Acadia Realty Trust pays $28M to Soffer family for 565 Broadway retail in Soho

By Adam Pincus

Acadia Realty Trust paid the Soffer family $28 million for a leasehold on the retail portion of 565 Broadway, a nine-story cooperative building on the corner of Price Street, in Soho. The deal closed on December 9, 2019, and was recorded on December 12, 2019.

The transaction consists of the approximately 4,500 square feet of ground-floor space in the 51,190-square-foot cooperative (D0) building as well as additional cellar and sub-cellar space. The co-op has ten units and was converted from a loft building by Martin Fine approximately 40 years ago. The lease was originally signed in 1979 and at the time had a term of 99 years.

Acadia purchased the leasehold through the entity 565 Broadway Owner LLC, and the Soffer family sold through its entity, 644 BRDY Realty, Inc. Martha Soffer, president of the selling entity, was the signatory. Soffer is the daughter of billionaire Turnberry Associates developer Donald Soffer.

The retail is currently occupied by Victoria’s Secret PINK brand.

Acadia recently purchased a retail condo in Soho at 45 Greene Street for $12 million from Thor Equities and others, and sold a retail property in Sheepshead Bay for $27.7 million.

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