Acadia pays $25.4M to EPIC LLC for retail condo in SoHo

Acadia Realty Trust through the entity 73 Wooster Retail LLC paid $25.4 million to EPIC LLC through the entity Epic 387 LLC for the retail condo at 73 Wooster Street in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on January 9, 2025 and was recorded on January 14, 2025. The property has 8,920 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $2,848 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on January 26, 2012, for $15 million. The signatory for EPIC LLC was Steven Elghanayan. The signatory for Acadia Realty Trust was Jason Blacksberg. The contract date was November 25, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Acadia Realty Trust [transactions & more] purchased 14 properties in eight transactions for a total of $165.8 million and sold two properties in one transaction for a total of $48.2 million over the past 24 months.
The seller EPIC LLC had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in SoHo has 8,920 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 8,920 square feet. The city-designated market value for the property in 2022 is $10.3 million. The most recent loan totaled $62.8 million and was provided by TD Bank on September 27, 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2.8 times the average sales volume among other neighborhoods with $720.4 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 481,647 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 156,660 square feet of the 187,863 square feet. The largest owner is Macquarie Group, followed by Christian Cigrang and then Reuben Brothers.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 187,863 square feet of built space are office buildings, with mixed-use buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that EPIC LLC owned at least three commercial properties in New York City with 138,637 square feet and a city-determined market value of $73.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 78 percent of the 138,637 square feet of built space are retail properties, with office properties next occupying 22 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Acadia Realty Trust owned at least six commercial properties with 150 residential units in New York City with 265,483 square feet and a city-determined market value of $84.8 million. (Market value is typically about 50% of actual value.) The portfolio has $284.4 million in debt, with top three lenders as Bank of America, Bridge Investment Group, and TD Bank respectively. Within the portfolio, the bulk, or 43 percent of the 265,483 square feet of built space are retail properties, with D4 properties next occupying 35 percent of the space. The bulk, or 54 percent of the built space, is in Manhattan, with Queens next at 38 percent of the space.

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