SL Green Takes Over Ben Ashkenazy’s Interest at 625 Madison
SL Green has taken control of Ben Ashkenazy’s interest at 625 Madison Avenue, resolving a lengthy dispute over the property. SL Green, along with lending partners, acquired the stake at a UCC auction. The lenders held a $195 million mezzanine loan that Ashkenazy had used to finance the property.
With the acquisition, SL Green gains ownership of the 17-story office building, leading to speculation about its future. The property, located in the Plaza District near Central Park, was subject to a rent dispute between Ashkenazy and SL Green. The acquisition gives SL Green more control over the site’s development possibilities.
“We note that consolidating control of 625 Madison Avenue provides the company with an opportunity to “play offense” following the completion of its planned disposition activity and debt repayments later this year,” noted Tom Catherwood, managing director and BTIG REIT Analyst, who maintained a Buy rating on SL Green.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.