Overview

Bank of China provides a $72 million USD loan to Ashkenazy Acquisition Corporation for the acquisition of the 690 Madison Ave Property

Commitments (Constant USD, 2023)$78,531,953

Commitment Year•2016Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 1, 2016

Start (actual): Jan 1, 2015

End (actual): Jan 1, 2015

Geospatial footprint

Map overview

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The 690 Madison Ave property is a men's Hermès store located in Manhattan, New York. More detailed location information can be found here: https://www.openstreetmap.org/node/2710114614

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

Ashkenazy Acquisition Corporation

Loan desecription

Bank of China provides a $72 million USD loan to Ashkenazy Acquisition Corporation for the acquisition of the 690 Madison Ave Property

Interest type•Unknown

Collateral

This loan was secured by a mortgage on 690 Madison Ave.

Narrative

Full Description

Project narrative

In July 2016, the Bank of China (BOC) provided a $72 million USD loan to the Ashkenazy Acquisition Corporation — New York City-headquartered private real estate investment firm majority owned by Israeli-born American billionaire Ben Ashkenazy — for the acquisition of the 690 Madison Ave property in Manhattan. The proceeds were used by the borrower to finance the $115 million USD acquisition of 690 Madison Ave, a men's Hermès store in Manhattan, which Askenazy acquired in 2015. This loan was secured (collateralized) against a mortgage on the property. SL Green also sponsored a mezzanine loan for the asset. However, the property was foreclosed upon in 2021 and SL Green purchased the entity. At the time of foreclosure, the BOC loan was still outstanding.