American Realty Capital New York Recovery REIT to Acquire
Institutional-Quality Office Building in Midtown Manhattan from SL Green
NEW YORK, July 1, 2013
NEW YORK, July 1, 2013 /PRNewswire/ --American Realty Capital New York
Recovery REIT, Inc. ("NYRR") announced today that it has entered into a
purchase and sale agreement to acquire from SL Green Realty Corp. ("SL Green")
the fee simple interest in an institutional-quality office building located at
333 West 34^th Street in Midtown Manhattan. The purchase price for the
building is $220.3 million, exclusive of closing costs. The 10-story property
is 100% occupied, contains approximately 347,000 rentablesquare feet, and is
leased to four tenants: The Segal Company (Eastern States) Inc.; The
Metropolitan Transportation Authority; Godiva Chocolatier Inc.; and Sam Ash
New York Megastores, LLC.
(Logo: http://photos.prnewswire.com/prnh/20120807/NY53656LOGO )
Michael A. Happel, Chief Investment Officer of NYRR noted, "We are pleased to
be acquiring an attractive property for our New York property portfolio,
located in the prime 34^th Street Corridor of Midtown Manhattan. This
high-quality asset is in excellent physical condition and is fully occupied by
four major tenants. This purchase was made below replacement cost, will
increase our portfolio asset value to almost $700 million and reflects our
continuing efforts to construct a portfolio of premium New York City real
estate. We reasonably expect to take advantage of the favorable market
opportunities that our dedicated team continues to find and buy strong assets
at good prices with favorable financing to grow our portfolio aggressively."
The Jones Lang LaSalle New York Capital Markets team represented SL Green in
NYRR is a publicly registered, non-traded real estate investment trust
("REIT") that has qualified as a REIT for tax purposes. Additional information
about NYRR 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: From: Anthony J. DeFazio, Diccicco Battista Communications,
firstname.lastname@example.org, 484-342-3600; For: Michael A. Happel, CIO, American
Realty Capital New York Recovery REIT, Inc., email@example.com, 212-415-6500
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