A little-known Westchester-based real estate investor is continuing its Manhattan shopping spree into the new year with its latest acquisition, a $25 million purchase in SoHo, records show.
Acadia Realty Trust, which is headquartered in Rye, ended 2024 on a high note after having scooped up nearly a dozen properties along prime commercial corridors in Williamsburg and SoHo, and is going into 2025 with the same stamina: The firm’s most recent purchase is 73 Wooster St., according to a deed that appeared in the city register Tuesday.
Records show that Jason Blacksberg, general counsel and executive vice president at Acadia, signed for the transaction. The firm, which in October added 92-94 Greene St. in the downtown neighborhood to its portfolio for $43 million, along with 109 N. Sixth St. in Williamsburg for about $19 million, among others, bought the commercial unit on the ground floor of the 5-story building from U.K.-based developer Epic. Steven Elghanayan, one of Epic’s co-founders, is the CEO of its U.S.-based holdings and signed the deed, records show.
The roughly 9,700-square-foot retail property, between Spring and Broome streets, is currently occupied by the luxury Italian fashion retailer Moschino, and it’s unlikely that it will be impacted by the change other than getting a new landlord. It’s unclear how much Moschino is paying in rent, but a recent report from JLL shows that the average cost per square foot for ground-floor retail in SoHo was $283 during the last quarter of 2024.
The upper floors of the building, which are separately owned, contain six boutique condominium units, none of which is available. The last unit, a four-bedroom, three-and-a-half-bathroom penthouse, sold for $17.5 million in November, according to information from StreetEasy.
Overall in 2024, Acadia spent about $120 million on properties in New York and elsewhere, and is planning an additional $150 million worth of purchases, Crain’s reported late last year. For its part, Epic’s portfolio includes more than 6.7 million square feet across 52 properties with a value in excess of $3 billion, according to its website.
Neither Acadia nor Epic responded to requests for comment by press time.
