Acadia buys East 62nd St. commercial space for $51M

O'Connor Capital Partners is converting the UES building into condos

From left: 200 East 62nd Street on Upper East Side, Christopher Conlon and Glenn Rufrano
From left: 200 East 62nd Street on Upper East Side, Christopher Conlon and Glenn Rufrano

UPDATED, Feb. 16, 3:28 p.m.: Acadia Realty Trust picked up commercial space and a garage at the base of an Upper East Side rental tower owned by O’Connor Capital Partners for a total of $51 million in an off-market deal, according to property records filed with the city late last week.

O’Connor, led by Cushman & Wakefield alumnus Glenn Rufrano, has owned the 30-story, 241,000-square-foot tower known as the Wellington since March 2014, when it paid $240 million, as The Real Deal reported. The property, constructed in 1967, has the addresses 200-206 East 62nd Street, 203 East 61st Street and 1033-1049 Third Avenue.

Acadia, a White Plains-based real estate investment trust, bought the retail for $15 million, the garage for $22 million and office space for $14 million, records show. The commercial space occupies the bottom two floors of the tower.

Retail tenants at the roughly 11,000-square-foot ground-floor space include French shoemaker Arche and women’s clothier Variazioni. Total office space at the building spans 19,250 square feet.

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Most of the retail is located along Third Avenue. O’Connor is planning to convert the 120-unit residential component to condominiums by late 2015. Current tenants would be able to either buy their unit or prepare to move out when their lease is up.

A representative for Acadia declined to comment. CBRE’s Gary Trock and Michael Kadosh represented both sides in the deal.