Greene Street with luxuryfashion retail stores in Soho Cast Iron historic District in NewYork City.

NEW YORK CITY -  AcadiaRealty Trust, a real estate investment trust specializing in theretail asset class, has been on a shopping spree for assets in theSoHo submarket, acquiring properties along the Greene Streetcorridor in a total aggregate of $100 million. Newmark Knight Frankbrokered the string of recent acquisitions Acadia has made,including a recent $15 million buy of 37 GreeneSt. 

The retail condo at37 Greene Streetspans 3,569 square feet on theground floor, which is occupied by modern furniture store Kartell.The pre-war, cast-iron building was constructed in the 1900s andconsidered the heart of SoHo. The purchase of the property is thesixth tally in the acquisitions Acadia has made along the GreeneStreet corridor of retail condos. 

In aggregate, these transactionscomprise the largest retail condo portfolio sale of 2019 inManhattan and the largest on record in SoHo. In addition, anotherprominent acquisition Acadia has made is the EMP Capital-developedretail condo at 47 GreeneStreet,which Newmark alsobrokered. 

"SoHo is one of the most dynamicmarkets in the country and even more valuable with retailersprioritizing quality locations," said Newmark's Retail CapitalMarkets Senior Managing Director Brian Segall. "We worked closelywith ownership to identify a buyer that would benefit from such arare portfolio of this size and stature — credit to Acadia forseizing the opportunity in the heart of thismarket." 

In addition to 37 and 47 GreeneStreet, other properties that were part of this overall transactioninclude 41 Greene Streetfor $17.2M, 45 Greene Streetfor $11.3M, 51 Greene Streetfor $14.7, 53 Greene Streetfor 17.2M and 47 Greene Streetfor $24.8M.