The Real Deal New York

Acadia close to finalizing master lease for Carlyle House retail

The 49-year lease is for almost 7,000 square feet
April 06, 2016 03:00PM

From left: 50 East 77th Street on the Upper East Side and Christopher Conlon

From left: 50 East 77th Street on the Upper East Side and Acadia Realty Trust’s Christopher Conlon

Acadia Realty Trust is close to inking a 49-year master lease deal for almost 7,000 square feet of retail space at the Carlyle House on the Upper East Side.

The space is on the ground and lower levels of the co-op at 50 East 77th Street between Park and Madison Avenues.

Asking rent for the space that fronts Madison Avenue was $3 million per year, in addition to $4 million in key money, sources told the Commercial Observer.

Cushman & Wakefield’s Paul Massey, Jill Lovatt and Thomas Gammino marketed the property for the Carlyle House.

Other retail tenants in the building are Vera Wang and Perrin Paris, and three spaces are still vacant, the Observer reported.

In February 2015, the White Plains-based real estate investment trust bought a commercial space and a garage at O’Connor Capital Partners’ Wellington on the Upper East Side for a total of $51 million in an off-market deal.

Acadia, Washington Square Partners and BFC Partners are developing a 23-story, 335-unit mixed-use apartment building in Inwood. The developers are looking for a rezoning at 4650 Broadway under Mayor Bill de Blasio’s Mandatory Inclusionary Housing. [CO]Dusica Sue Malesevic