New York

American Realty Capital New York Recovery Reit buys three Manhattan properties

American Realty Capital New York Recovery Reit has closed USD124.4m of property acquisitions, exclusive of closing costs.

In the last week of 2012, the company closed the following acquisitions: the fee simple interests in two institutional quality office buildings located at 256 West 38th Street and 229 West 36th Street in Midtown Manhattan; and the master lease for the commercial portion of a cooperative located at 350 Bleecker Street in the Greenwich Village neighbourhood of Manhattan.

Each acquisition was funded with proceeds from the company's ongoing initial public offering and debt financing.

These three acquisitions increased the company's portfolio by contract purchase price to USD350.7m, exclusive of closing costs.

"With these three acquisitions, we have closed out 2012 strongly," says Michael A Happel, chief investment officer. "These acquisitions have greatly enhanced our portfolio of stable, income-producing properties in the greater metropolitan area of New York City. Our total portfolio of roughly USD351m is consistent with our investment strategy and a testimony to our real estate team's dedication to purchasing properties with attractive current yield and upside potential."

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