Ashkenazy, Carlyle JV Complete $680M Buy

NEW YORK CITY-Locally based Ashkenazy Acquisition Corp. and the Carlyle Group have closed on its acquisition of 650 Madison Ave., an approximately 600,000-sf trophy office and retail tower. The property was acquired from Hiro Real Estate Co. for $680 million .

The property is well positioned at one of Midtown Manhattan’s premier locations–the block spanning 59th and 60th streets on Madison Avenue–across from the GM Building in the heart of the city’s Plaza District with views of Central Park and in the immediate vicinity of Barney’s. The property’s square footage includes approximately 90,000 sf of retail space, which features the New York City flagship stores of Crate and Barrel and Tod’s. Office tenants in the building include Polo Ralph Lauren’s corporate headquarters, Columbia Presbyterian, as well as several prominent investment firms.

“This deal further cements our position as the largest retail landlord on Madison Avenue and we are thrilled to add it to our bicoastal portfolio of high-end assets,” notes Ashkenazy Acquisition Corp. president Michael Alpert, in a prepared statement. “Situated at the epicenter of New York City’s most coveted office and retail neighborhood, this Midtown tower leased to world-class tenants presented a rare real estate opportunity that we embraced with enthusiasm. We are pleased that during a period of economic uncertainty, where deals have not always come together easily, we were able to obtain efficient financing with significant lender interest.”