Ashkenazy Acquisition sells three properties for $43M to apparel manufacturer Behrooz Hedvat

Apparel manufacturer Behrooz Hedvat pays $43 million to Ashkenazy Acquisition for property in Carnegie Hill, the Lower East Side and the Upper East Side in three transactions outlined below.

In the first, Hedvat through the entity 93rd Partners LLC paid Ashkenazy Acquisition’s 1424-1428 Lexington Realty LLC $18.0 million for 135 East 93rd Street in Carnegie Hill. The deal closed on November 14, 2019, and was recorded on November 21, 2019. The transaction consists of 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 9 residential units.
The estimated cap rate is 2.3%
The last time the property sold was July 31, 2014, for $12,600,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 9 residential (or hotel) units on May 13, 2013.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $160,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Hedvat through the entity Delancy Towers LLC paid Ashkenazy Acquisition’s 156 Delancey Retail Owner LLC $14.0 million for 156 Delancey Street in Lower East Side. The deal closed on November 14, 2019, and was recorded on November 21, 2019. The transaction consists of 1 parcel, including the tax class one-story store building (K1).
The estimated cap rate is 3.1%
The last time the property sold was March 14, 2013, for $6,000,000.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $173,760.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third transaction, Hedvat through the entity 73rd Partners LLC paid Ashkenazy Acquisition’s Lex 73 Holdings LLC $11.0 million for 1022 Lexington Avenue in the Upper East Side. The deal closed on November 14, 2019, and was recorded on November 21, 2019. The transaction consists of 1 parcel, including the tax class retail building with apartments above (K4) and containing 4 residential units.
The estimated cap rate is 3.3%
The last time the property sold was April 21, 2016, for $9,500,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link