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.

|

“522 Fifth Ave. presented a unique opportunity to bring togetherthe expertise of a local operator with the span of a globalinstitutional investor such as Deka,” says Savills Studley's Stamm.“Together, the firms have the ability to create a global showcasefor luxury brands along one of the most desirable and dynamicretail corridors in the world. This milestone partnership sets thestage for future opportunities and we envision replicating thissuccess going forward.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.