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Kenneth Bernstein Of Acadia Realty Trust Acquires Two Retail Properties In Boston For $113.5M
SOLD
$113,500,000
Massachusetts
See Similar DealsRetail
Sold 04/23/2026
SOLD
Kenneth Bernstein Of Acadia Realty Trust Acquires Two Retail Properties In Boston For $113.5M
4 Newbury Street, 6 Newbury Street & 28 Newbury Street
See Similar DealsRetail
Sold 04/23/2026
Summary
MASSACHUSETTS
Asset Type:Retail
Transaction Type:Sale
The transaction involved two retail properties located at 4-6 Newbury Street and 28 Newbury Street in Boston, MA. The sale price for these properties was $113,500,000. The assets are notable for housing luxury brands Chanel and Cartier, contributing to one of the largest deals in this retail corridor in recent years.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $113,500,000
- Buyer: Kenneth Bernstein - Acadia Realty Trust
- Seller: Raymond Gindi - ASG Equities
- Date of Transaction: 04/23/2026
Acadia Realty Trust, represented by Kenneth Bernstein, executed the acquisition from ASG Equities, with Raymond Gindi as the seller. This acquisition marks a significant development in the Boston retail market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,053,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$403,241.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$538,047.90
Annual Debt Service$6,456,574.86
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