PREI enters $84 million joint venture with Madison Capital to acquire 18,889 s/f retail space

Prudential Real Estate Investors (PREI) has entered an $84 million joint venture with Madison Capital to acquire 18,889 s/f of ground floor retail space at The Astor, a multifamily property on the 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. "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. "N.Y.C. 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 an established neighborhood that offers a wide range of restaurant, shopping and entertainment options. 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 20th 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.