Global commercial real estate advisory firm Newmark today announced it has brokered the latest sale of 37 Greene Street in SoHo on behalf of Premier Equities for $15.4 million to Acadia Realty Trust (Acadia). This transaction is the latest in a string of recent purchases by Acadia along the Greene Street corridor, which totals over $100 million. This marks one of the largest retail portfolio transactions in NYC over the past 12 months. Newmark’s Retail Capital Markets Senior Managing Director Brian Segall and Associate George Martinecz were the sole brokers on these transactions.
37 Greene Street is a retail condo spanning 3,569 SF on the ground floor, occupied by modern furniture store Kartell. The pre-war, cast-iron building was constructed in 1900 and is in the heart of SoHo. This was the sixth such Greene Street retail condo sale to Acadia that Newmark arranged in recent months - in its entirety, these transactions comprise the largest retail condo portfolio sale of 2019 in Manhattan and the largest on record in SoHo. Segall and Martinecz also sold the EMP Capital-developed retail condo at 47 Greene Street to Acadia.
“SoHo is one of the most dynamic markets in the country, even more valuable with retailers prioritizing quality locations,” Segall said. “We worked closely with ownership to identify a buyer that would benefit from such a rare portfolio of this size and stature - credit to Acadia for seizing the opportunity in the heart of this market.”
In addition to 37 Greene Street, other properties that were part of this overall transaction include 41 Greene Street for $17.2M, 45 Greene Street for $11.3M, 51 Greene Street for $14.7, 53 Greene Street for 17.2M and 47 Greene Street for $24.8M.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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