New York

American Realty Capital New York Recovery Reit to acquire office building in Manhattan

American Realty Capital New York Recovery Reit is to acquire the fee simple interest in an institutional-quality office building located at 229 West 36th Street in Midtown Manhattan at a purchase price of USD65m, exclusive of closing costs.

The property contains approximately 149,000 rentable square feet and is 100 per cent leased to seven tenants.

Approximately 70.1 per cent of the property is occupied by three tenants: American Language Communication Center; Early Bird Delivery Systems; and Spectaguard Acquisition.

"This is the second office building in the Garment District that we have placed under contract in just the last two weeks," says Michael A. Happel, chief investment officer of the company. "This USD65m acquisition of 229 West 36th Street will complement the USD48.6m acquisition of 256 West 38th Street that we previously announced. We believe this neighbourhood is in the early stages of a longer term transformation that will increase rents in the area. Our acquisition pipeline remains strong and we continue to identify high quality properties in New York City that are consistent with our overall investment strategy."

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