Original Barneys building in Chelsea faces foreclosure

Ashkenazy Acquisition failed to pay back a $46.2 million loan, lawsuit asserts

TRD New York /
Sep.September 01, 2020 12:45 PM
Ashkenazy Acquisition's Ben Ashkenazy and Daniel Levy with 115 Seventh Avenue (Google Maps, LinkedIn)

Ashkenazy Acquisition’s Ben Ashkenazy and Daniel Levy with 115 Seventh Avenue (Google Maps, LinkedIn)

The original Barneys New York department store building in Chelsea is on the verge of foreclosure.

A limited liability company owned by Argentic Real Estate Investment has filed a lawsuit against 17th Street Property Owner, a shell company established by the owner of the former Barneys building at 115 Seventh Avenue, Ashkenazy Acquisition, a New York-based real estate investment firm.

The court filing says Ashkenazy has failed to pay back a $46.2 million loan backed by the Chelsea building even though the loan matured in May. The lawsuit, filed with the state Supreme Court in Manhattan, seeks to foreclose on and sell the property.

Daniel Levy, Ashkenazy Acquisition’s president, did not return a phone message seeking comment. Lawyers representing Argentic declined to comment.

In 1923, Barney Pressman opened the first Barneys at the location. Over the years, the property changed hands several times, and in 2014, Ashkenazy purchased it from Rubin Museum of Art for $57 million, according to property records.

Sosa, a co-working company, operates the Global Cyber Center in partnership with New York City on the upper floors of the building. Cushman Wakefield’s Brandon Singer and Michael Cody are the leasing agents for retail space on the lower floors.

The building is next to Barneys New York’s Chelsea branch, which was closed in February after the luxury department store chain filed for bankruptcy last year.

Ashkenazy also owns Barneys New York’s Madison Avenue store, which also shut its doors in February.

Contact Akiko Matsuda at [email protected]


Related Articles

arrow_forward_ios
Colliers’ Jay Hennick (iStock; Colliers)

Colliers’ profit rebounds

Colliers’ profit rebounds
JPM asset CEO Mary Callahan Erdoes and 605 Third Avenue (Getty; Google Maps)

JPMorgan eyes $600M valuation for Third Ave office tower

JPMorgan eyes $600M valuation for Third Ave office tower
(Getty, iStock)

Hundreds of storage units in New York heading to auction

Hundreds of storage units in New York heading to auction
KABR Group CEO Kenneth Pasternak and 85 Challenger Road in Ridgefield Park, NJ (Photos via KABR)

KABR sells New Jersey building for reported $60M

KABR sells New Jersey building for reported $60M
Gov. Andrew Cuomo and Mayor Bill de Blasio (iStock)

Manhattan theaters sue Cuomo, de Blasio over Covid restrictions

Manhattan theaters sue Cuomo, de Blasio over Covid restrictions
2055 Anthony Avenue and 1416 Ferris Place (Google Maps)

Ved Parkash picks up Fordham Heights apartment building

Ved Parkash picks up Fordham Heights apartment building
(Getty)

When the music stops: Guitar Center could file for bankruptcy

When the music stops: Guitar Center could file for bankruptcy
Abandoned malls are being turned into senior housing, giving planners a chance to rethink retirement communities (iStock)

Abandoned malls get new life as senior housing

Abandoned malls get new life as senior housing
arrow_forward_ios

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

Loading...