-- Real estate investor Ben Ashkenazy finalized the acquisition of remaining ownership stakes in Yonkers' Cross County Mall, gaining complete control of the 250,000-square-foot retail powerhouse. The transaction, whose terms remain undisclosed, positions the property for significant market growth in the evolving retail landscape.
The Cross County Mall, situated at 750 Central Park Avenue, serves as a crucial retail hub for the Tri-State Area's value-conscious consumers. The strategic acquisition aligns with the company's long-term vision for retail real estate in the New York metropolitan market, leveraging Cross County Mall's performance metrics and prime location as key portfolio assets.
The property demonstrates remarkable resilience in the challenging retail environment, featuring a robust tenant mix including major retailers TJ Maxx, Burlington, HomeGoods, Marshalls, and Michaels. Burlington's location, which opened in November 2022, ranks among the chain's top-performing stores, underscoring the mall's strong market position.
Recent developments at the property include Micro Center signing a lease renewal, indicating strong confidence in the location's long-term viability. The mall's strategic position near major highways and complementary retailers, including Target, H&M, and Macy's, contributes to its ongoing success in capturing consumer traffic.
Market analysts point to the acquisition's timing as pivotal in the retail real estate sector, as shopping centers adapt to changing consumer behaviors and retail trends. The property's focus on off-price retail aligns with current market dynamics, where value-oriented shopping shows continued growth.
This acquisition further solidifies Ashkenazy Acquisition Corporation's dominant presence in the New York metropolitan area's retail sector, while expanding its national portfolio of high-profile commercial properties across major U.S. markets.
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