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 taxfriendly 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 .