PR Newswire: news distribution, targeting and monitoring

American Realty Capital New York Recovery REIT Enters into Contract to Acquire Institutional-Quality Office Building in Manhattan

Share with Twitter Share with LinkedIn

NEW YORK, Oct. 23, 2012 /PRNewswire/ -- American Realty Capital New York Recovery REIT, Inc., (the "Company") announced that, on October 19, 2012, it entered into a purchase and sale agreement to acquire the fee simple interest in an institutional-quality office building located at 256 West 38th Street in Manhattan, at a purchase price of $48.6 million, exclusive of closing costs. 


The property contains 118,000 rentable square feet and is 87% leased to 15 tenants. Approximately 35% of the property is occupied by two tenants: Cache, Inc. and United Auto Workers.

"We are pleased to acquire this well-located building in Manhattan," noted Michael A. Happel, Chief Investment Officer of the Company. "This acquisition is consistent with our overall strategy of acquiring high quality, income-producing real estate in New York City."

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.


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.

Share with Twitter Share with LinkedIn

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.



PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.


Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.


Online Member Center

Not a Member?
Click Here to Join
Search News Releases
Advanced Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release