JV Spends $49M for Site Across From Courthouse

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BRONX, NY-White Plains-based Acadia Realty Trust, through its Fund II acquisition venture and P/A Associates acquired a 223,000-sf office across from the newly constructed courthouse complex here for $49 million. The site at 260 East 161st St. is fully occupied by the city, the state and the Albert Einstein College of Medicine.

Acadia intends to redevelop a portion of the office space into retail. According to Jon Grisham, the firm’s vice president and chief accounting officer, the focus will be on bringing in retailers that will service the area’s workforce. The firm anticipates having a substantial percentage of the long-term income derived from retail leases.