Acadia Advances Retail Spree With $60M Soho Purchase
Acadia Realty Trust is doubling down on its series of retail acquisitions in Soho.
The firm paid $60 million for two adjacent mixed-use properties at 69 and 71-73 Greene Street, according to property records. The seller was JSRE Acquisitions.
The properties stand five stories tall and each measure about 16,500 square feet. The buildings are interconnected, featuring both retail space and a small handful of apartments in each; streetwear brand Amiri is a tenant on the ground floor.
It’s unclear who brokered the latest deal. The properties last traded in 2012 for $32.6 million. Acadia and JSRE Acquisitions both did not immediately respond to requests for comment from the Commercial Observer on the deal.
Last year, Rye-based Acadia sold 640 Broadway in Noho to German investor Pamera North America for $49.5 million. The nine-story, 41,000-square-foot mixed-use property features 21 loft-style residences and 4,000 square feet of retail space.
Generally, however, Acadia has been buying properties, particularly in Soho.
In October 2024, it bought a Givenchy-anchored retail condo at 92 and 94 Greene Street from Continental Ventures for $44 million, according to the Observer. Several months later, the REIT bought a Moschino-anchored retail condo at 73 Wooster Street for $25 million.
Escaping Soho, in February, it acquired four storefronts on Madison Avenue on the Upper East Side from Naftali Group for a combined $20.7 million. In Williamsburg, Acadia also bought a pair of retail buildings at 70 North Sixth Street and 93 North Sixth Street from Asana Partners last July for $50 million.
In March, meanwhile, the Safra-affiliated JSRE purchased 713 Madison Avenue in Lenox Hill for $40 million. The seller was an LLC tied to luxury bag company Longchamp. The six-story, mixed-use property has ground-floor retail and spans about 10,000 square feet.
Greene Street is lively with activity these days. This week, SL Green agreed to sell 110 Greene Street in Soho to the Natora Group for $226 million.
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