American Realty Capital N.Y. Recovery REIT to Acquire Midtown Office Building

NEW YORK—American Realty Capital New York Recovery REIT Inc. has entered into a purchase and sale agreement to acquire the fee simple interest in 229 West 36th Street in Midtown for $65 million, exclusive of closing costs.

Comprised of approximately 149,000 rentable sq. ft., the property is currently 100 percent leased to seven tenants, including American Language Communication Center Inc., Early Bird Delivery Systems LLC and Spectaguard Acquisition LLC, among others.

“This is the second office building in the Garment District that we have placed under contract in just the last two weeks,” noted Michael A. Happel, chief investment officer of American Realty Capital New York Recovery REIT. “We believe this neighborhood is in the early stages of a longer-term transformation that will increase rents in the area.”

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