An arm of the global lending group The J. Safra Group has acquired Faneuil Hall Marketplace from Ashkenazy Acquisition Corp., whose management of the iconic property under a lease with the city has long drawn complaints from tenants and public officials.
Terms of the deal were not disclosed in a press release late Monday. Made up of banks worldwide operating under the J. Safra name, the buyer manages more than $300 billion in assets ranging from the Gherkin tower in London to banana grower Chiquita Brands International Inc.
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New York-based Ashkenazy had bought the long-term ground lease for the marketplace from General Growth Properties in 2011. Faneuil Hall Marketplace consists of the dozens of shops and restaurants that have been a top tourism draw for Boston for decades, not the historic building directly across from City Hall that serves as a meeting hall and museum.
Ashkenazy’s relationship with the city has been a fraught one through the tenures of multiple mayors. The landlord operates the property under a 99-year ground lease, giving the city little in the way of leverage to force changes. Most recently, the Wu administration identified Faneuil Hall as a key element in its drive to revitalize downtown post-pandemic, calling for a “more authentic” destination with more locally owned businesses, rather than national chains, and lamenting the "significant deferred investment" in keeping up the property.
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Tenants have also griped about Ashkenazy at points in recent years, including last year, when the organization Lawyers for Civil Rights sent a demand letter calling out the landlord for what it called unfair treatment of shopkeepers of color.
