Ben Ashkenazy of Ashkenazy Acquisition Corporation closes new $57 million loan for JCPenney building at Queens Center Mall

Ben Ashkenazy of Ashkenazy Acquisition Corporation successfully refinanced the JCPenney building at Queens Center Mall for $57 million with Bank Hapoalim. This transaction highlights the financial stability of a premium retail asset that attracts top-tier lenders.

Queens County, New York, United States – July 15, 2024 —

Ben Ashkenazy of New York-based Ashkenazy Acquisition Corporation successfully refinanced the JCPenney building at Queens Center Mall for $57 million with Bank Hapoalim. This transaction highlights the financial viability of premium retail assets in today’s market.

Ashkenazy Acquisition Corporation, known for its unique retail portfolio, attracted more than a dozen banks and lending institutions competing for the project.

This financing is proof that great retail combined with a strong sponsor continues to leverage 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 more than 27 million visitors annually. The mall serves a densely populated area of ​​more than 2 million people, making it one of the most visited shopping destinations in Queens.

The shopping centre’s strategic location and wide selection of top retailers, including Zara, H&M, JD Sports, Apple, Cheesecake Factory and more, contribute to its preeminence. The shopping centre’s seamless integration with the surrounding community through a strong tenant mix underlines its position as an attractive retail destination.

Queens Center Mall continues to be a key community driver, offering a variety of shopping, dining, and entertainment options. The mall’s extensive visitor base supports local businesses that generate significant economic activity.

New York City retail is one of the strongest sectors in commercial real estate. Bob Knakal, President and CEO of BKREA, commented on this trend:

“New York City’s retail market is definitely growing. The sector was hit years before other sectors, but the general consensus is that rents have stopped declining, leasing activity has picked up, and investor demand has been strong for several months. Different real estate sectors are doing differently in this market cycle, and retail is certainly one of the bright spots today,” he added.

This reflection by Bob Knakal underscores the significance of the recent refinancing deal, which reflects broader positive trends in the New York retail market.

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