NEW YORK CITY-American Realty Capital New York Recovery REIT Inc. announced it closed on more than $124 million in property acquisitions in New York City in the last week of 2012.
The deals involve the fee simple interest in midtown office buildings at 256 West 38th Street and 229 West 36th Street and the master lease for the commercial portion of a cooperative lat 350 Bleecker Street in Greenwich Village.
The deals were funded with proceeds from the company's ongoing IPO, according to a press release distributed on PRNewswire. The three purchases increase the company's portfolio by contract purchase price to $350.7 million, excluding closing costs.
“With these three acquisitions, we have closed out 2012 strongly,” states Michael A. Happel, CIO of American Realty Capital. "These acquisitions have greatly enhanced our portfolio of stable, income-producing properties in the greater metropolitan area of New York City. Our total portfolio of roughly $351 million is consistent with our investment strategy and a testimony to our real estate team's dedication to purchasing properties with attractive current yield and upside potential."
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