American Realty CEO Buys Sillerman’s Manhattan Townhouse
Nicholas Schorsch, the chief executive officer of single-tenant landlord American Realty Capital Properties Inc. (CPTP), bought a townhouse on Manhattan’s Upper East Side for $13.9 million.
The seller of the property, at 159 East 70th St., is entertainment executive Robert F.X. Sillerman, records filed today with the New York City Department of Finance show. The four-story property between Lexington and Third Avenues includes six residential units, and was built in 1910, according to real estate website Propertyshark.com.
Schorsch’s American Realty Capital has been on a buying spree as it seeks to become one of the country’s largest single-tenant landlords. Last month, the New York-based company agreed to purchase American Realty Capital Trust IV, a nonlisted real estate investment trust, in a deal valued at $3.1 billion. In May, it agreed to acquire CapLease Inc. (LSE) for $2.2 billion. Schorsch is also the head of AR Capital LLC, the top fundraiser among U.S. nontraded REITs.
American Realty Capital plans to complete $1.1 billion of deals in the second half of the year, after which it will be the second-biggest single-tenant landlord in the U.S. Realty Income Corp. (O), based in Escondido, California, is the largest.
Schorsch is financing the Manhattan townhouse purchase with a $7.12 million mortgage from Bank of America Corp., according to public records.
Anthony DeFazio, a spokesman for American Realty Capital, said he couldn’t immediately comment on the sale. Ed Tagliaferri, a spokesman for Sillerman, declined to comment.
Sillerman is the former chairman and CEO of CKX Inc., the owner of the “American Idol” brand that was acquired by Apollo Global Management LLC in 2011. He now leads New York-based Viggle Inc. (VGGL), the developer of a program that allows viewers to “check in” to television shows they are watching, and collect points that are redeemable for items such as movie tickets, music or gift cards.
To contact the editor responsible for this story: Kara Wetzel at firstname.lastname@example.org