NEW YORK CITY—Germany-based investment firm Deka Immobilien GmbHand New York City-based joint venture partner AshkenazyAcquisition Corp. have acquired a retail condominium at522 Fifth Avenue for $170 million.

The Deka-Ashkenazy partnership acquired the property fromMorgan Stanley. The deal marks Deka ImmobilienGMbH's first joint venture acquisition in the United States,according to Savills Studley. The two-level flagship locationcurrently encompasses 8,411 square feet of corner retail space,with approximately 25 feet of frontage along Fifth Avenue. There isan opportunity to reposition and significantly enhance theproperty, potentially adding approximately 16,000 square feet ofretail space and expanding the property's storefront by 44feet.

Savills Studley's US Cross-Border Group, led by RobertStamm, advised Deka in the acquisition and represents theinvestment company exclusively in the United States. Deka hasapproximately 25 billion Euro inreal estate assets under management globally on behalf of privateand institutional clients.