Soho retail space sells for $11.4M

By Guelda Voien | July 19, 2012 03:30PM

Two floors of retail space in a Soho condominium have sold for $11.4 million, according to records filed today with the city. Newcomer firm Keystone Properties sold the 5,200-square-foot space, at 83 Spring Street, because they received a strong offer and wanted to free up capital for other projects, a source told The Real Deal.

Keystone, an acquisitions and development firm helmed by Erez Itzhaki, who previously ran Itzhaki Properties, acquired 391 Broadway, in Tribeca, earlier this month. The firm plans to build boutique condominiums on that site.

The 83 Spring buyer was Acadia Realty Trust, a real estate investment trust based in White Plains. Acadia representatives were not immediately available for comment.

Keystone bought the entire building in 2007, according to the source, but retained only the commercial portion, for which they paid $7.8 million in 2007.

One current tenant is Paper Source, a stationary store that signed a lease for the space earlier this year.