Businessmen Hayk and Ghukas Khachatryan, whose Z&A LLC leased the state-owned AOKS building located at 3 Abovyan Street in downtown Yerevan in 2024 for ten years, have also purchased the adjacent area.

The Khachatryans have already received the right to demolish the building there.

AOKS is the Russian acronym for the Armenian Society for Friendship and Cultural Relations with Foreign Countries (ASRFC), an arm of the former Soviet foreign ministry.

The brothers, of whom Hayk is a citizen of Canada and Ghukas, a citizen of Saint Kitts and Nevis, own several well-known brands in Armenia, including Maranik, Ideal System, Ideal Master. They are also engaged in the import and trade of clothing. Z&A LLC represents the Ermenegildo Zegna, Emporio Armani, Burberry, Marc Jacobs, Red Valentino, OVS, Coincasa, New Yorker, Polo Ralph Lauren brands in Armenia.

Hayk and Ghukas Khachatryan

The AOKS building and the 454 square meters of land it occupied, as well as the 36 square meters of land allocated for the use and maintenance of the building (located adjacent to the facade of the building, between the building and the sidewalk), which was returned to the state, were transferred by the Armenian government to the State Property Management Committee (SPMC) subordinate to the Ministry of Territorial Administration and Infrastructure in November 2023. The state's ownership of the property was registered in January 2024. In August of the same year, the SPMC announced that Z&A LLC was recognized as the winner of the competition for the lease of the building. A little later, it became known that there are three lessees: Z&A LLC, Maison Marom LLC, and Keron Development Fund.

The total area of ​​the AOKS building is 701.4 square meters, but 651.6 square meters of it (1st-3rd floors) were put up for lease, since the basement area of ​​the building with an area of ​​49.8 square meters is adjacent to Building #1, at 3 Abovyan St., owned by Tiflis LLC, and it had applied to the SPMC with a request to lease that basement area.

The tenants of the AOKS building have committed to paying a monthly rent of AMD 16.2 million drams. The SPMC also announced that AMD 1.17 billion will be invested in the building over two years. According to the lease project, high art and fashion will be united in the AOKS building. The vision of the investment program is to make Yerevan one of the world fashion centers by creating an exclusive complex where the best examples of world and Armenian art will be presented. An exhibition hall, development studio, and cafes will operate in the area.

See: Landmark Yerevan Building to Become Modern Fashion Complex

Khachatryans' business partner owns Evocabank

The Keron Development Foundation received state registration in March 2024. According to its website, the foundation's mission is to promote reforms in Armenia by implementing initiatives that contribute to the development of culture, education, regional development, sports, and healthcare, while supporting talented individuals from around the world and strengthening local potential. The founder of Keron is Mareta Gevorkyan, who is the sole owner of Evocabank CJSC. The executive director of the foundation is Vanane Ararktsyan, who is the daughter of former Armenian Parliament Speaker Babken Ararktsyan.

Maison Marom LLC is also a new company, founded in May 2024. The 50-50 owners are Mareta Gevorkyan and Russian Olga Shcherbakova (in the company's press releases she is indicated by the surname Medelyan). According to Armenia’s State Revenue Committee (SRC) the company is engaged in the retail clothing trade.

Olga Shcherbakova, Mareta Gevorkian

The Khachatryan brothers bought a plot of land also bearing the address 3 Abovyan Street. The building there is being demolished

As mentioned, the AOKS building is located at 3 Abovyan St. Of interest is that the neighboring area (the land and the building built on it) also bear the same address. We are talking about the real estate located between the AOKS building and the hotel being built by Gagik Tsarukyan and his partners (see the photo below, covered with an orange net).

According to Armenia’s Cadastre Committee, the area of ​​​​this plot is 474 square meters. Let us recall that the previous owner of this property, Anna Martirosyan, was in a long-term legal dispute with Tsarukyan, who was conducting construction next to her site, and the Yerevan Municipality that issued him a building permit.

The land and building were acquired by the Khachatryans' Z&A LLC, whose ownership was registered in August 2024. Not long after, the company received permission from the municipality to demolish the building. According to the information poster, demolition will last from November 28, 2024 to May 28 of this year.

Building undergoing demolition – July 2024

The contractor for the demolition work is Spitak Tnak LLC, which belongs to Stepan Akhoyan, brother of former parliament deputy Aragats Akhoyan. It seems that the company will also construct the new building that was announced by Nork Group at the end of January.

Accordingly, the Lebanese clothing chain Aïshti, together with Nork Group, “is launching an exciting new project that will redefine the heart of our city. Together, we are embarking on a journey to breathe new life into Abovyan 3 by introducing a one-of-a-kind concept store that blends innovation with timeless value. At the core of this project is a mission to rejuvenate buildings with untapped potential, transforming them into vibrant, modern spaces full of life and purpose.”

Meanwhile, behind the demolished building at 3 Abovyan St., along Old Yerevantsi Street, Spitak Tnak is constructing a multifunctional building, which will have nine above-ground floors and two underground floors, for Local Developers LLC and Karine Karapetyan.