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.