German Investor Buys 640 Broadway for $50M

Pamera North America, the North American branch of German property investment firm Pamera Real Estate Partners GmbH, has purchased the mixed-use NoHo building 640 Broadway from an affiliate of Acadia Realty Trust for $49.5 million.

The nine-story, 61,182-square-foot building running along Bleecker Street from Broadway to Crosby Street also uses the addresses 60-74 Bleecker Street and 172 Crosby Street. The building’s residential portion features 21 condos totaling 41,732 square feet. Van Leeuwen Ice Cream is among the current retail tenants at the property.

JLL represented both parties in the sale, according to a source with knowledge of the deal.

Bisnow was first to report the sale.

JLL’s property listing notes that 640 Broadway was built in 1900, and describes it as “a luxury boutique residential and rental property … featuring 21 expansive loft-style units which average 1,750 square feet, and 4,200 square feet of prime retail with 221 total feet of frontage … on Broadway, Bleecker and Crosby.” 

The listing also notes that the property has “secure residential cash flow,” and that the current owners have invested $18 million into unit renovations and building upgrades since 2012.

Acadia possessed a 24.5 percent share in the building, according to its 2024 annual report, which also cited the building’s annualized base rent per square foot as $255.37. Bisnow notes that the company’s ownership stake was part of a joint venture with Winhaven Group. 

The JV paid Heller Realty $32.5 million for the building in 2012, according to public records.

Acadia has been on a major buying spree over the past year, with an especially heavy concentration in Williamsburg, Brooklyn.

In July, the company purchased a pair of two-story retail buildings at 70 North Sixth Street and 93 North Sixth Street from Asana Partners for $50 million, just three months after acquiring 95, 97 and 107 North Sixth Street from City Urban Realty for $60 million, as reported in Commercial Observer. 

This follows the firm’s November 2024 purchase of 109 North Sixth Street from Mark Capital Management for $18.9 million, and its October 2024 purchase of 123-129 North Sixth Street from North Sixth Street Realty for $35 million, as previously reported in CO.

Munich-based Pamera is a multifamily office with a portfolio in Germany estimated between $1.76 billion and $1.93 billion, according to PERE. 

The firm has been on something of a buying streak itself, including acquiring a mixed-use New York property at 91 Crosby Street for around $30 million in a joint venture with Drake Real Estate in the spring of 2024, according to CIJ Europe. The building contains 11 rental units starting at around $11,000 per month for a one-bedroom, according to StreetEasy.

Pamera has since added 308 East 78th Street to its portfolio, according to the company’s website. 

Pamera, Acadia and JLL did not immediately respond to requests for comment.  

Larry Getlen can be reached at lgetlen@commercialobserver.com.