End of Oak Beginning of American
January 4, 2013
By: Lois Weiss

American Realty Capital New York Recovery REIT Inc., a non-traded real estate investment program, has purchased 256 West 38th Street from a joint venture of East End Capital and GreenOak Real Estate for $48.6 million. “With demand outpacing supply for quality New York investment properties, the area of Midtown just below Times Square is becoming a favorite market among both tenants and investors,” stated Will Silverman, of Studley’s Capital Transaction Group who marketed the property. ...

... The efforts culminated in the signing of an anchor lease with a publicly traded company, Cache. Woody Heller, together with Will Silverman, Eric Negrin and Daniel Parker of Studley’s Capital Transactions Group, represented the seller in the sale. The building is now occupied by a mix of fashion, technology and professional service tenants, including Cache, United Auto Workers, Insight Research and Gerard Yoscaand J’Envie.

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