News
Ashkenazy Buys Hermès Madison Ave Home for $115M
Ashkenazy Acquisitions paid $115.2M for the four-story building at 693 Madison Ave that houses a Hermès, the high-end clothing and housewares store. At 8k SF, the building’s price tag works out to about $14k/SF. Documents show the seller as an off-shore entity affiliated with the Brooks family, the New York Post reports. The new owners will collect $4M a year rent, or about $500/SF, which is under-market for the area where retail rents are known to exceed the $1,500/SF mark. The lease has nine years left. Bank of China holds a $72M mortgage on the property. The building changed hands in 2008 for $50M, and underwent a redevelopment for Hermès. Ashkenazy also owns a retail property nearby at 660 Madison Ave, which is rented by Barneys. [NYP]
