American Realty Capital New York City REIT (NYCR) is to acquire the Laurel Commercial Condominiums located at 400 East 67th Street in the Upper East Side neighbourhood of Manhattan for USD76 million.
The Laurel Commercial Condominiums contain three commercial condominium units comprising 58,750 rentable square feet, and are 100 per cent leased to three tenants: Cornell University, TD Bank and Quik Park.
The seller was represented by the capital transactions group at Savills Studley.
On 7 August, NYCR agreed to acquire a commercial garage unit (the Trump Place Parking Garage) in Trump Place, the residential condominium building located at 200 Riverside Boulevard in the Upper West Side neighbourhood of Manhattan, for USD9 million, exclusive of closing costs. The Trump Place Parking Garage contains approximately 61,475 rentable square feet, including 284 parking spaces with three sub-grade levels, and is currently 100 per cent leased to Hudson River Garage.
"We are pleased to announce these two acquisitions as they are both consistent with our strategy of purchasing high-quality New York City properties that will generate durable income and appreciation potential for our shareholders," says Michael A Happel, president of NYCR.