NEW YORK CITY-American Realty Capital New York Recovery REIT, Inc. reports it has acquired the fee simple interest in 216-218 West 18th St. in Chelsea for $112 million.
The building totals 165,670 rentable square feet of office space and is 83.7% leased to Red Bull North America, Inc., SAE Institute of Technology (New York) Corp., Microsoft Corporation, Deluxe Media Creative Services Inc. and SYPartners.
“We are excited about adding this high-quality office building to our portfolio," said Michael Happel, chief investment officer of American Realty Capital New York Recovery REIT. “This was an off-market, privately negotiated purchase of a great building in the 'Silicon Alley' area of Manhattan. We believe this is one of the strongest submarkets in the city and this property has high quality tenants as well as upside potential from both lease-up and rent growth opportunities”
He continues, “We continue to be active buyers of New York City commercial real estate with a focus on properties that will generate stable income and capital appreciation.”
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