Saturday, September 27, 2014

HFF closes sale of and arranges financing for Avalon Chrystie Place in lower Manhattan

Jennifer L. Keller
NEW YORK, NY – HFF announced it has closed the  sale of and arranged financing for Avalon Chrystie Place, a 14-story, 361-unit luxury apartment community in lower Manhattan. 

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. 

Andrew Scandalios
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.

                Headquartered in New York City, Ashkenazy Acquisition Corporation is a private real estate investment firm focusing on retail and office assets.

 Ashkenazy Acquisition has acquired more than 13 million square feet of retail, office and residential properties, located throughout the United States, Canada and England. 

Jose Cruz
  With a portfolio containing more than 100 buildings valued at approximately $7 billion, Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets.

                American Realty Advisors (“American”) is an investment manager to institutional investors and, with more than $6.2 billion in assets under management, has provided real estate investment management services for more than 26 years utilizing core and value-added commingled funds and separate accounts.  

American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multifamily and retail properties.

  More information regarding American can be found at

For a complete copy of the company’s news release, please contact:                            

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

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