June 21, 2016
American Realty Capital New York City REIT, Inc. (NYCR) completed its acquisition of 1140 Avenue of the Americas, an institutional-quality office property located in Midtown Manhattan from an affiliate of Blackstone for $180 million. The acquisition expands NYCR’s portfolio to six properties with an aggregate purchase price of approximately $700 million.
1140 Avenue of the Americas is a 22-story, institutional-quality office building containing approximately 250,000 rentable square feet. The asset was built in 1962 and is currently 91% leased.
NYCR’s Michael A. Happel says “We remain active buyers and expect to continue growing our New York City portfolio.”
The acquisition was funded with a combination of cash and mortgage financing.