The high -profile acquisition offensive of Ben Ashkenazy takes shape, starting in Queens.
Ashkenazy acquired the shops in Atlas Park in Glendale, Crain’s reported. The purchase price was not announced, although Evercore ISI recently estimated that the shopping center would act at 80-00 Cooper Avenue for around $ 70 million, or $ 189 per square foot.
The real estate of 370,000 square foot is rented 97 percent, according to legal archives. Tenants in the shopping center include TJ Maxx, New York Sports Club and Corndogs by Mr. Cow.
The seller was established in California Macerich, which in May revealed to investors that he wanted to sell it actively as part of a $ 2 billion search to reduce debts. It acquired the shopping center for around $ 54 million on a shield auction at the beginning of 2011. There is a mortgage of $ 65 million with an interest of 9.5 percent that will mature next year.
Joe Press, Chief Operating Officer of Ashkenazy Acquisition Corp., said that the developer would “improve this extraordinary property and upgrade to a best-in-class lifestyle center.”
It is all part of a larger vision for the company and its leader.
Ashkenazy was reported in June to have collected $ 750 million in funds to buy commercial properties, which pulled out of his own money to help build the war box. He focuses on retail and hospitality for a period of two years and looks at buildings with owners of over -over -owned owners who want to cut ace with deep discounts.
The expenditure spree is a turn of recent years, when Ashkenazy’s high -profile property lost, including Boston Faneuil to Safra Bank and Washington, DC’s Union Station.
His portfolio is supposed to be worth around $ 10 billion. The portfolio of 15 million square feet includes part of the Plaza Hotel, the former Barneys flagship on Madison Avenue, a shopping center near Beverly Hills and a prominent shopping center in Lawrence, Long Island.
– Holden Walter-Warner
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