Kushner Cos. pays $39M for Soho retail condo, continuing buying spree

Kushner bought the ground-floor space at 285 Lafayette Street

Jun.June 05, 2019 10:30 AM
285 Lafayette Street, Ashkenazy Acquisition's Ben Ashkenazy and Kushner Companies' Charles Kushner (Credit: Google Maps and Sasha Maslov for The Real Deal)

285 Lafayette Street, Ashkenazy Acquisition’s Ben Ashkenazy and Kushner Companies’ Charles Kushner (Credit: Google Maps and Sasha Maslov for The Real Deal)

Kushner Companies has acquired a Soho retail condominium, continuing a buying spree that includes a major residential portfolio last month.

Kushner paid $39 million for the 31,500-square-foot space at the base of 285 Lafayette Street, according to the New York Post. The deal pencils out to around $1,400 a square foot on a blended average.

The seller was Ashkenazy Acquisition Corp. and Centurion Realty, which broke even on the sale. Ashkenazy Acquisition and Ralph Tawil’s Centurion reportedly acquired the retail space in 2015 for $40 million.

Kassin Sabbagh Realty’s Bunny Escava, Isaac Setton and Ally Dayon brokered the deal.

The 10-story mixed use building currently houses multiple retail tenants, including an Equinox gym, and a branch of New York Public Library, the Post reported.

A Kushner representative did not immediately return a call for comment on Wednesday.

The property is just south of Kushner Companies’ Puck Building. The Charlie Kushner-led firm last month closed on a $1.1 billion acquisition of a 6,000-unit residential portfolio in Maryland and Virginia. That deal was largely financed with an $800 million loan from Berkadia Commercial Mortgage. [NYP] — David Jeans

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