NEW YORK CITY—The prolific property transactor American Realty Capital is at it again. Its American Realty Capital New York City REIT has purchased two assets.
The firm has entered into a purchase and sale agreement to acquire the Laurel Commercial Condominiums, at 400 E. 67th St., for $76 million, exclusive of closing costs. The Laurel Commercial Condominiums contain three commercial condominium units providing 58,750 rentable square feet and are 100% leased to three tenants: Cornell University, TD Bank and Quik Park. The seller was represented by the Capital Transactions Group at Savills Studley.
In addition, on August 7, NYCR entered into a purchase and sale agreement to acquire a commercial garage unit in Trump Place, the residential condominium building located at 200 Riverside Blvd. on the Upper West Side, for $9 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% leased to Hudson River Garage LLC.
"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.
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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.
