Ashkenazy looks to sell Hermes flagship at 690 Madison
Owner bought the nearly 8K sf building in 2015 for $115M
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.
(To view more of Ashkenazy Acquisition’s commercial sales transactions, click here)