The Real Deal New York

Acadia eyeing Soho retail co-op for $50M

Sources say REIT signed contract, but seller says not finalized
By Mark Maurer | July 18, 2014 11:30AM

UPDATED, 12:41 p.m., July 18: White Plains, N.Y.-based real estate investment trust Acadia Realty Trust is in advanced talks to acquire a ground-floor retail co-op in Soho for $50 million, The Real Deal has learned. Several sources close to the deal said the contract was signed yesterday. 

The 3,000-square-foot space sits at the base of a seven-story co-op building at 131-135 Prince Street, between West Broadway and Wooster Street. Greek accessories shop Folli Follie occupies about 2,500 square feet at 133 Prince, while Spanish jewelry brand Uno de 50 takes up 500 square feet at 135 Prince, sources said.

A family trust affiliated with art dealer Louis Meisel, who operates the Louis K. Meisel Gallery at 141 Prince Street, is looking to sell. Meisel has been in talks with 15 prospective buyers for the space, but Acadia is in the lead, he told The Real Deal. He denied earlier today that Acadia had signed a contract.

The 27,000-square-foot building, which holds nine residential units, was formerly the site of paper box manufacturer the Cohen-Typermass Company in the early 1900s.

Robert Khodadadian, a broker at Skyline Properties, represented both Acadia and Meisel.

The expiration dates of the retail tenants’ leases were also undisclosed. Acadia and Khodadadian declined to comment.

Acadia, which is co-developing the mixed-use mega-project City Point in Downtown Brooklyn, paid $13.5 million for the ground-floor retail condo space at 868 Broadway in January, as The Real Deal reported.