ARC New York Recovery REIT Acquires 163 Washington

NEW YORK CITY-American Realty Capital New York Recovery REIT, Inc., a non-traded real estate investment program part of American Realty Capital, has closed on the acquisition of 50 rental units and a 36-space parking facility at 163 Washington in the Clinton Hill section of Brooklyn, according to a company statement on Tuesday morning. The building — developed by GLC Group — traded for $31.5 million.

With the acquisition of the 17-story luxury multifamily building, the company is further expanding its footprint throughout the five boroughs, bumping its portfolio to 12 properties total and $213.1 million in dollar volume. Recently, the REIT also acquired four retail condominiums at the base of One Jackson Square at 122 Greenwich Ave. in the Village from sellers RFR Realty and Hines and a Duane Reade Pharmacy at 163-30 Cross Bay Blvd. in Howard Beach, Queens from Wharton Properties.