By Dan Orlando
Acadia Realty Trust has purchased the commercial slice of the Wellington, a mixed-use building on the Upper East Side for $51 million, city records indicate.
The building’s primary owner, O’Connor Capital Partners, bought the entire property in 2014 for $240 million. The 30-story rental building commands 241,000 s/f of total space and was built in 1967.
O’Conor sold the White Plains, NY-based Acadia the property in three subdivisions; the retail, priced at $15 million; the garage, at $22 million and; $14 million for the office space.
The property’s retail space is located on the bottom two floors and takes up approximately 11,000 s/f. Current storefront tenants include Variazioni, a women’s clothing store, and Arche shoemakers. The Wellington’s office space occupies over 19,200 s/f.
The sale of the commercial space comes ahead of O’Connor Capital’s planned conversion of the rental units to condos by the conclusion of this year.
The building claims three addresses, 200-206 East 62nd Street, 203 East 61st Street and 1033-1049 Third Avenue. At press time, it was unclear if brokers were involved in the sale.
Acadia has been a busy buyer of retail properties in Manhattan over the past year.
In November, the REIT bought two retail townhouses on the Upper East Side — 27 East 61st Street and 17 East 71st Street — for a combined $47 million.
Four months earlier, Acadia had dished out $50 for a SoHo retail co-op at 131-135 Prince Street. Current tenants there are accessories retailer Folli Follie and jewelry maker Uno de 50.
In Dowtown Brooklyn, Acadia is currently developing the 1.8 million-s/f retail center City Point.