Ben Ashkenazy dumps Midtown retail building at $6M loss

Four-story locale sold for $12.7M; it was acquired in 2016 for $18.5M

The middle of the city’s i-sales market cooled last week, notching just three sales after a frenzy of residential dealmaking. But despite the paucity of transactions, the pandemic’s forces shone through in those that were completed.

A logistics site sold in Staten Island and Ben Ashkenazy shed a retail property (he’s not the only one dumping retail) two blocks east of Madison Avenue.

Here are more details on the investment sales between $10 million and $30 million recorded during the third week of October, which collectively fetched $38.2 million, down from $245 million the week before.

1. Simi Capital Group bought a 279,000-square-foot logistics site at 2577 Forest Avenue in Staten Island for $19 million. It partnered with Cerberus Capital Management on the deal. Near the Goethals Bridge, the site will provide outdoor storage for semi-truck trailers. An affiliate of Keepers Self Storage was the seller.

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2. Ben Ashkenazy of Ashkenazy Acquisitions sold a 4,100-square-foot retail building at 730 Lexington Avenue in Midtown for a humbling $12.7 million. Amerant Bank affiliate MCNA Properties IV bought the site; Miguel Palacios signed the sales deed. Ashkenazy acquired the four-story building in 2016 for $18.5 million. Shoe retailer Aldo closed its store there, depressing the property’s value.

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3. Platinum Realty’s David Koptiev sold a 13,700-square-foot development site at 91-32 63 Drive, also known as 63-68 Austin Street, in Rego Park for $10.5 million. The Queens site was rezoned in 2020 to allow for a 68,500-square-foot, mixed-use building; it was acquired by Platinum Realty in 2018 for $6.5 million. The buyer was Yin Chou Hu through limited liability company Austin Plaza.

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Ben Ashkenazy dumps Midtown retail building at $6M loss

Four-story locale sold for $12.7M; it was acquired in 2016 for $18.5M

The middle of the city’s i-sales market cooled last week, notching just three sales after a frenzy of residential dealmaking. But despite the paucity of transactions, the pandemic’s forces shone through in those that were completed.

A logistics site sold in Staten Island and Ben Ashkenazy shed a retail property (he’s not the only one dumping retail) two blocks east of Madison Avenue.

Here are more details on the investment sales between $10 million and $30 million recorded during the third week of October, which collectively fetched $38.2 million, down from $245 million the week before.

1. Simi Capital Group bought a 279,000-square-foot logistics site at 2577 Forest Avenue in Staten Island for $19 million. It partnered with Cerberus Capital Management on the deal. Near the Goethals Bridge, the site will provide outdoor storage for semi-truck trailers. An affiliate of Keepers Self Storage was the seller.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

2. Ben Ashkenazy of Ashkenazy Acquisitions sold a 4,100-square-foot retail building at 730 Lexington Avenue in Midtown for a humbling $12.7 million. Amerant Bank affiliate MCNA Properties IV bought the site; Miguel Palacios signed the sales deed. Ashkenazy acquired the four-story building in 2016 for $18.5 million. Shoe retailer Aldo closed its store there, depressing the property’s value.

Read more

3. Platinum Realty’s David Koptiev sold a 13,700-square-foot development site at 91-32 63 Drive, also known as 63-68 Austin Street, in Rego Park for $10.5 million. The Queens site was rezoned in 2020 to allow for a 68,500-square-foot, mixed-use building; it was acquired by Platinum Realty in 2018 for $6.5 million. The buyer was Yin Chou Hu through limited liability company Austin Plaza.

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