NEW YORK CITY—American Realty Capital New York City REIT has announced that its operating partnership has entered into a purchase and sale agreement to acquire a commercial condominium unit at the Hit Factory—a legendary recording studio—for $7.25 million. Located at 421 W 54th St. and owned by Sagamore 54th St. Investments LLC and Sagamore Arizona LLC—the property contains approximately 12,327 rentable square feet and is 100% leased to Gibson Guitar Corp.

Superstars like Michael Jackson, John Lennon, Paul Simon and the Rolling Stones produced some of their finest music at the Hit Factory. Eastern Consolidated’s senior director Adelaide Polsinelli exclusively marketed the retail condominium, for which the asking price was  asking price is $8.7 million. The retail condominium features 8,787 square feet on the ground floor, with 34 feet of frontage facing 54th Street and 3,540 square feet of usable lower level space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.