American Realty Capital New York Recovery REIT Purchases Three Significant
Manhattan Properties for Over $124 Million to Close out a Strong 2012
NEW YORK, Jan. 2, 2013
NEW YORK, Jan. 2, 2013 /PRNewswire/ --American Realty Capital New York
Recovery REIT, Inc. (the "Company") announced today that it closed $124.4
million of property acquisitions, exclusive of closing costs, to punctuate a
strong year. In the last week of 2012, the Company closed the following
acquisitions: the fee simple interests in two institutional quality office
buildings located at 256 West 38^th Street and 229 West 36^th Street in
Midtown Manhattan; and the master lease for the commercial portion of a
cooperative located at 350 Bleecker Street in the Greenwich Village
neighborhood of Manhattan. Each acquisition was funded with proceeds from the
Company's ongoing initial public offering and debt financing.
These three acquisitions increased the Company's portfolio by contract
purchase price to $350.7 million, exclusive of closing costs.
The following table provides information relating to the contract purchase
price, rentable square feet and the percentage occupancy related to the three
Contract Purchase Price Rentable Square Percentage
(in millions) Occupancy
256 West 38^th Street $48.6 118,815 87%
229 West 36^th Street $64.9 148,894 100%
350 Bleecker Street $10.9 14,511 100%
"With these three acquisitions, we have closed out 2012 strongly," noted
Michael A. Happel, Chief Investment Officer of the Company. Mr. Happel
continued, "These acquisitions have greatly enhanced our portfolio of stable,
income-producing properties in the greater metropolitan area of New York
City. Our total portfolio of roughly $351 million is consistent with our
investment strategy and a testimony to our real estate team's dedication to
purchasing properties with attractive current yield and upside potential."
About the Company
American Realty Capital New York Recovery REIT, Inc. is a publicly registered,
non-traded real estate investment ("REIT") trust that has qualified as a REIT
for tax purposes. Additional information about the Company can be found on its
website at www.newyorkrecoveryreit.com.
The statements in this press release that are not historical facts may be
forward-looking statements. These forward-looking statements involve risks and
uncertainties that could cause the outcome to be materially different. In
addition, words such as "anticipate," "believe," "expect" and "intend"
indicate a forward-looking statement, although not all forward-looking
statements include these words.
SOURCE American Realty Capital New York Recovery REIT, Inc.
Contact: Anthony J. DeFazio, Diccicco Battista Communications,
email@example.com, +1-484-342-3600, or Michael A. Happel, CIOAmerican
Realty Capital New York Recovery REIT, Inc., firstname.lastname@example.org,
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