ARC’s NYC REIT Picks Up Two Assets
August 14, 2014


NEW YORK CITY—The prolific property transactor American Realty Capital is at it again. Its American Realty Capital New York City REIT has purchased two assets.

The firm has entered into a purchase and sale agreement to acquire the Laurel Commercial Condominiums, at 400 E. 67th St., for $76 million, exclusive of closing costs. The Laurel Commercial Condominiums contain three commercial condominium units providing 58,750 rentable square feet and are 100% leased to three tenants: Cornell University, TD Bank and Quik Park. The seller was represented by the Capital Transactions Group at Savills Studley .

In addition, on August 7, NYCR entered into a purchase and sale agreement to acquire a commercial garage unit in Trump Place, the residential condominium building located at 200 Riverside Blvd. on the Upper West Side, for $9 million, exclusive of closing costs. The Trump Place Parking Garage contains approximately 61,475 rentable square feet, including 284 parking spaces with three sub-grade levels, and is currently 100% leased to Hudson River Garage LLC.

"We are pleased to announce these two acquisitions as they are both consistent with our strategy of purchasing high-quality New York City properties that will generate durable income and appreciation potential for our shareholders," says Michael A. Happel, president of NYCR.

ARC’s NYC REIT Picks Up Two Assets




Related Stories

Laurel’s mixed-use condo space expected to fetch $70M
Brooklyn’s Bergen luxury building may fetch $50M