JSRE Acquisitions acquires $45.6M interest from Ashkenazy Acquisition for Prada location on Madison Avenue

JSRE Acquisitions through the entity Adarp II, LLC acquired from Ben Ashkenazy and Michael Alpert’s  Ashkenazy Acquisition through its VZW Partners, LLC an interest valued at $45.6 million for 841 Madison Avenue in Lenox Hill, which where a Prada store is located. The deal closed on October 16, 2020, and was recorded on November 4, 2020. The transaction consists of 1 parcel, including the tax class commercial condominium unit (R5). The property is 18,877 square feet.
The average sale price per square foot is $2,415.

The buyer JSRE is the family office for members of the Safra banking family. The 2010 lender for Ashkenazy’s $51 million purchase was Safra Bank of New York, which provided a loan of $56 million at the time, which exceeded the purchase price by just over $4.6 million.

Ashkenazy and JSRE partner on deals as well, including at 711 Madison Avenue.

JSRE recently moved forward with a plan to convert a portion of 660 Madison Avenue to residential condos.

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

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