A German property investor is pushing further into the United States real estate market, acquiring a Manhattan property from Acadia Realty Trust.
Pamera North America, the U.S. affiliate of Germany’s Pamera Real Estate Partners GmbH, acquired 640 Broadway in Noho from Westchester-based Acadia for $49.5 million, Bisnow reported. The deal for the nine-story, 41,000-square-foot building breaks down to $1,207 per square foot.
The property features 21 loft-style residences, as well as 4,000 square feet of retail space. The retail tenant roster includes an outpost of the popular Van Leeuwen Ice Cream chain.
Glosslab, a membership-based manicure and pedicure company, was once a retail tenant at the property. But ownership sued Glosslab for more than $100,000 in unpaid rent and evicted it from the building in July 2024, according to court records.
JLL represented both sides of the sale transaction.
Acadia and Winnhaven Group acquired the property in 2012 for $32.5 million. Acadia had a 24.5 percent stake in the joint venture, according to an annual report from last year.
Nearly a decade ago, Acadia filed an offering plan for a condominium conversion of the property, once known as the Empire State Building. The plan called for a $135.5 million sellout, an average of about $6.5 million per unit.
Elsewhere in the city, Acadia has been on a buying tear, snapping retail properties in Soho and Williamsburg. Since last fall, the real estate investment has acquired more than $280 million in New York City property alone.
Based in Munich, Pamera opened its first office stateside a little less than a year ago, planning to target properties in the Big Apple, Boston and the Sun Belt, according to PERE News.
Since then, the firm has launched its efforts with a $30 million acquisition of a luxury residential property on Crosby Street, as well as deals on the Upper East Side, Denver and Raleigh, North Carolina.
— Holden Walter-Warner
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