German firm Pamera Real Estate pays $49.5M to Acadia for retail, residential in NoHo

The North American division of the German firm Pamera Real Estate Partners through the entity Broadway Propco LLC paid $49.5 million to Acadia Realty Trust through the entity 640 Broadway Owners Subsidiary II LLC for the mixed use building with 21 residential units over retail at 640 Broadway in NoHo, Manhattan. The expected use is cash flowing.

The property covers the entire blockfront of Bleecker Street between Broadway and Crosby Street.
The deal closed on September 5, 2025 and was recorded on September 11, 2025. The two commercial condominium properties that make up the building, one for retail one for the 21 residential units, have 53,439 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $926 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 Acadia Realty Trust was Jason Blacksberg . The signatory for Pamera Real Estate Partners was Cord Ernst . The contract date was June 16, 2025.

Acadia bought the property in 2012 for $32.5 million.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Pamera Real Estate Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Acadia Realty Trust purchased 20 properties in 14 transactions for a total of $353 million and sold two properties in one transaction for a total of $48.2 million over the same time period.

The property

The rental condo with 21 residential units in NoHo has 53,439 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 41,732 square feet. The city-designated market value for the property in 2022 is $10.9 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

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

The block

On the tax block of 640 Broadway, PincusCo has identified the owners of two of the 11 commercial properties representing 138,190 square feet of the 664,837 square feet. The two identified owners are Yuco Management and Milton Neumann.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 664,837 square feet of built space are retail buildings, with office buildings next occupying 48 percent of the space.

The seller

The PincusCo database currently indicates that Acadia Realty Trust owned at least 11 commercial properties with 162 residential units in New York City with 408,753 square feet and a city-determined market value of $122.4 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 408,753 square feet of built space are retail properties, with office properties next occupying 25 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Queens next at 25 percent of the space.

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