City Urban Realty Sells Williamsburg Retail Building for $21M to Acadia
By Amanda Schiavo April 21, 2025 12:50 pm
reprints
Retail sales in Williamsburg, Brooklyn, don’t seem to be slowing down.
Acadia Realty Trust has acquired a Williamsburg retail building at 95 North Sixth Street from City Urban Realty for $21 million, according to property records.
The deal closed April 9 but hit property records on Friday, according to PincusCo, which first reported the transaction. Michael Alvandi, principal at City Urban Realty, signed for the seller while John Gottfried, executive vice president and chief financial officer for Acadia, signed for the buyer.
Gottfried and Alvandi did not immediately respond to requests for comment.
City Urban Realty paid $5.3 million in 2022 for the property, which sits on the popular Sixth Street midblock between Berry Street and Wythe Avenue. The building spans 4,153 square feet and has 3,350 square feet of additional air rights for a total buildable space of 7,500 square feet, according to PincusCo. It also includes two residential units.
Acadia has been on a bit of a shopping spree in Williamsburg. In October, the firm acquired three retail properties across 11,180 square feet of space in the North Brooklyn neighborhood. And Acadia wasn’t the only one picking up Williamsburg retail. That same month Empire State Realty Trust acquired $143 million in retail properties along North Sixth Street.
Williamsburg has seen its fair share of building sales recently, not just in retail. In early April, Rivington Company purchased 185 Marcy Avenue, an 81,348-square-foot partially vacant office building, for $28.7 million. In January, Pacific Urban acquired a seven-story apartment building from UDR at 88 Richardson Street for $127.5 million. And in March, Queens-based DL Development and Brooklyn-based Argos Development jointly acquired a three-story mixed-use building at 314 Scholes Street.
“There continues to be different iterations of what’s happening in Williamsburg,” Ethan Stanton, managing director of capital markets at JLL, previously told Commercial Observer. “Developers want to build a project — it doesn’t matter what asset class — in Williamsburg because they believe in the fundamentals of the submarket.”
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
