Acadia Realty Trust officially closed on two retail co-op units at 131-135 Prince Street for $50 million.
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.