Deka Immobilien GmbH, a Germany-based real estate investment company, and Ashkenazy Acquisition Corp. of New York have teamed up for the first time to acquire a two-level luxury retail condominium at 522 Fifth Ave. for $170 million from Morgan Stanley.
Located at 44th Street and Fifth Avenue, the property currently has 8,411 square feet of corner retail space, including 25 feet of frontage on Fifth Avenue in the Lower Fifth Avenue ( 42nd to 49th streets) submarket.
“522 Fifth Avenue represented a unique opportunity to bring together the expertise of a local operator with the span of a global institutional investor such as Deka,” Robert Stamm, executive managing director of Savills Studley’s U.S. Cross-Border Group, said in a news release. “Together, the firms have the ability to create a global showcase for luxury brands along one of the most desirable and dynamic retail corridors in the world. This milestone partnership sets the stage for future opportunities and we envision replicating this success going forward.”
The new owners will have the opportunity to reposition and enhance the property by adding up to 16,000 square feet of premier retail space and expanding the property’s storefront by 44 feet, according to Savills Studley.Deka Immobilien, Ashkenazy Acquisition JV Buys Manhattan Retail Condo
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