Acadia Realty Trust pays $21M to City Urban Realty for retail in Williamsburg

Acadia Realty Trust through the entity 95 N. 6th Street Owner LLC paid $21 million to City Urban Realty through the entity 95 North 6th Associates LLC for the retail building (K2) at 95 North 6th Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on April 9, 2025 and was recorded on April 18, 2025.
The seller bought the property on September 29, 2022, for $5.3 million. The signatory for City Urban Realty was Michael Alvandi . The signatory for Acadia Realty Trust was John Gottfried . The contract date was April 9, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Acadia Realty Trust purchased 17 properties in 11 transactions for a total of $293 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 one property in one transaction for a total of $6.2 million over the same time period.

The property

The retail building with 2 residential units in Williamsburg has 4,153 square feet of built space and 3,350 square feet of additional air rights for a total buildable of 7,500 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 2,500 square feet. 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 $320,000. The most recent loan totaled $9.7 million and was provided by Calmwater Capital on September 29, 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

For the tax lot building, it received its initial certificate of occupancy on June 22, 2016. On the lot, there is one active major alteration construction project, 321593192, for a 5,109 square-foot M building. The project was submitted by Welch Liles with plans filed May 21, 2019 and permitted December 10, 2019.

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 City Urban Realty owned at least 10 commercial properties with 175 residential units in New York City with 158,475 square feet and a city-determined market value of $36 million. (Market value is typically about 50% of actual value.) The portfolio has $87.7 million in debt, with top three lenders as Israel Discount Bank, Calmwater Capital, and Northeast Bank respectively. Within the portfolio, the bulk, or 62 percent of the 158,475 square feet of built space are elevator properties, with walkup properties next occupying 30 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Brooklyn next at 24 percent of the space.

The buyer

The PincusCo database currently indicates that Acadia Realty Trust owned at least eight commercial properties with 160 residential units in New York City with 400,593 square feet and a city-determined market value of $120.4 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 400,593 square feet of built space are retail properties, with office properties next occupying 26 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Queens next at 25 percent of the space.

Direct link to Acris document. link