March 28, 2013
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
Street in the
. The purchase price for the building was
, 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 (
) Corp., Microsoft Corporation, Deluxe Media Creative Services Inc. and SYPartners.
"We are excited about adding this high-quality office building to our portfolio," said
, 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
. 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."
NYRR 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
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.