Bronx building nets $49M.

NAI Friedland Realty, Inc. represented Acadia Realty Trust in the purchase of a 223,000 s/f office building at 260 East 161st Street, the Bronx.

Acadia purchased the property through its acquisition joint venture, Fund II, and in partnership with P/A Associates. The sale price was $49 million.

Miles Mahony of NAI Friedland Realty represented Acadia and P/A Associates. Cushman & Wakefield, Inc, represented the seller, 421 Melrose LLC.

NAI Friedland Realty previously worked with the buyers in the purchase of property in the Bronx and Westchester County. The property is located directly across from the new Bronx County Courthouse complex and three blocks east of Yankee Stadium.

Acadia says the new courthouse, scheduled to open in 2006, will significantly increase demand for retail and office space in an already underserved area.

The building is currently 100 percent occupied with city and state offices and the Albert Einstein College of Medicine. Acadia says it expects to invest between $10 and $20 million to convert some office space to retail and upgrade the balance of the property.