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Acadia closes $50M deal for Soho retail co-op
Sale of 131-135 Prince Street was done through a tax-free exchange
Acadia Realty Trust officially closed on two retail co-op units at 131-135 Prince Street for $50 million.
The units total 3,000 square feet at 131-135 Prince Street. The deal was first reported by The Real Deal when it entered contract in late June.
The sale was done through a tax-free exchange, Elliott Meisel, the attorney on the deal, told the New York Observer. Under such a swap, a seller is able to defer or indefinitely postpone capital gains on a transaction. Elliott Meisel’s brother, Louis Meisel — the owner and operator of the Louis K. Meisel Gallery at 141 Prince Street — was the seller. It’s not yet known what properties Meisel is looking to acquire.
Acadia is paying $16,666 per square foot for the Prince Street co-ops. The building, Located Between West Broadway And Wooster Street, has nine residential units. [NYO] — Claire Moses