Acadia Realty pays $43.4M to Continental Ventures for SoHo retail, bought for $4M

Acadia Realty Trust through the entity 92-94 Greene Retail Owner LLC paid $43.4 million to Continental Ventures through the entity Greenemercer Retail LLC for the three retail condominium units at 92 Greene Street in SoHo, Manhattan. The expected use is cash flowing.
The deal closed on October 17, 2024 and was recorded on October 22, 2024. The three properties have 7,906 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $5,486 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 signatory for Continental Ventures was Jane Gol. The signatory for Acadia Realty Trust was Jason Blacksberg. The contract date was September 25, 2024. Continental Ventures bought the units on June 22, 2007, for $4 million.
The Commercial Observer first reported the sale.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Acadia Realty Trust purchased nine properties in five transactions for a total of $68.5 million and sold two properties in one transaction for a total of $48.2 million over the past 24 months.
The seller Continental Ventures had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condos in SoHo have 7,906 square feet of built space according to a PincusCo analysis of city data. The building has a total lot size of 2,936 square feet. The city-designated market value for the property in 2022 is $3.8 million.

Violations and lawsuits

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

Development

For the tax lot buildings, one out of the three buildings received a renovation initial certificate of occupancy in the last ten years. 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 2.1 times the average sales volume among other neighborhoods with $539.8 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 208,826 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 92 Greene Street, PincusCo has identified the owners of three of the 13 commercial properties representing 206,865 square feet of the 316,967 square feet. The largest owner is Sl Green Realty, followed by Rfr Holding and then Carl Stefan Erling Persson.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 316,967 square feet of built space are office buildings, with mixed-use buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Continental Ventures owned at least three commercial properties with 48 residential units in New York City with 34,130 square feet and a city-determined market value of $8.8 million. (Market value is typically about 50% of actual value.) The portfolio has $16.8 million in debt, borrowed from Signature Bank. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Acadia Realty Trust owned at least four commercial properties with 148 residential units in New York City with 245,911 square feet and a city-determined market value of $78.7 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 41 percent of the 245,911 square feet of built space are retail properties, with D4 properties next occupying 38 percent of the space. The bulk, or 59 percent of the built space, is in Manhattan, with Queens next at 41 percent of the space.

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