Acadia Buys Moschino-Anchored SoHo Retail Condo for $25M
By Mark Hallum January 15, 2025 1:00 pm
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Acadia Realty Trust added another SoHo property to its portfolio with the $25 million acquisition of 73 Wooster Street.
Epic, a U.K.-based firm brought to the U.S. by Steven and Michael Elghanayan, sold the commercial condo and benefited from the leasing and sales demand for retail space in SoHo. Epic made a tidy $10 million profit from the $15 million it paid for it in January 2012, according to property records,
Acadia has also seen the advantages of investing in the neighborhood, having purchased 92-94 Greene Street for $43 million in October. It also recently dropped money in another district in the city where retail is running full steam, paying $18.9 million to acquire 109 North Sixth Street in Williamsburg, Brooklyn, in November.
Acadia and Epic did not immediately respond to requests for comment. It’s unclear who brokered the sale, which was first reported by Crain’s New York Business.
The 9,700-square-foot retail condo is between Spring and Broome streets and is occupied by Italian fashion house Moschino.
At the end of 2024, a survey of 30 retail corridors in the United States and Canada found that SoHo was the most active prime urban retail corridor in either country, according to a report from JLL.
And out of the $2.4 billion in retail investment property sales in the U.S. in 2024, $101.1 million of it was in SoHo, according to Ariel Property Advisors.
Mark Hallum can be reached at mhallum@commercialobserver.com.
