This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

PREI® Enters $84 Million Joint Venture With Madison Capital To Acquire Retail Space At New York’s The Astor

Stocks in this article: PRU

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: PRU).

“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 building, which was constructed at the turn of the 20 th 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.

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.



1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs