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American Realty Capital New York Recovery REIT Acquires Manhattan Property

July 1
5:18 PM 2013

The largest office landlord in New York City, SL Green Realty Corp had entered into an agreement to sell its ten-storey building located in midtown Manhattan. The purchaser is American Realty Capital New York Recovery REIT Inc for the purchase price of US$220.3 million.

The property is located at 333 W. 34th Street has a floor area of 347,000 square feet or 32,200 square meters. The whole building is fully occupied and leased by tenants such as the Metropolitan Transportation Authority. The figures are based on a statement released by American Realty Capital New York, a non traded REIT.

According to the Chief Investment Officer of American Realty Capital New York, Michael Happel, "This purchase was made below replacement cost, will increase our portfolio asset value to almost US$700 million and reflects our continuing efforts to construct a portfolio of premium New York City real estate."

In a regulatory filing, the firm owned 17 properties with an occupancy rate of 94.2%. The company's primary sponsor is American Realty Capital, an operator of non-treaded REITs based in New York. 

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