The Real Deal New York

Macy’s sues Ashkenazy over early termination fee

Department store moved out of Douglaston Plaza in Queens in April
By Konrad Putzier | January 19, 2018 06:34PM

Douglaston Plaza

Macy’s is suing Ashkenazy Acquisition Corporation, alleging that it is owed a $1.5 million early termination fee for its lease at the Douglaston Plaza mall in Queens.

The retail chain handed over its store on April 15, nine months before its lease was up. In return, the company was promised an early termination fee, Macy’s claims in a complaint filed with the New York State Supreme Court on Friday.

“Landlord failed to pay Macy’s the promised Early Termination Payment by April 28, 2017 and, despite due demand, Landlord continues to fail and/or refuse to pay Macy’s,” the complaint reads.

Ashkenazy could not immediately be reached for comment.

The Midtown-based Ashkenazy Acquisition, headed by Ben Ashkenazy and Michael Alpert, bought the 300,000-square-foot mall for $58.1 million in 2004, property records show. Macy’s had been a tenant since 1988.