This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

American Realty Capital New York Recovery REIT Acquires Institutional-Quality Office Building In Chelsea For $112 Million

NEW YORK, March 28, 2013 /PRNewswire/ --  American Realty Capital New York Recovery REIT, Inc. ("NYRR") announced today that it closed the acquisition of the fee simple interest in an institutional-quality office building located at 216-18 West 18 th Street in the Chelsea neighborhood of Manhattan. The purchase price for the building was $112.0 million, exclusive of closing costs. The property contains 165,670 rentable square feet and is 83.7% leased to five tenants including Red Bull North America, Inc., SAE Institute of Technology ( New York) Corp., Microsoft Corporation, Deluxe Media Creative Services Inc. and SYPartners.  

(Logo: http://photos.prnewswire.com/prnh/20120807/NY53656LOGO)

"We are excited about adding this high-quality office building to our portfolio," said Michael Happel, Chief Investment Officer of NYRR. Mr. Happel continued, "This was an off-market, privately negotiated purchase of a great building in the 'Silicon Alley' area of Manhattan. We believe this is one of the strongest submarkets in the city and this property has high quality tenants as well as upside potential from both lease-up and rent growth opportunities. We continue to be active buyers of New York City commercial real estate with a focus on properties that will generate stable income and capital appreciation."

About NYRRNYRR is a publicly registered, non-traded real estate investment ("REIT") 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs