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Deals & Dealmakers

Ashkenazy makes $400M buy in lower Manhattan

HFF announced that it has closed the sale of and arranged financing for Avalon Chrystie Place, a 14-story, 361-unit luxury apartment community in lower Manhattan, reportedly for $400 million.

Andrew Scandalios
Andrew Scandalios

HFF marketed the property on behalf of the seller.
Ashkenazy Acquisition Corporation purchased the asset, and HFF also worked on behalf of the buyer to place a senior acquisition loan with the Bank of China and secured preferred equity through a commingled fund managed by American Realty Advisors.

Avalon Chrystie Place is located at 229 Chrystie Street at the intersection of SoHo, the East Village and the Lower East Side. In addition to the residential component, the property also includes 72,329 square feet of 100-percent-leased ground floor retail that is anchored by Whole Foods.

Completed in 2005 and partially renovated in 2012, the property features studio, one- and two-bedroom units averaging 739 square feet.
Amenities include 24-hour concierge service, a state-of-the-art fitness center, rooftop sundeck, resident storage and access to multiple subway lines within a five-minute radius.

The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz and managing director Jeffrey Julien.
HFF’s debt and equity placement team was led by executive managing director John Pelusi, senior managing director Mike Tepedino and director Jennifer Keller.

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