November 2012 Industry News – What Our Clients Are Up To…

Ashkenazy Acquisitions adds to its list of luxury buildings by purchasing the 44 years left on the ground lease at 635 Madison Avenue from West Land.  The lease was sold for just under $70 million.

Ben Ashkenazy of Ashkenazy Associates purchased a pair of retail properties in Harlem for $19 million.  The properties include the former RKO Hamilton Theater, a three-story retail building and a vacant lot which can reportedly accommodate 20,000-square-feet of development.  Also included in the sale is the property at 4168 Broadway, situated between 176th and 177th streets, as well as, a six-story parking garage at West 177th Street.  The garage also has retail space on the ground floor.

The DKNY Midtown headquarters, owned by a partnership led by Sitt Management, hits the market for $65 million.  DKNY currently occupies all the office space in the 150,00-square-foot building located at 240 West 40th Street.  The DKNY lease expires in 2016, with no indication concerning whether or not the high fashion tenant will renew.

Sitt Asset Managment purchased 450 Broadway in SoHo for $11 million.  Previously owned by textile company owner, the late Jacob Wiesenfeld, Sitt Asset intends to renovate the property in preparation of signing a net lease with a high fashion tenant.  Another possibility that Sitt Asset is considering is the conversion of the vacant upper floors to luxury rental apartments or condominiums.  Read more here.