The Real Deal New York

Acadia buys UES retail townhouses for $47M

Properties near Madison Avenue hold high-end commercial tenants
November 04, 2014 11:00AM

White Plains, N.Y.-based real estate investment trust Acadia Realty Trust acquired two Upper East Side retail townhouses for a total of $47.3 million.

The five-story building at 27 East 61st Street is under construction and slated to hold Japanese restaurant Geisha and a mix of residential as well as commercial tenants, the New York Daily News reported. The other property, also six stories, at 17 East 71st Street houses Sharon Dorram Color, a hair salon run by celebrity stylist Sally Hershberger. Together, the structures span 10,000 square feet.

RP Miller Realty Group’s Reba Miller, who received the lifetime achievement award at the Real Estate Board of New York residential Deal of the Year awards last month, had the listing for the 61st Street building. A Judson Realty team led by Nicholas Judson, Stuart Ellman and Helene Wall Fagan represented both the buyer and the seller for the 71st Street site.

Acadia is developing the City Point mega-project in Downtown Brooklyn and acquired a ground-floor retail co-op in Soho for $50 million over the summer, as The Real Deal reported. [NYDN]Mark Maurer