Rye-Based Acadia Realty Making More Than $100M Play in SoHo
John Jordan | January 2020
NEW YORK—Acadia Realty Trust of Rye has closed on the purchase of a retail condo in the SoHo section of Manhattan for $15.4 million from Premier Equities. The transaction is part of a string of recent and pending purchases by Acadia in SoHo and along Greene Street totaling more than $100 million.
The latest deal for 37 Green St. was reported by brokerage firm Newmark Knight Frank. 37 Greene St. is a retail condo spanning 3,569 square feet on the ground floor, occupied by modern furniture store Kartell. The pre-war, cast-iron building was constructed in 1900. NKF’s Retail Capital Markets Senior Managing Director Brian Segall and Associate George Martinecz were the sole brokers on these transactions between Premier and Acadia.
This was the sixth such Greene Street retail condo sale to Acadia that NKF arranged in recent months. In its entirety, these transactions comprise the largest retail condo portfolio sale of 2019 in Manhattan and the largest on record in SoHo. Segall and Martinecz also sold the EMP Capital-developed retail condo at 47 Greene St. to Acadia, which traded for $24.8 million
In addition to 37 Greene St., other properties that were part of this overall transaction include 41 Greene St., which traded for $17.2 million; 45 Greene St. for $11.3 million; 51 Greene St. for $14.7 million and 53 Greene St. for $17.2 million.
Last year, Acadia reported it had acquired, or entered into contracts to acquire $121.8 million of New York City street retail assets in Soho. Of the $121.8 million, $86.8 million had closed by November 2019 and $35.0 million remained under contract. The company stated at the time it expected to complete the purchase of the remaining properties under contract in phases through 2020.
Among Acadia Realty’s notable Westchester County holdings include the Bedford Green Shopping Center in Bedford Hills; Cortlandt Crossing in Cortlandt Manor and the Crossroads Shopping Center in White Plains.
In addition to significant holdings in Manhattan, Acadia also owns properties in the Bronx and other New York City boroughs and on Long Island.