by admin

NEW YORK CITY — Ashkenazy Acquisition Corp. and The Carlyle Group have acquired 650 Madison Ave. in Manhattan, New York City, for $680 million from Hiro Real Estate Co. Spanning 59th and 60th streets on Madison Avenue in the heart of the Plaza District, the trophy office and retail tower contains approximately 600,000 square feet of space. Retail tenants include Crate and Barrel and Todd’s, and office tenants include the corporate headquarters of Polo Ralph Lauren and Columbia Presbyterian. Financing was provided by a syndicate of lenders that include Natixis and Shorenstein. Ackman Ziff secured the financing for the transaction. Eastdil Secured provided an advisory role on behalf of the buyer, and JP Morgan Chase Realty Advisors represented the seller in the transaction. Kriss & Feuerstein LLP and Greenberg Traurig LLP provided counsel for the joint venture.

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