Ben Ashkenazy’s recent Beverly Hills buy that made him one of the largest retail landlords in the city’s glitzy shopping district came out to $50 million, records reveal.
In late December, his New York City-based Ashkenazy Acquisition announced it purchased the two-block Neiman Marcus site in the luxe Golden Triangle, where Rodeo Drive is the centerpiece. But the company did not disclose a price.
His holdings there — after the purchase of 9700 Wilshire Boulevard (and other parcels) from Neiman Marcus’ parent company Saks Global — total 350,000 square feet of upscale retail space, according to a press release. The company did not offer much detail, but according to records signed by the billionaire, he received a $39 million construction loan note. The lender appears to be venture capital firm Arcus Ventures, which could not be immediately reached
Ashkenazy Acquisition representatives did not immediately respond to a request for comment. A spokesperson for Saks Global told the Los Angeles Times, when the deal was announced, that it “made the strategic decision to sell the land beneath the Neiman Marcus Beverly Hills store and enter into a long-term lease with the new owner.”
A construction loan signals Ashkenazy may have some sort of renovation or redevelopment plan, but it is unclear what that is — and according to Saks Global, it plans to remain a tenant. The terms of the lease were not disclosed.
But Saks Global is in financial trouble. The retailer is near bankruptcy, according to multiple reports, after it missed a debt payment of more than $100 million and days later its chief executive, Marc Metrick, resigned and was replaced by executive chairman Richard Baker.
Ashkenazy owns the former Barneys building on Wilshire Boulevard, too, which is now occupied by Saks Fifth Avenue — another Saks Global brand — and the Beverly Connection, a shopping center on La Cienega Boulevard.
Ashkenazy recently extended the loan on the mall after the debt tied to it was stuck in special servicing for years due to delinquency, The Real Deal previously reported The shopping center was reappraised in December 2024 for $193 million, compared to $260 million at issuance about a decade earlier, according to Morningstar. But last summer, a spokesperson for the company said it received another appraisal “in excess of $300 million.” The current debt balance is $210 million, per Morningstar.
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