ACADIA CLOSES $50M BUY OF SOHO RETAIL CO-OPS
Acadia Realty Trust has paid $50 million for two retail co- op units
totaling 3,000 square feet at the base of 131-135 Prince Street,
Commercial Observer has learned. The deal, which amounts to $16,666
per square foot, closed earlier this afternoon after being signed in late
June, sources close to the deal said.
The seller was a family trust affiliated with Louis Meisel, who owns and
operates the Louis K. Meisel Gallery at 141 Prince Street. Mr. Meisel
received good offers for the property and the sale has given him “the
opportunity to diversify,” said his brother and attorney in the 131-135
Prince deal, Elliott Meisel of Brill & Meisel. “It was done in a very tax-
friendly way through a tax-free exchange,” he added. “He’s replacing
them.” He declined to reveal what properties his brother was interested in
acquiring. The building is between West Broadway and Wooster Street and upstairs are nine residential
co-ops. The two retail units are occupied by accessories shop Folli Follie, which has 2,400 square feet and
seven years left on its lease, and jewelry brand Uno de 50, which has 600 square feet and three years left
on its lease, the sources said. Folli’s monthly rent is $65,000 per square foot and Uno’s monthly rent is
$36,000 per foot.
Skyline Properties‘ Robert Khodadadian represented both Acadia and Mr. Meisel in the deal. Mr.
Khodadadian would only say that the deal was a record price per square foot in Soho.
The Real Deal first got wind of the sale last month after the deal was signed. Acadia didn’t immediately
respond to a request for comment.
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