Acadia Realty Belief is doubling down on its collection of retail acquisitions in Soho.
The agency paid $60 million for 2 adjoining mixed-use properties at 69 and 71-73 Greene Avenue, based on property records. The vendor was JSRE Acquisitions.
The properties stand 5 tales tall and every measure about 16,500 sq. toes. The buildings are interconnected, that includes each retail area and a small handful of flats in every; streetwear model Amiri is a tenant on the bottom ground.
It’s unclear who brokered the most recent deal. The properties final traded in 2012 for $32.6 million. Acadia and JSRE Acquisitions each didn’t instantly reply to requests for remark from the Commercial Observer on the deal.
Final 12 months, Rye-based Acadia offered 640 Broadway in Noho to German investor Pamera North America for $49.5 million. The nine-story, 41,000-square-foot mixed-use property options 21 loft-style residences and 4,000 sq. toes of retail area.
Usually, nevertheless, Acadia has been shopping for properties, significantly in Soho.
In October 2024, it purchased a Givenchy-anchored retail condominium at 92 and 94 Greene Avenue from Continental Ventures for $44 million, based on the Observer. A number of months later, the REIT purchased a Moschino-anchored retail condominium at 73 Wooster Avenue for $25 million.
Escaping Soho, in February, it acquired 4 storefronts on Madison Avenue on the Higher East Aspect from Naftali Group for a mixed $20.7 million. In Williamsburg, Acadia additionally purchased a pair of retail buildings at 70 North Sixth Avenue and 93 North Sixth Avenue from Asana Companions final July for $50 million.
In March, in the meantime, the Safra-affiliated JSRE bought 713 Madison Avenue in Lenox Hill for $40 million. The vendor was an LLC tied to luxurious bag firm Longchamp. The six-story, mixed-use property has ground-floor retail and spans about 10,000 sq. toes.
Greene Avenue is full of life with exercise as of late. This week, SL Inexperienced agreed to promote 110 Greene Avenue in Soho to the Natora Group for $226 million.
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