Published On: Mon, Jul 21st, 2014

Louis Meisel’s Family Trust Sells Soho Retail Co-Op for $50 Million

Meisel has been reportedly negotiating with 15 potential suitors, but is close to making a deal with Acadia.

131 Prince Street

Louis Meisel’s family trust is in talks with Acadia Realty Trust to sell the ground floor retail co-op which it owns at 131-135 Prince Street in Manhattan for $50 million. This according to a report in The Real Deal.

Meisel has been reportedly negotiating with 15 potential suitors, but is close to making a deal with Acadia.

The retail space encompasses 3, 000 square feet and is located at the base of a seven story co-op building.

Located in the Soho neighborhood between West Broadway and Wooster Street, 131-135 Prince Street is currently home to Greek accessories shop Folli Follie which occupies roughly 2, 500 square feet at 133 Prince, while Spanish jewelry brand Uno de 50 holds about 500 square feet at 135 Prince.

It has a total of 27, 000 square feet and holds nine residential units. The building was once the home of paper box manufacturer Cohen-Typermass Company.

The Meisel art gallery is located just down the block. It is currently exhibiting works by the artists Susan P. Meisel, Audrey Flack,  Yigal Ozeri and Jack Lembeck.

Louis K. Meisel was born in Brooklyn, in 1942. He is an author, art dealer and proponent of the photorealist art movement, having coined the term in 1969.

He is also the owner of one of the first art galleries in SoHo, at 141 Prince Street.

Meisel is credited with the resurgence of interest in “Pin-up” illustration and is the largest collector of original pin-up art. The Meisel Gallery contains one of the largest collections of pin-up art in the world.

Meisel operates another gallery, with business partner Frank Bernarducci, the Bernarducci Meisel Gallery, at 37 West 57th Street in Manhattan.

Founded in 1998 and based in White Plains New York, Acadia Realty Trust is a REIT specializing in the acquisition, re-development and operation of retail and urban mixed-use properties. It focuses on acquiring and redeveloping properties located in dense urban or major metropolitan markets and other high barrier to entry markets. Acadia currently operates a portfolio totaling over 10 million square feet across the United States.

They currently hold 82 properties in 15 states and the District of Columbia.

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