Acadia Snaps Up Givenchy-Anchored SoHo Retail Condo for $44M

Acadia Realty Trust is continuing its SoHo shopping spree. 

The real estate investment trust (REIT) just picked up the retail condominium at 92 and 94 Greene Street from Continental Ventures for $44 million, sources familiar with the trade told Commercial Observer. 

The all-cash transaction marks Acadia’s 13th purchase in the neighborhood, but we’re pretty sure there’s no buyer’s remorse with this particular No.13. The REIT has been filling its cart with other SoHo retail assets, including six properties on the very same street: 37-39 Greene Street, 41 Greene Street, 45 Greene Street, 47 Greene Street and 51 Greene Street.

Newmark’s Brett Siegel, Evan Layne and Ariel Schuster negotiated the sale along with Adam Spies. 

The retail condo at 92 and 94 Greene Street, also known as 109 Mercer Street has 75 feet of frontage on Greene and Mercer, and is fully leased to three tenants with two years of weighted average lease term remaining. It’s at the base of a seven-story, 14-unit residential building — which wasn’t included in the sale.

The building’s most notable retail tenant is luxury retailer Givenchy, which opened its second outpost at the address in 2022, joining a host of other luxe brands in the red-hot retail corridor. Adidas also has a Y3 concept store at the address, where Japanese designer Yohji Yamamoto bridges sportswear with high fashion, as does Hive & Colony, a bespoke menswear tailor.

Givenchy, a LVMH brand, is in good company at its 1,468-square-foot location, with six LVMH brands occupying space on the block between Prince and Spring streets alone. 

Sources familiar with the 92 Greene Street transaction said it underscores the current demand for high street retail. Acadia nabbed the property after bidding against a variety of interested potential buyers, including high-net-worth individuals, foreign buyers, institutions and users, and ultimately leaving those competitors, ahem, “Greene” with envy. 

“You’re really seeing the institutions coming back to compete for high street retail,” one source said. 

The unabating appetite for such retail spaces continues to dominate headlines, with SoHo consistently attracting buyers— and rightfully so. According to Newmark data, SoHo saw a 12 percent increase in rents in the second quarter of this year compared with the first quarter. Additionally, there’s been roughly 1.6 million square feet of leasing velocity in the submarket since 2021. 

Earlier this month, Spanish billionaire Isak Andic paid $27 million for the 19,760-square-foot retail condominium at 56 Crosby Street. Invesco Real Estate was the seller in that instance, with the same Newmark team negotiating the sale. 

Also this month, BNF Capital acquired Squire Investments’ retail and residential building at 43 Crosby Street for $20.8 million, while Spear Street Capital picked up the KPG Funds’ retail and office building at 446 Broadway last month for $52 million.

Acadia, Continental Ventures and Newmark didn’t immediately return requests for comment. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com.