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.
"The 20,000-square-foot retail portion of this property has attracted enormous attention from national retailers who recognize the opportunity to leverage this location when the Hammacher Schlemmer & Co lease expires," says Ashkenazy.
The 80,000-sf 636 Ave. of the Americas building set Ashkenazy back more than $20 million. Sports Authority leases the six-story property's ground-floor retail and the office space above is more than 90% occupied. Eastern Consolidated vice chairman Brian Ezratty represented Ashkenazy in negotiations with seller RFR Holdings.
"The retail component of this property presents enormous opportunity," says Ashkenazy. "The size of the retail parcel can be increased to 30,000 square feet to accommodate a retailer seeking a presence in a powerful and expanding retail center."
Ashkenazy is in the midst of a campaign to acquire more than $1 billion in assets throughout the US and recently acquired the 1.5 million-sf Monmouth Mall in Eatontown, NJ for $164.7 million in a joint venture with Vornado Realty Trust and Kushner Companies.
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