Acadia Realty Trust Nears 49-Year Master Lease Deal for Carlyle House Retail
Lauren Elkies Schram April 5, 2016, 6 p.m.
Acadia Realty Trust is finalizing a 49-year master lease for the retail spaces in an Upper East Side co-op, Commercial Observer has learned.
The asking rent for the ground and lower levels at Carlyle House, which is at 55 East 77th Street between Park and Madison Avenues, was $3 million per year plus $4 million in key money, a source with intimate knowledge of the situation said.
Carlyle House tapped Paul Massey, Jill Lovatt and Thomas D. Gammino of Massey Knakal Realty Services (now Cushman & Wakefield) in September 2014 to market the 6,956 square feet (3,800 square feet at grade and the balance on the second floor) that fronts Madison Avenue between East 76th and East 77th Streets, as CO reported at the time. The team was supposed to find new tenants or establish a master lease starting next month.
Vera Wang and Perrin Paris are retail tenants in the building, leaving three spaces—amounting to 2,700 square feet at grade—vacant, the source said.
Christopher Conlon, Acadia’s executive vice president and chief operating officer, declined to comment and Mr. Massey didn’t respond to requests for comment.