Acadia Realty Trust has acquired a mixed-use property on Greene Street in New York City's SoHo district. The real estate investment trust (REIT) purchased the two interconnected buildings at 69 Greene Street and 71-73 Greene Street from New York real estate investment firm JSRE Acquisitions. The purchase price totalled $60 million, according to city records released on Tuesday.
The transaction was structured as two separate deals. Acadia, through its entity 69 Greene Owner, acquired the five-storey residential and retail building at 69 Greene Street for $29.4 million. The second property, the equally five-storey residential and retail building at 71-73 Greene Street, was acquired by the LLC 71-73 Greene Owner for $30.6 million, as per the records. Currently, streetwear boutique Amiri is the retail tenant on the ground floor of the property. The properties were last sold in 2012 for $33 million.
JSRE, a company linked to the billionaire Safra family, used similarly named entities for the transactions. Carlos Bertaco and Gina Sutt Malul signed the agreements for JSRE, while Jason Blacksberg, Executive Vice President and Chief Legal Officer at Acadia, signed for the buyer. It remains unclear who brokered the new deal. A spokesperson for Acadia did not immediately respond to a request for comment, while a spokesperson for JSRE was unavailable.
Expansion in the Retail Segment
This latest transaction underscores Acadia's ongoing interest in retail properties along Greene Street. Back in October 2024, the REIT had acquired the retail condominium occupied by Givenchy at 92 and 94 Greene Street from Continental Ventures for $44 million. Also in SoHo, Acadia purchased the retail condominium occupied by Moschino at 73 Wooster Street for $25 million in January 2025.
Acadia is pursuing a comprehensive strategy for investing in retail properties across New York City. In February, the company acquired four storefronts along Madison Avenue in Manhattan's Upper East Side from the Naftali Group for a total of $20.7 million. In Williamsburg, Brooklyn, Acadia bought two retail buildings at 70 North Sixth Street and 93 North Sixth Street from Asana Partners for $50 million in July 2025. This sale contributed to the expansion of the REIT's retail portfolio in Williamsburg. JSRE, in turn, had acquired a retail property at 713 Madison Avenue on the Upper East Side from French luxury retailer Longchamp for $40 million in March.
Key Parties Involved
- —Buyer: Acadia Realty Trust (represented by Jason Blacksberg)
- —Seller: JSRE Acquisitions (represented by Carlos Bertaco and Gina Sutt Malul)
- —Tenant: Amiri (retail)
- —Properties: 69 Greene Street and 71-73 Greene Street, SoHo
