A joint venture of Ashkenazy Acquisition Corporation and Deka Immobilien GmbH has acquired a two-level luxury retail condominium at 522 Fifth Ave. from Morgan Stanley for about $170 million.

Monica Paquette, New York Law Journal – Marketplace

The midtown Manhattan property at the corner of Fifth Avenue and 44th Street has 8,411 square feet of retail space, including 25 feet of frontage along Fifth Avenue.

A team from Kriss & Feuerstein, including partners David Kriss and Eric Hoberman, and associates Matthew Klein and Mary Willis White, represented Ashkenazy. They were lead counsel for the joint venture in negotiations with Morgan Stanley as well as in negotiations with Deka.In addition, the joint venture has an opportunity to reposition and add about 16,000 square feet of retail space and expand the property’s

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frontage by 44 feet, according to Savills Studley, which advised Deka on the acquisition.

Jeffrey Schwartz, a partner at Wolf Haldenstein Adler Freeman & Herz, assisted the joint venture on condominium matters. In addition, Chris Smith, a partner at Shearman & Sterling, and counsel Peter Strauss, assisted Ashkenazy and the joint venture in the redevelopment of the retail space and finalizing documentation.

King & Spalding partners Andrew Charles and Wilfried Witthuhn and counsel Jill Anderson represented Deka in all aspects of the deal.

Meyer Last and Janice Mac Avoy, partners at Fried, Frank, Harris, Shriver & Jacobson, and associates Marnina Cherkin and Amy Mena represented Morgan Stanley.

Ashkenazy and Frankfurt-based Deka have the “ability to create a global showcase for luxury brands along one of the most desirable and dynamic corridors in the world,” said Robert Stamm, an executive managing director of Savills Studley’s U.S. cross-border group.

Current high-end retail tenants are Camper, a shoe store, and The Orvis Company, a country lifestyle store. Plans reportedly include the expansion of existing retail spaces across two levels and the possibility of more retail tenants.

Ashkenazy, a private real estate investment firm headquartered in New York City, has more than 13 million square feet of retail, office and residential properties in more than 100 buildings in the United States, Canada and England. Its portfolio is valued at about $7 billion.

Deka Immobilien, an affiliate of Deka Group with 40 years of experience, is one of Germany’s biggest investment fund providers with more than 450 properties in 23 countries across five continents with real estate assets valued at about $31.3 billion.

“This milestone partnership sets the stage for future opportunities and we envision replicating this success going forward,” Stamm said.

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