Acadia Realty Trust's Ken Bernstein (top left), Naftali Group's Miki Naftali (bottom left), 1045 Madison Avenue (top right), and 1165 Madison Avenue.

The real estate investment trust (REIT) has acquired four storefronts along Madison Avenue on Manhattan’s Upper East Side from residential developer Naftali Group for a total of $20.7 million, according to separate property records for each of the sales. Crain’s New York Business first reported the news.

Two of the retail units purchased as part of the deal are at the base of Naftali’s 19-story luxury condo building at 1165 Madison Avenue, also known as the Bellemont. The two units — which each cover about 1,800 square feet and were acquired for $4.9 million and $7.8 million, respectively — are home to jewelry store Swarovski and cosmetics store Malin + Goetz, Crain’s reported, although the Malin + Goetz outpost appears to have closed.