According to a report in The Real Deal, Louis Meisel’s family trust is talking with Acadia Realty Trust to sell a Soho street level retail co-op. The property is located at 131-135 Prince Street in Downtown Manhattan for $50 million.
There have been reports of Meisel negotiating with 15 potential buyers, but is closest to making a deal with Arcadia.
The 3,000 square feet retail space is the ground floor of a seven story co-op building in Soho, between West Broadway and Wooster Street on Prince Street. Currently two businesses occupy the space. About 2,500 square feet are occupied by Folli Follie, a Greek accessories shop. In the remaining 500 feet is Uno de 50, a brand of Spanish jewelry.
Once the home of Cohen-Typermass Company, the paper box manufacturer; the building holds nine residential units and masses a total of 27,000 square feet. Down the block is the Meisel art gallery; currently exhibiting works by the artists Susan P. Meisel, Audrey Flack, Yigal Ozeri and Jack Lembeck.
Louis K. Meisel was born in 1942, in Brooklyn. In 1969, he coined the term photorealist, and was the proponent of the photorealist art movement. He is also an author, an art dealer, as well as the owner of one of Soho’s first art galleries, located at 141 Prince Street.
A revitalization of the popularity of “Pin-up” illustration is credited to Meisel. The Meisel Gallery has the world’s largest collection of pin-up art originals.
The Bernarducci Meisel Gallery located in Midtown Manhattan at 37 West 57th Street, is another gallery that is operated by Meisel, along with Frank Bernarducci, his business partner.
Acadia Realty Trust is a REIT specializing in the re-development, acquisition and operation of urban retail properties that have mixed uses. It is based in White Plains, New York, and founded in 1998. Acadia focuses on buying and developing properties in dense metropolitan areas, as well as other markets with big hurdles to enter. Across the United States, Acadia currently manages more than a total of 10 million square feet of property. Throughout 15 states and the District of Colombia, they possess 82 properties.