American Realty Capital New York Recovery REIT Enters into Contract to Acquire
Institutional-Quality Office Building in Manhattan
NEW YORK, Oct. 23, 2012
NEW YORK, Oct. 23, 2012 /PRNewswire/ --American Realty Capital New York
Recovery REIT, Inc., (the "Company") announced that, on October 19, 2012,
itentered into a purchase and sale agreement to acquire the fee simple
interest in an institutional-quality office building located at 256 West 38th
Street in Manhattan, at a purchase price of $48.6 million, exclusive of
The property contains 118,000 rentable square feet and is 87% leased to 15
tenants. Approximately 35% of the property is occupied by two tenants: Cache,
Inc. and United Auto Workers.
"We are pleased to acquire this well-located building in Manhattan," noted
Michael A. Happel, Chief Investment Officer of the Company. "This acquisition
is consistent with our overall strategy of acquiring high quality,
income-producing real estate in New York City."
About the Company
American Realty Capital New York Recovery REIT, Inc. is a publicly registered,
non-traded real estate investment program.
SOURCE American Realty Capital New York Recovery REIT, Inc.
Contact: Tony DeFazio, +1-484-532-7783, firstname.lastname@example.org
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