$50 Million Deal on Prince Street | Robert Khodadadian
NYC – A real estate deal between Acadia Realty Trust and the family trust of Louis Meisel closed late last month. Robert Khodadadian of Skyline Properties represented both parties in the deal that was first signed in June. The deal concerns 3,000 square feet of land on Prince Street, which currently contains retail co-op units. Acadia Realty Trust purchased the real estate for $50 million.
Louis Meisel owns the Louis K. Meisel Gallery at 141 Prince Street, which is adjacent to the retail units that were included in the deal. Elliot Meisel, Louis’s brother, said he would use the money to buy two different properties, although he has yet to announce his specific plans.
Currently, the property on Prince Street contains nine co-op units, in addition to several stores. Some of these include Folli Follie, an accessories shop, and Uno de 50, a jewelry store. Folli Follie takes up 2,400 square feet of space and Uno de 50 takes up just 600 square feet. Both of these stores have several years left on their lease. The monthly rent for Folli Follie amounts to $65,000 per square foot, while Uno de 50 pays $36,000 per square foot.
According to Khodadadian, this deal broke Soho records when it came to price per square foot. However, this is just one of the many exciting deals that we have been involved with throughout the past few months. For more information about record-breaking deals brokered by the team at Skyline Properties, keep checking back with our blog!