Acadia pays $60M to deepen SoHo Greene Street retail bet
The latest purchase runs 82 percent above the buildings' 2012 price and cements the REIT's concentration on one high-street block.
Acadia Realty Trust has paid $60 million for two interconnected mixed-use buildings at 69 and 71-73 Greene Street in SoHo, extending a retail book the REIT has been widening on the same block. Commercial Observer reported the sale from city records made public Tuesday, in two transactions: 69 Greene Owner paid $29.4 million for the five-story residential-and-retail building at 69 Greene Street, and 71-73 Greene Owner paid $30.6 million for 71-73 Greene Street. The seller, JSRE Acquisitions, is affiliated with the Safra family; Carlos Bertaco and Gina Sutt Malul signed the deal documents for JSRE, while Acadia's executive vice president and chief legal officer, Jason Blacksberg, signed for the buyer, and streetwear boutique Amiri occupies the retail base. The combined price is roughly $27 million, or 82 percent, above the $33 million the properties last brought in 2012.
The purchase follows a repeat-buying pattern in this part of SoHo: Acadia bought the Givenchy-anchored retail condo at 92 and 94 Greene Street for $44 million in October 2024 and the Moschino-anchored retail condo at 73 Wooster Street for $25 million in January 2025, then added four Madison Avenue storefronts from Naftali Group for $20.7 million in February and two Williamsburg retail buildings from Asana Partners for $50 million in July 2025. On Greene Street, the effect is cumulative: this is the second time Acadia has bought on the same block it keeps returning to.
The accumulation is the logic: Acadia is spending at a moment when listed REITs have turned the corner, as this publication has reported, and it is choosing a street where it already has underwriting history rather than hunting for yield in unfamiliar markets. The premium makes the bet explicit: at 82 percent above the 2012 sale, it wagers this block's rents have risen along with its basis.
The main risk is tenants, not location. Amiri is a current draw, but fashion labels turn over faster than buildings, and Acadia's repeated purchases give it more ability to market the block as a single destination to the next wave of luxury tenants, which is the best argument for paying up. The test will come when another Greene Street building trades: Acadia has priced this block, and the next sale will show whether the market agrees.
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