ARC Makes $220M Buy from SL Green

NEW YORK CITY-The 10-story 333 W. 34th St., which SL Green acquired from Citibank in 2007, is 100% occupied by four tenants.

By Paul Bubny | Updated on July 01, 2013

NEW YORK CITY-American Realty Capital New York Recovery REIT closed out the second quarter with an agreement to acquire the fee simple interest in 333 W. 34th St. from SL Green Realty Corp. The purchase price for the 347,000-square-foot office property is $220.3 million, up about $37 million from the $183 million SL Green paid to buy it from Citibank in 2007. NYRR announced the deal Monday morning.

Citibank, which occupied 333 W. 34th as the sole tenant before selling the property to SL Green, vacated after the building changed hands. SL Green put $26 million of upgrades into the 10-story asset and leased it to the Segal Co. (Eastern States) Inc., the Metropolitan Transportation Authority, Godiva Chocolatier and Sam Ash New York Megastores. It is now 100% occupied.

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