American Realty Capital New York Recovery REIT Acquires a Commercial Building Located at 1623 Kings Highway in Brooklyn, New York
NEW YORK, Oct. 10, 2012 /PRNewswire/ -- American Realty Capital New York Recovery REIT, Inc. (the "Company") announced that, on October 9, 2012, it closed the acquisition of the fee-simple interest in a commercial building 100% leased to three tenants, Verizon Wireless, Tiger Schulmann's Mixed Martial Arts and Kickboxing and Interboro Consulting, located at 1623 Kings Highway in Brooklyn, New York, at a purchase price of a $13.25 million, exclusive of closing costs. This acquisition increases the total size of the Company's portfolio to $226.4 million composed of 13 properties.
(Logo: http://photos.prnewswire.com/prnh/20120807/NY53656LOGO )
"We are pleased to acquire this well-located building in the Midwood neighborhood of Brooklyn," noted Michael A. Happel , Chief Investment Officer of the Company. "This acquisition demonstrates our continued focus on acquiring accretive properties in the five boroughs, leased to investment grade and other credit tenants."
The building contains 19,960 rentable square feet. Two of the leases contain rental escalations of 10.0% every five years, and the lease to Interboro Consulting contains a 4.0% annual rental increase. Each lease contains one five-year renewal option. The aggregate annualized straight line rental income for the leased spaces is $1.1 million.
About the Company
American Realty Capital New York Recovery REIT, Inc. is a publicly registered, non-traded real estate investment program.
SOURCE American Realty Capital New York Recovery REIT, Inc.
RELATED LINKS
http://newyorkrecoveryreit.com
More by this Source
American Realty Capital New York Recovery REIT Purchases Three Significant Manhattan Properties for Over $124 Million to Close out a Strong 2012
Jan 02, 2013, 12:12 ET
American Realty Capital New York Recovery REIT Enters into a Contract to Acquire An Institutional-Quality Office Building in Midtown Manhattan
Nov 08, 2012, 10:27 ET
American Realty Capital New York Recovery REIT Enters into Contract to Acquire Institutional-Quality Office Building in Manhattan
Oct 23, 2012, 08:00 ET
Featured Video
Journalists and Bloggers
Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.
View and download archived video content distributed by MultiVu on The Digital Center.
Custom Packages
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.