January 26, 2014

Ashkenazy buys 200 CPS leasehold from Bernard Spitzer

Ashkenazy Acquisition Corp. has inked a new 20year deal with Bernard Spitzer for the master lease of 200 Central Park South for $18 million, the developer told The Real Deal.

Spitzer, real estate mogul and father to former politician Eliot Spitzer, developed the 35story, 564,000squarefoot building near Seventh Avenue in 1963. He sponsored its coop conversion in 1984 and moved into the building as a resident in November, as previously reported.

The building holds 309 coop units — some of which are rentals — as well as five commercial units and a 15,000squarefoot parking garage. The commercial space includes Le Pain Quotidien, Faust Harrison Pianos, Allegro Pianos, SBR Multisports and a medical office, property records show.

Ashkenazy will now receive all the rental income from the property, while the coop board owns the building itself, Ashkenazy partner Daniel Levy said.

“We are very excited about the acquisition and looking forward to improving and enhancing the property,” Levy told TRD. “It’s one of the more prominent assets along Central Park South.”

John Ciraulo and Craig Waggner of Massey Knakal Realty Services brokered the leasehold deal, which closed earlier this month. Brown Harris Stevens Residential Management serves as building manager.

A spokesperson for Spitzer Engineering declined to comment on the sale.