NEW YORK CITY—In an UPDATE to a recent story, American Realty Capital New York Recovery REIT has purchased 333 W. 34th St. from SL Green for $220.3 million. The sale of the 347,000-square-foot office property— which closed on Friday—was brokered on behalf of SL Green by Jones Lang LaSalle's capital markets team, led by Richard Baxter, vice chairman. NYRR did not use a broker.
NYRR now holds an asset that's attractive on multiple fronts, CIO Michael Happel tells GlobeSt.com.“The previous owner invested a lot of capital, so we liked the building,” he says. SL Green purchased the building in 2007 from Citibank—which occupied the entire building at that time—for $183 million. The developer put another $26 million into the restoration.
“Also, we're very positive on the Midtown West market. Hudson Yards will be developed to the west of this development and 34th street is already a major east/west corridor, so we feel this area has a lot of upside growth potential.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
