American Realty Capital New York Recovery REIT (NYRR), a a real estate investment trust managed by American Realty Trust, announced this week that it had purchased 333 West 34th Street in Midtown Manhattan for $220.3 million, or about $632 per square foot, exclusive of closing costs. NYRR bought the 10-story office building from SL Green, which was represented by the Jones Lang LaSalle capital markets team.
Michael A. Happel, Chief Investment Officer of NYRR, explained, "The purchase of 333 West 34th Street exemplifies our commitment to buying well-located, well-tenanted, stabilized assets in New York City with potential for asset appreciation and limited downside risk. This building is situated between the burgeoning Hudson Yards and Herald Square sub-markets of Midtown Manhattan, and features top-quality tenants at below market rents. With the addition of this asset, we have created a portfolio totaling approximately $775 million. We remain focused on acquiring quality New York City real estate with rents that are accretive to our distributions."
The ten-story, 348,363-square-foot office tower was built in 1953 on three-quarters of an acre in Midtown Manhattan's Penn Plaza / Garment District submarket, between Eighth and Ninth Avenues, according to a CoStar report. The property was 100% leased at the time of sale to four tenants: The Segal Company (Eastern States), Inc.; The Metropolitan Transportation Authority; Godiva Chocolatier Inc.; and Sam Ash New York Megastores, LLC.
For more news and information visit Blumberg Capital Partners.
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