German Investor Buys NoHo Mixed-Use Building From REIT For $50M
After a recent New York City buying spree, Westchester County-based Acadia Realty Trust has decided to part with one of its Manhattan holdings.
An affiliate of Acadia sold the nine-story 41K SF building at 640 Broadway for $49.5M to Pamera North America, the U.S. arm of German property investor Pamera Real Estate Partners GmbH, according to a deed posted to city property records Thursday.
Jason Blacksberg, an executive vice president at Acadia Realty Trust, signed the deed on behalf of the seller. The building has 21 loft-style residential units and 4K SF of retail space, according to a listing by JLL, which was hired to sell the building.
Acadia has owned a stake in 640 Broadway since 2012, when it bought the property in a joint venture with the Winhaven Group for $32.5M. It owned a 24.5% stake in the property, according to its 2024 annual report.
Acadia planned to convert the apartments to luxury condos, filing a conversion plan with the city for an estimated sellout of $135.5M, The Real Deal previously reported.
That effort appears to have gone nowhere, as the building has just two condominium units, both of which were sold to Pamera in a deal that closed Sept. 5, according to the deed record.
Pamera, Acadia and JLL didn't immediately respond to Bisnow’s request for comment.
Acadia, which focuses on retail in both suburbs and urban high streets, has been on a shopping spree since last year, buying up properties in SoHo and Williamsburg, Crain’s New York Business reported. The properties it acquired include 92-94 Greene St. and 73 Wooster St. in SoHo, as well as 109 N. Sixth St.
Since last fall, it has acquired at least $280M of NYC properties, including $157M in the second quarter alone.
But at 640 Broadway, Acadia has had trouble with retail tenants in the building. It sued membership-based manicure and pedicure outfit Glosslab for more than $100K in unpaid rent in February, Crain’s reported. Glosslab was evicted in July 2024, according to the court filings.
Munich-based Pamera opened a U.S. office in October and was targeting properties in New York City, Boston and the Sun Belt markets, PERE News reported. Pamera's global portfolio at the time was valued at $1.5B.
Its first acquisition was a $30M deal for the luxury residential building at 91 Crosby St., according to PERE.
The 640 Broadway acquisition appears to be its fifth in the U.S. The other properties it lists on its website as part of its U.S. portfolio are 308 E. 78th St. on the Upper East Side, 417 W. Peace St. in Raleigh, North Carolina, and 444 E. 19th St. in Denver.
CORRECTION, SEPT. 12, 11:30 A.M. ET: A previous version of this story used a different image. This image has been changed.
