Greene Street with luxury fashion retail stores in Soho Cast Iron historic District in New York City.
NEW YORK CITY - Acadia Realty Trust, a real estate investment trust specializing in the retail asset class, has been on a shopping spree for assets in the SoHo submarket, acquiring properties along the Greene Street corridor in a total aggregate of $100 million. Newmark Knight Frank brokered the string of recent acquisitions Acadia has made, including a recent $15 million buy of 37 Greene St.
The retail condo at 37 Greene Street spans 3,569 square feet on the ground floor, which is occupied by modern furniture store Kartell. The pre-war, cast-iron building was constructed in the 1900s and considered the heart of SoHo. The purchase of the property is the sixth tally in the acquisitions Acadia has made along the Greene Street corridor of retail condos.
In aggregate, these transactions comprise the largest retail condo portfolio sale of 2019 in Manhattan and the largest on record in SoHo. In addition, another prominent acquisition Acadia has made is the EMP Capital-developed retail condo at 47 Greene Street, which Newmark also brokered.
"SoHo is one of the most dynamic markets in the country and even more valuable with retailers prioritizing quality locations," said Newmark's Retail Capital Markets Senior Managing Director Brian Segall. "We worked closely with ownership to identify a buyer that would benefit from such a rare portfolio of this size and stature — credit to Acadia for seizing the opportunity in the heart of this market."
In addition to 37 and 47 Greene Street, other properties that were part of this overall transaction include 41 Greene Street for $17.2M, 45 Greene Street for $11.3M, 51 Greene Street for $14.7, 53 Greene Street for 17.2M and 47 Greene Street for $24.8M.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
