Prudential Real Estate Investors agreed to enter an $84 million joint
venture with Madison Capital to acquire 18,889 square-feet of ground
floor retail space at The Astor, a historic multifamily property on New
York's Upper West Side. PREI, acting on behalf of German institutional
investors in its U.S. Property Fund V, is the real estate investment
management and advisory business of Prudential Financial, Inc. (NYSE:
"Urban retail in premier cities fits well within the strategy of our
current fund as well as with many of our German institutional investors'
own accounts throughout their home market," said David Pahl, managing
director at PREI. "New York City has always offered world class retail
opportunities and has consistently been a strong performer through all
economic cycles, including the well-established Upper West Side
neighborhood, making it a popular location for our investors."
Located at 2151 Broadway in the Upper West Side submarket, The Astor is
situated amid an affluent, established neighborhood that offers a wide
range of restaurant, shopping and entertainment options. The nearby
Museum of Natural History, Lincoln Center and Central Park are also
major cultural and institutional draws to the neighborhood. Demand for
retail space in this area has consistently remained strong, experiencing
solid retail rent growth since the recent national economic downturn.
The retail space, anchored by Barney's and Lululemon, is on the ground
floor of a 13-story residential buildig, which was constructed at the
turn of the 20th Century.
"We are pleased to be the new owners of the Astor's retail component; an
iconic property located on the Upper West Side with an outstanding mix
of national and local tenants," said Richard Wagman, managing partner of
Madison Capital is a private real estate investment and operating
company focused on acquiring prime urban retail and mixed-use assets in
New York City, Chicago and other major markets. Madison Capital
currently manages over $2 billion in assets throughout the Upper East
Side, Upper West Side, Fifth Avenue, Times Square, Midtown, Tribeca,
Union Square, Soho, and the Gold Coast of Chicago. For further
information, visit www.mcapny.com.
PREI® is a leader in the global real estate investment management
business, offering a broad range of investment vehicles that invest in
private and public market opportunities in the United States, Europe,
the Middle East, Asia, Australia and Latin America. Headquartered in
Madison, N.J., the company also has offices in Atlanta, Chicago, Miami,
New York, San Francisco, Frankfurt, Lisbon, London, Luxembourg, Munich,
Paris, Abu Dhabi, Mexico City, Sao Paulo, Beijing, Hong Kong, Seoul,
Singapore, Sydney and Tokyo. In addition, the company has
representatives in Milan. PREI has gross assets under management of USD
$51 billion ($38.7 billion net), as of June 30, 2013. For more
information, visit http://www.prei.com.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader with
more than $1 trillion of assets under management as of September 30,
2013, has operations in the United States, Asia, Europe, and Latin
America. Prudential's diverse and talented employees are committed to
helping individual and institutional customers grow and protect their
wealth through a variety of products and services, including life
insurance, annuities, retirement-related services, mutual funds and
investment management. In the U.S., Prudential's iconic Rock symbol has
stood for strength, stability, expertise and innovation for more than a
century. For more information, please visit www.news.prudential.com.
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