Acadia Realty Trust buys 90 Greene Street condo from Oaktree Capital Management for $39.4M

121 Spring Street (Credit: Google)
By Varvara Budetti
Acadia Realty Trust has purchased a 90 Greene Street retail condo for $39.4 million from Oaktree Capital Management which took over the property from Meadow Partners and 60 Guilders back in September.
This adds to Acadia’s portfolio of retail properties in Soho which was already valued at over $100M. Their other recent acquisitions include nearby 37 Greene St for $15 million and 47 Greene Street for $24.8 million back in 2019, brokered by Newmark, according to The Real Deal.
The new sale closed on January 12, 2022, and was recorded on January 27, 2022.
Oaktree Capital Management, through the entity 121 Spring Street Subsidiary, LLC had financed the condo with a $37.8 million loan from Citibank after taking over ownership.
Bryan Sather and Cary Kleinmam signed for Oaktree Capital Management. John Gottfried, CFO of
Acadia Realty Trust signed for the company through the entity 121 Spring Street Owner, LLC.The property has 3,200 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $12,317 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.)
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $325,000.
There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1.2 million. One of the projects were to change the building from a RES to a R-2. On the tax block, the majority, or 51 percent of the 410,248 square feet of built space are office buildings, with residential elevator buildings next occupying 19 percent of the space.
Within a 400-foot radius of 90 Greene Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on May 21, 2021 for the $1.1 million renovation of 10,521-square-foot R-2 building with five residential units at 147 Spring Street. Of those six items, four were sales above $5 million totaling $503.8 million. The most recent of the four was Oaktree Capital Management which acquired a retail co-op at 119 Spring Street valued at $22.4 million from Meadow Partners and 60 Guilders on September 20, 2021.
One of those six items was a loan which Zar Property NY borrowed $35 million from OceanFirst Bank secured by four condo units in the 31,207-square-foot, 16-unit mixed-use building (RM) on 105 Wooster Street on March 31, 2021.
Direct link to Acris document. link