Ben Ashkenazy of Ashkenazy Acquisition Corporation successfully refinanced the Queens Center Mall’s JCPenney building for $57 million with Bank Hapoalim. This transaction underscores the financial stability of premier retail assets attracting top-tier lenders.
Queens County, New York, United States – July 15, 2024 —
Ben Ashkenazy of Ashkenazy Acquisition Corporation, headquartered in NYC, successfully refinanced the Queens Center Mall’s JCPenney building for $57 million with Bank Hapoalim. This transaction highlights the financial viability of premiere retail assets in the current market.
Ashkenazy Acquisition Corporation, known for their extraordinary retail portfolio, attracted over a dozen banks and institutional lenders competing for the project.
This financing is a testament that great retail combined with a strong sponsor continue to tap the debt capital markets even in these volatile times.
Queens Center Mall, located at the intersection of the Long Island Expressway and Queens Boulevard, attracts over 27 million visitors annually. The mall serves a high-density area with more than 2 million residents, making it one of the most visited retail locations in Queens.
The mall’s strategic location and extensive range of premiere retailers, including Zara, H&M, JD Sports, Apple, Cheesecake Factory and more, contribute to its prominence. The mall’s seamless integration into the surrounding community with strong tenant mix underlines its position as an attractive retail destination.
Queens Center Mall continues to serve as a crucial economic engine for the local community, providing a diverse array of shopping, dining, and entertainment options. The mall’s extensive visitor base supports local businesses generating significant economic activity.
Retail in NYC is one of the strongest sectors in the commercial real estate market. Bob Knakal, Chairman & CEO of BKREA, commented on this trend:
“The retail property market in New York City is definitely on the upswing. The sector was impacted years before other sectors were, but the general consensus is that rents have stopped falling, leasing activity has picked up, and, for several months now, investor demand is strong. Various property sectors are performing differently during this market cycle, and retail is certainly one of the brightest spots today,” he added.
This insight from Bob Knakal underscores the significance of the recent refinancing deal reflecting the broader positive trends in the NYC retail market.
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