Introduction to Ashkenazy Acquisition
Ben Ashkenazy is adding to his Southern California holdings with a purchase in the Beverly Hills Golden Triangle.
The real estate developer’s New York-based Ashkenazy Acquisition Corporation bought the two-block Neiman Marcus site at 9700 Wilshire Boulevard, the company said in a press release. Terms of the deal, including price, were not disclosed, though the firm compared the acquisition to separate deals including the $211 million purchase of Wilshire Rodeo Plaza by Tinder co-founder Justin Mateen and his brother Tyler last year and Alo Yoga’s $90 million purchase of the La Peer building at 8942 Wilshire Boulevard last month.
The Acquisition and Its Significance
With the Neiman Marcus site, Ashkenazy now owns 350,000 square feet of retail in the Beverly Hills Golden Triangle, the heart of the city’s shopping district bordered by Santa Monica and Wilshire Boulevards and Canon Drive. The firm also owns the Beverly Connection mall in Beverly Grove and the former Barneys New York building, now home to Saks Fifth Avenue, at 9570 Wilshire Boulevard.
Ashkenazy’s latest purchase “reinforces the firm’s focus on irreplaceable, best-in-class retail assets located in globally recognized luxury corridors,” the company said.
Background on Ashkenazy Acquisition Corporation
The acquisition comes months after news surfaced that Ashkenazy Acquisition Corporation amassed $750 million in funds to purchase commercial properties across the country. Information about investors in the fund was not disclosed, but Ashkenazy reportedly used his own money as well as that of funds from the Saudi royal family and the Kushner family, according to Crain’s New York Business. Over the summer, Ashkenazy acquired the Shops at Atlas Park mall in Queens, New York, for an undisclosed price, though it was estimated by Evercore to sell for about $70 million.
Ashkenazy’s Portfolio and Future Plans
In total, Ashkenazy has acquired more than 15 million square feet of real estate in the U.S. and Canada. The company overall owns more than 100 buildings valued at $12 billion.
Ben Ashkenazy is adding to his Southern California holdings with a purchase in the Beverly Hills Golden Triangle.
The real estate developer’s New York-based Ashkenazy Acquisition Corporation bought the two-block Neiman Marcus site at 9700 Wilshire Boulevard, the company said in a press release. Terms of the deal, including price, were not disclosed, though the firm compared the acquisition to separate deals including the $211 million purchase of Wilshire Rodeo Plaza by Tinder co-founder Justin Mateen and his brother Tyler last year and Alo Yoga’s $90 million purchase of the La Peer building at 8942 Wilshire Boulevard last month.
With the Neiman Marcus site, Ashkenazy now owns 350,000 square feet of retail in the Beverly Hills Golden Triangle, the heart of the city’s shopping district bordered by Santa Monica and Wilshire Boulevards and Canon Drive. The firm also owns the Beverly Connection mall in Beverly Grove and the former Barneys New York building, now home to Saks Fifth Avenue, at 9570 Wilshire Boulevard.
Ashkenazy’s latest purchase “reinforces the firm’s focus on irreplaceable, best-in-class retail assets located in globally recognized luxury corridors,” the company said.
The acquisition comes months after news surfaced that Ashkenazy Acquisition Corporation amassed $750 million in funds to purchase commercial properties across the country. Information about investors in the fund was not disclosed, but Ashkenazy reportedly used his own money as well as that of funds from the Saudi royal family and the Kushner family, according to Crain’s New York Business. Over the summer, Ashkenazy acquired the Shops at Atlas Park mall in Queens, New York, for an undisclosed price, though it was estimated by Evercore to sell for about $70 million.
In total, Ashkenazy has acquired more than 15 million square feet of real estate in the U.S. and Canada. The company overall owns more than 100 buildings valued at $12 billion.
— Chris Malone Méndez
Read more
Ben Ashkenazy’s Beverly Connection loses 26% of value, still lands extension on $210M in debt
Ben Ashkenazy amasses $750M war chest for acquisitions
Ben Ashkenazy opens war chest for Queens mall
Conclusion
Ashkenazy Acquisition Corporation’s purchase of the Neiman Marcus site in Beverly Hills marks a significant addition to the company’s portfolio, reinforcing its focus on high-end retail assets in prime locations. With this acquisition, Ashkenazy now owns a substantial amount of retail space in the Beverly Hills Golden Triangle, solidifying its position in the luxury retail market.
FAQs
Q: What is the location of the Neiman Marcus site purchased by Ashkenazy Acquisition Corporation?
A: The Neiman Marcus site is located at 9700 Wilshire Boulevard in the Beverly Hills Golden Triangle.
Q: What is the total amount of retail space owned by Ashkenazy in the Beverly Hills Golden Triangle?
A: Ashkenazy now owns 350,000 square feet of retail space in the Beverly Hills Golden Triangle.
Q: What is the estimated value of the buildings owned by Ashkenazy Acquisition Corporation?
A: The company overall owns more than 100 buildings valued at $12 billion.
Q: What is the source of the funds used by Ashkenazy Acquisition Corporation for its acquisitions?
A: Ashkenazy reportedly used his own money as well as funds from the Saudi royal family and the Kushner family, according to Crain’s New York Business.
