Ashkenazy Acquisition pays $72M to Macerich for Shops at Atlas Park mall in Glendale

Ashkenazy Acquisition through the entity Queens Lifestyle Center II LLC paid $72 million to Macerich through the entity Wmap, L.L.C. for the retail mall building (K6) at 80-00 Cooper Avenue in Glendale, Queens. The expected use is cash flowing.
The deal closed on July 30, 2025 and was recorded on August 12, 2025. The property has 1,037,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $69 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 19, 2024, for $3.7 million. The signatory for Macerich was Alison Wais . The signatory for Ashkenazy Acquisition was Ben Ashkenazy . The contract date was July 30, 2025.

Ashkenazy Acquisition financed the purchase with a $43 million loan from Acore Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ashkenazy Acquisition purchased one property in one transaction for a total of $20.3 million and sold eight properties in six transactions for a total of $374.7 million over the past 24 months.
The seller Macerich had not purchased any other properties and had not sold any properties over the same time period. The 1,037,000-square-foot property generated revenue of $20.6 million or $20 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Glendale has 1,037,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 546 feet and is 842 feet deep with a total lot size of 522,928 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $113.6 million. The most recent loan totaled $65 million and was provided by CIM Group on October 26, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations and $10,980 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 421733887, for a 286,667 square-foot F-2 building. The project was submitted by Anthony Argento with plans filed December 16, 2019 and permitted January 21, 2022.

The neighborhood

In Glendale, The bulk, or 36 percent of the 6.3 million square feet of commercial built space are mixed-use buildings, with industrial buildings next occupying 27 percent of the space. In sales, Glendale has the 27th highest sale turnover among other neighborhoods in Queens with $50.9 million in sales volume in the last two years. For development, Glendale has had very little major development activity relative to other neighborhoods.It had 35,971 square feet of commercial and multi-family construction under development in the last two years, which represents 0.57 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 15 commercial properties representing 1,251,635 square feet of the 1,558,594 square feet. The largest owner is Walton Street Capital, followed by Broadway Stages and then Bernard Katz.
On the tax block, there was one new building construction project filed totaling 2,700 square feet. It is a 2,700 square-foot 59 building submitted by Mohammad Ayoub and filed by Mohammad Ayoub with plans filed September 18, 2024 and it has not been permitted yet.

The majority, or 68 percent of the 1.6 million square feet of built space are mixed-use buildings, with industrial buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Macerich owned at least eight commercial properties in New York City with 2,343,738 square feet and a city-determined market value of $575.1 million. (Market value is typically about 50% of actual value.) The portfolio has $1 billion in debt, borrowed from Deutsche Bank and JPMorgan Chase. Within the portfolio, the bulk, or 90 percent of the 2,343,738 square feet of built space are mixed-use properties, with retail properties next occupying 9 percent of the space. The bulk, or 95 percent of the built space, is in Queens, with Brooklyn next at 5 percent of the space.

The buyer

The PincusCo database currently indicates that Ashkenazy Acquisition owned at least 11 commercial properties in New York City with 1,097,341 square feet and a city-determined market value of $218.3 million. (Market value is typically about 50% of actual value.) The portfolio has $278 million in debt, with top three lenders as Bank Hapoalim, Mesa West Capital, and Benefit Street Partners respectively. Within the portfolio, the bulk, or 63 percent of the 1,097,341 square feet of built space are retail properties, with hotel properties next occupying 15 percent of the space. The bulk, or 51 percent of the built space, is in Queens, with Manhattan next at 28 percent of the space.

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