American Realty Capital New York Recovery REIT (NYRR) announced this week that it had closed on the acquisition of an office building in Manhattan's Chelsea neighborhood for $112 million. The property contains approximately 166,000 rentable square feet and is 84% leased to 5 tenants, including Red Bull North America Inc., SAE Institute of Technology Corp. and Microsoft Corp.
"This was an off-market, privately negotiated purchase of a great building in the Silicon Alley area of Manhattan,” said Michael Happel, CIO of NYRR. “We believe this is one of the strongest submarkets in the city and this property has high quality tenants as well as upside potential from both lease-up and rent growth opportunities."
In the REIT's 2012 annual report, NYRR disclosed that it had entered into a purchase and sale agreement in January of this year to acquire the fee simple interest in an institutional-quality office building located at 218 West 18th Street in Manhattan for a contract purchase price of the property is $112.0 million, exclusive of closing costs.
For more news and information visit Blumberg Capital Partners.
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