Bloomberg Billionaires Index

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#487 Ben Ashkenazy $4.05B

Random fact: Popstar Drake sang at his daughter's bat mitzvah.

Overview

Ashkenazy is the founder and controlling shareholder of Ashkenazy Acquisition, a real estate firm that owns London's Grosvenor House Hotel, New York's Plaza Hotel and Boston's Faneuil Hall Market. The Manhattan-based company invests in retail, hospitality, office and residential properties and owns more than 100 buildings valued at $12 billion.

As of Sept. 25, 2017:
Last change No change
YTD change +$50.0M (+1.3%)
Industry Real Estate
Biggest asset Ashkenazy Acquisition
Citizenship United States
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Ben Ashkenazy's net worth of $4.05B can buy ...

0
troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Ashkenazy is the controlling shareholder of Ashkenazy Acquisition, the real estate developer that owns more than a 100 buildings valued at $12 billion, according to its website.

The value of Ashkenazy's stake is derived from its share of that $12 billion figure less debt of more than $4 billion, according to a person familiar with the portfolio who asked not to be identified as the information is private. About a third of all deals are carried out with partners. Ashkenazy Acquisition is credited with a 50 percent share of those deals based on property loan documents detailing the structures of joint ventures. 

Ashkenazy is credited with 75 percent of Ashkenazy Acquisition, based on a filing with U.K. Companies House that identifies him as the sole person with significant control over the U.K. subsidiary.

Ashkenazy declined to comment on his net worth.

Biography

Birthdate:
Family: Married, 3 children

Ben Ashkenazy was born in Israel in 1970 and grew up in Long Island. He bought his first property -- a shopping center in the Bronx -- at age 17 with help from his businessman father, Izzy. He moved to Houston where he bought ten buildings, according to a 2001 article in trade publication Real Estate Weekly.

He founded Ashkenazy Acquisition in 1992 and bought properties that he'd enlarge and secure a more profitable tenant mix for. His company bought Barneys store sites in New York, Los Angeles and Chicago in 2001. More high-profile assets followed including Washington's Union Station in 2007 and Boston's Faneuil Hall in 2011. 

The purchase of a stake in New York's Plaza Hotel and London's Grosvenor House Hotel in 2017 marked the start of a 2 billion euro ($2.3 billion) push over the next 24 months to buy iconic properties worldwide, according to a company press release. Ashkenazy lives in New York.

Milestones
  • 1970 Ben Ashkenazy is born in New York.
  • 1987 Buys first building, a shopping center in the Bronx.
  • 1992 Returns to New York from Houston and founds Ashkenazy Acquisition.
  • 2001 Acquires three retail sites occupied by Barneys stores.
  • 2007 Buys lease for Washington's Union Station.
  • 2008 Joins forces with Carlyle Group to buy New York offfce tower 650 Madison.
  • 2012 Ashkenazy Acquisition pays $79 million for Seattle shopping mall.
  • 2017 Buys London's Grosvenor House Hotel.