NYCR Closes on 570 7th Ave.

NEW YORK CITY—The deal, which was done for just over $170 million, includes NYCR agreeing to take a short-term lease in the building.

By Rayna Katz | Updated on November 11, 2014

NEW YORK CITY—American Realty Capital New York City REIT, Inc. has closed on its acquisition of 570 Seventh Ave., for $170.3 million. The seller reportedly was a joint venture between the Carlyle Group and Capstone Equities, which paid $83 million for the property last year. GlobeSt.com was unable to reach the joint venture parties by press time.

Located in Times Square, the 21-story class B asset features approximately 170,000 rentable square feet and is 76% leased as of the acquisition date. The property’s largest tenants are NY Loves Us, Inc. and Klestadt & Winters, LLP.

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? Sign In Now

NOT FOR REPRINT

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

Dig Deeper

Recommended Stories

Commercial Mortgage Delinquency Rates Rise a Third Month in a Row

Richard Berger | December 11, 2023

Lenders with the most aggressive underwriting standards are seeing slightly higher delinquency rates.

Hochul Unveils Plans to Build Housing at Queens Psych Center

Jack Rogers | December 11, 2023

Nearly 3,000 units to be built on 58 acres at Creedmoor Center.

Broadcom Moving HQ Into Palo Alto VMware Campus

Jack Rogers | December 04, 2023

Semiconductor giant got 1.6M SF of space as part of $69B acquisition.

Resource Center

HVAC use accounts for 50% of the total energy consumption of your commercial office buildings. Why wouldn’t you optimize its efficiency? Download this white paper and learn how you can slash costs, enhance tenant satisfaction, and boost sustainability.

Report

Sponsored by Building Engines

The ROI of HVAC Optimization in Commercial Office Buildings

HVAC use accounts for 50% of the total energy consumption of your commercial office buildings. Why wouldn’t you optimize its efficiency? Download this white paper and learn how you can slash costs, enhance tenant satisfaction, and boost sustainability.

Browse More Resources ›

This white paper delves into the alarming surge in renter fraud within the multifamily housing sector. Discover the various drivers behind these trends and how you can stay ahead of the evolving fraud landscape.

White Paper

Sponsored by TheGuarantors

Addressing the Surge of Renter Fraud in Multifamily Housing

This white paper delves into the alarming surge in renter fraud within the multifamily housing sector. Discover the various drivers behind these trends and how you can stay ahead of the evolving fraud landscape.

Browse More Resources ›

What are your goals as an asset or property manager? This interactive tour walks you through customizing your own platform to help meet your goals such as maximizing revenue, optimizing operations, adding value to your properties, and attracting the right tenants.

Interactive Resource Center

Sponsored by Building Engines

How Prism helps CRE Managers Exceed Goals

What are your goals as an asset or property manager? This interactive tour walks you through customizing your own platform to help meet your goals such as maximizing revenue, optimizing operations, adding value to your properties, and attracting the right tenants.

Browse More Resources ›

GlobeSt

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

Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

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