (Bridge, Stanford)

Opportunity Zone investments got a boost in 2020

Opportunity Zone investments got a boost in 2020
333 Johnson Avenue with Royalton Capital’s Jin Lee, Sciame Construction's Frank Sciame and Normandy Real Estate Partners' Finn Wentworth (Royalton Capital, Sciame, Normandy)

Normandy sued by former partners for hiding Netflix deal

Normandy sued by former partners for hiding Netflix deal
Fabric co-founder, CEO Elram Goren (Getty, Elram Goren via LinkedIn)

Startup wants to bring “micro-warehouses” to vacant retail

Startup wants to bring “micro-warehouses” to vacant retail
Security around Trump Tower to be reduced after 45th POTUS leaves office. (Getty, The Trump Organization)

Fifth Avenue will look different after Trump leaves office

Fifth Avenue will look different after Trump leaves office
arrow_forward_ios

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

Loading...