March 24, 2016
American Realty Capital New York City REIT (NYCR) has struck an agreement with Blackstone Real Estate Partners to acquire the 1140 Avenue of the Americas, a Class A office building in Midtown Manhattan. The New York City buyer has agreed to pay $180 million, with the transaction anticipated to close in the second quarter of this year.
The 250,000-square-foot asset is 91% leased, with City National Bank the largest tenant. According to NYCR CEO Michael A. Happel, the value-add potential focuses on leases that are below market, especially in light of upgrades to elevators and common areas.