Acadia pays $27.5M to City Urban, Namdar for new retail in Williamsburg, paid $21M next door

Acadia Realty Trust through the entity 97 N. 6th Street Owner LLC paid $27.5 million to City Urban Realty and Namdar Realty Group through the entity 95 North 6th Investor, LLC for the retail building (K2) at 97 North 6th Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The city issued a certificate of occupancy on March 14, 2025, city records show.

On the lot, there was a new building construction project, B08017402, for a 5,391 square-foot retail (M) building. The project was submitted by Michael Alvandi with plans filed October 14, 2022 and permitted April 3, 2023.
The deal closed on April 9, 2025 and was recorded on April 22, 2025. The property has 5,391 square feet of built space and 5,850 square feet of additional air rights for a total buildable of 11,250 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $5,101 and the price per buildable square foot is $2,444 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 April 28, 2022, for $7.8 million. The signatory for City Urban Realty and Namdar Realty Group was Michael Alvandi . The signatory for Acadia Realty Trust was John Gottfried . The contract date was April 9, 2025.

Acadia Realty Trust paid $21 million for the adjacent building, 95 North 6th Street on the same day, but the transaction was recorded last week.

The sale was brokered by JLL’s Ethan Stanton, Brendan Maddigan, and Michael Mazzara.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Acadia Realty Trust purchased 18 properties in 12 transactions for a total of $314 million and sold two properties in one transaction for a total of $48.2 million over the past 24 months.
The seller City Urban Realty purchased four properties in four transactions for a total of $57.6 million and sold two properties in two transactions for a total of $27.2 million over the same time period. The 5,391-square-foot property generated revenue of $293,163 or $54 per square foot, according to the most recent income and expense figures.

The property

The retail building in Williamsburg has 5,391 square feet of built space and 5,850 square feet of additional air rights for a total buildable of 11,250 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 3,750 square feet. The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $375,000. The most recent loan totaled $12.1 million and was provided by Cre Credit Fund Iv Originations, LLC on April 28, 2022.

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

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 4th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg has 2.6 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 22 of the 28 commercial properties representing 101,803 square feet of the 127,783 square feet. The largest owner is Empire State Realty Trust, followed by L3 Capital and then Maurice Setton.
On the tax block, there was one new building construction project filed totaling 5,391 square feet. It is a 5,391 square-foot mercantile (M) building submitted by Michael Alvandi with plans filed October 14, 2022 and permitted April 3, 2023.

The majority, or 52 percent of the 127,783 square feet of built space are mixed-use buildings, with walkup buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Namdar Realty Group owned at least 75 commercial properties with 725 residential units in New York City with 1,612,118 square feet and a city-determined market value of $392.4 million. (Market value is typically about 50% of actual value.) The portfolio has $72.6 million in debt, with top three lenders as Signature Bank, Ladder Capital, and 2651 Broadway Partners LLC respectively. Within the portfolio, the bulk, or 45 percent of the 1,612,118 square feet of built space are office properties, with walkup properties next occupying 27 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Bronx next at 18 percent of the space.
The PincusCo database currently indicates that City Urban Realty owned at least nine commercial properties with 173 residential units in New York City with 153,675 square feet and a city-determined market value of $35.5 million. (Market value is typically about 50% of actual value.) The portfolio has $78 million in debt, with top three lenders as Israel Discount Bank, Northeast Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 64 percent of the 153,675 square feet of built space are elevator properties, with walkup properties next occupying 31 percent of the space. The bulk, or 78 percent of the built space, is in Manhattan, with Brooklyn next at 22 percent of the space.

The buyer

The PincusCo database currently indicates that Acadia Realty Trust owned at least nine commercial properties with 162 residential units in New York City with 405,393 square feet and a city-determined market value of $121 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 28 percent of the 405,393 square feet of built space are retail properties, with office properties next occupying 25 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Queens next at 25 percent of the space.

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