New joint venture acquires space in iconic Astor

A new joint venture is acquiring retail space in The Astor, which is near Central Park.

New York City is known for some of the country's greatest architecture, and The Astor is often included in such conversations. The historic 13-story multifamily building on the Upper West Side was built in 1905, and since then, has been a symbol of the city's lavish reputation.

A new joint venture recently announced that it will acquire about 19,000 square feet of retail space on the building's ground floor. The venture, formed by Madison Capital and Prudential Real Estate Investors, will join The Astor's current retail tenants like Barney's and Lululemon.

"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," David Pahl, managing director at PREI, said in a statement. "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."

Commercial real estate companies in the neighborhood have been faring well since the market started improving. The Astor's proximity to Central Park, the Lincoln Center and other Big Apple landmarks makes retail space a hot commodity.

"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.

Madison Capital is a big player in the New York City Market, managing more than $2 billion in assets in well-known areas such as the Upper East Side, Upper West Side, Fifth Avenue, Times Square, Midtown, Tribeca, Union Square and SoHo. PREI has a large global presence, with gross assets of $51 billion.

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