NEW YORK CITY – American Realty Capital New York Recovery REIT, Inc. (“NYRR”) announced today it acquired from SL Green a 10-story office building located at 333 West 34th Street in Midtown Manhattan for $220.3 million, exclusive of closing costs.
The property contains approximately 347,000 rentable square feet and is 100% leased to four tenants: The Segal Company (Eastern States), Inc.; The Metropolitan Transportation Authority; Godiva Chocolatier Inc.; and Sam Ash New York Megastores, LLC.
Michael A. Happel, Chief Investment Officer of NYRR, explained, “The purchase of 333 West 34th Street exemplifies our commitment to buying well-located, well-tenanted, stabilized assets in New York City with potential for asset appreciation and limited downside risk. This building is situated between the burgeoning Hudson Yards and Herald Square sub-markets of Midtown Manhattan, and features top-quality tenants at below market rents. With the addition of this asset, we have created a portfolio totaling approximately $775 million. We remain focused on acquiring quality New York City real estate with rents that are accretive to our distributions.”
NYRR is a publicly registered, non-traded real estate investment trust 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. Contacts From: Anthony J. DeFazio For: Michael A. Happel, CIO Diccicco Battista Communications American Realty Capital New York Recovery REIT, Inc. [email protected] [email protected]ap.com Ph: 484-342-3600 Ph: 212-415-6500