EASTCHESTER, NY (VosIzNeias) — The Vernon Hills Shopping Center has been sold for $125 million. The five building shopping center in Eastchester, NY was purchased by a company owned by Jewish billionaire Ben Ashkenazy.
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Ashkenazy Acquisition Corp. acquired the property from limited liability firm associated with the owner and developer, Bianco & Pepe Inc. of Scarsdale.
Ashkenazy Acquisition Corporation is a private real estate investment firm based in NYC which focuses on retail, hotel and office assets. Ashkenazy Acquisition has acquired over 15 million square feet of real estate, located throughout the United States and Canada and has a portfolio valued at more than $14 billion.
“Vernon Hills Shopping Center is a welcomed addition to Ashkenazy Acquisition Corp’s portfolio,” said Ashkenazy President Daniel Levy. “We have watched Vernon Hills Shopping Center thrive for years under the stewardship of the seller and his family, who built the Vernon Hills Shopping Center.
The shopping center is conveniently located just 5 miles from the White Plains central business district. The location is favorable, considering 450,000 people live within five miles of the location, with an average income per household of $144,000.
Several well known brands found a home at the shopping center, such as New York Sports Club, Starbucks, Barnes & Noble and West Elm.
Ashkenazy who is 50 years old was Born In Israel but grew up in Lawrence Long Island, is ranked in 2019 by Forbes Magazine with a net worth of $3.8B. Ashkenazy is a member Board of Directors at the Mosie Safra Center in Manhattan, and is a member of AIPAC Real Estate Committee.
Retail has no future. Surprising deal
Brick and mortar has its limits with the advances in technology. But food is still eaten, and sports activities still require human movement. As creative thinking brought about the changes we all see, more of it will accommodate and bring about more. Our mission is to insure that this is without the breaches of the boundaries that Torah life holds so dear.
People still enjoy going out shopping to stores, and going to malls, especially in the Fall and Winter; granted, it is not as hassle free as shopping on Amazon, but there are certain products, which can’t be practically purchased online. For example, if I want to buy a suit, I want to see the material and try it on, as well as have a tailor to make the alterations. Likewise, regarding the purchase of a new refrigerator, range, washing machine, dryer, and freezer, I’m sure that consumers would want to see the product in person, at a store, prior to making a purchase.