Posted Aug 17, 2023, 7:52 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,007
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https://therealdeal.com/new-york/202...adison-avenue/
SL Green finally boots Ashkenazy at 625 Madison Ave
Marc Holliday and his partners now control fate of prime Plaza District site
By Rich Bockmann
August 16, 2023
Quote:
SL Green took over Ben Ashkenazy’s interest at 625 Madison Avenue today — closing a chapter on a years-long dispute over the property and paving the way for what could be big changes at the prime Plaza District site.
The Marc Holliday-led company and its group of lending partners acquired the stake at a UCC auction earlier this morning, according to auctioneer Matthew Mannion of Mannion Auctions. The lenders, who held a $195 million mezzanine loan that Ashkenazy used to finance the property, moved to foreclose in June.
….. The question now: What will become of the 17-story, 1950s-era office building between East 58th and 59th streets, a block away from Central Park?
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Quote:
Ashkenazy purchased the ground underneath the building in 2013 for $400 million — a price that indicated he was eyeing a large increase when the rent reset in 2020. SL Green, which controlled the building under a long-term lease, was paying just $4.5 million at the time, and Ashkenazy’s team floated the idea it could jump to as high as $80 million.
That number was partially based on the view that the best use for the property would be to tear down the office tower and build high-end condos with Central Park views a la the buildings rising around Billionaires Row.
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