NEW YORK CITY—Germany-based investment firm Deka Immobilien GmbH and New York City-based joint venture partner Ashkenazy Acquisition Corp. have acquired a retail condominium at 522 Fifth Avenue for $170 million.

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

Savills Studley's US Cross-Border Group, led by Robert Stamm, advised Deka in the acquisition and represents the investment company exclusively in the United States. Deka has approximately 25 billion Euro in real estate assets under management globally on behalf of private and institutional clients. 

“522 Fifth Ave. presented a unique opportunity to bring together the expertise of a local operator with the span of a global institutional investor such as Deka,” says Savills Studley's Stamm. “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.”