Ashkenazy Spends $41M for two Office/Retail Assets

NEW YORK CITY-Ben Ashkenazy has closed on the acquisition of 147 E. 57th St.–home of Hammacher Schlemmer’s four-floor flagship–and 636 Ave. of the Americas, a six-story property located at Sixth Avenue and 19th Street.

Ashkenazy Acquisition Corp. spent more than $21 Million for the 70,000-sf 57th Street building where high-tech specialty store Hammacher Schlemmer has been selling its wares since 1926. While the retailer once occupied all 12 floors of the building, it now uses 20,000 sf on the lower level and floors one through three. The remainder of the building is fully occupied office space.

Ron Cohen and Richard Baxter of Insignia/ESG represented Ashkenazy in the transaction. The seller was a private family.