Prudential Joins $84M Venture To Nab NYC Retail Space

Law360, New York (January 14, 2014, 3:11 PM EST) -- Prudential Financial Inc.'s real estate investment unit and Madison Capital have launched an $84 million joint venture to nab nearly 19,000 square feet of retail space at the Astor, a historic multifamily property on New York's Upper West Side, the companies said Tuesday.

Prudential Real Estate Investment said it made the investment in the first floor of 2151 Broadway on behalf of its German institutional investors in PREI's U.S. Property Fund V. The purchase highlights the company's emphasis on investing in more reliable markets, particularly urban...
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