Acadia, Prusik make $28M Soho retail play

Soffer family has held the site for 3 decades

New York /
Dec.December 17, 2019 01:32 PM
Acadia Realty Trust CEO Kenneth Bernstein, 565 Broadway, and Marsha Soffer (Credit: ICSC, Google Maps, World Red Eye)

Acadia Realty Trust CEO Kenneth Bernstein, 565 Broadway, and Marsha Soffer (Credit: ICSC, Google Maps, World Red Eye)

Acadia Realty Trust is continuing to gobble up Soho retail space with another $28 million buy.

The Rye, New York-based real estate investment trust picked up the leasehold interest in the retail space occupied by Victoria’s Secret Pink at 565 Broadway, property records show. PincusCo first reported the news.

Acadia’s partner on the deal was the Prusik Group, a source told The Real Deal, and the seller was an Aventura, Fla.-based entity linked to Marsha Soffer that had signed a 99-year lease in 1979. Soffer is the daughter of Turnberry Associates founder Donald Soffer.

Acadia didn’t respond to a request for comment, and Prusik declined to comment.

The deal comes as Acadia has been buying retail stores in Soho, one of Manhattan’s more troubled retail corridors of late. In April, it picked up Thor Equities and Premier Equities’ 51 Greene Street for $14.6 million space at. In October, the REIT said it had closed on $25 million of its planned $122 million acquisition of retail in the neighborhood.

The nine-story building is a mixed-use cooperative that sits at the corner of Prince Street. It has 10 residences.

At 568-578 Broadway, the property caddy corner to Pink, fashion brand Hugo Boss recently inked a deal to take up 7,000 square feet, the New York Post reported. The retailer is moving from a smaller space at 555 Broadway.

Write to Mary Diduch at [email protected]


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