December 22, 2014

Ashkenazy snags Fifth Ave. retail condo in Harlem

By Mark Maurer

In the latest move in its Harlem push, Ashkenazy Acquisition Corporation picked up a 31,000 square foot retail space at the base of a Fifth Avenue residential condominium building, The Real Deal has learned.

Ashkenazy paid $12.5 million for the condo at 1400-1416 Fifth Avenue, between 115th and 116th streets. Tenants include New York Sports Clubs and dog daycare Doggedly Devoted.

Harlem-based developer Full Spectrum constructed the eight-story, nearly 200,000 square foot property in 2004. The structure holds 129 apartments and about 400 feet of frontage.

Lev Kimyagarov of Massey Knakal Realty Services represented both sides in the deal.

One fifth of the retail condo – about 6,000 square feet – is vacant. Ashkenazy has not yet hired a brokerage to market that space, said Daniel Levy, a partner at the firm.

Ashkenazy entered contract in July to buy a commercial building at 4250-4254 Broadway in Washington Heights, as TRD reported. The developer has also considered converting the former RKO Hamilton Theater at West 146th Street and Broadway into condominiums.

Full Spectrum faced a legal dispute last year. Managing members Walter Edwards and Carlton Brown agreed to pay $1.9 million in arbitration amid claims that they diverted a minority partner’s share of money to a third party, as previously reported.