{"id":1004079933,"date":"2013-07-10T05:28:56","date_gmt":"2013-07-10T13:28:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004079933"},"modified":"2022-11-29T21:05:38","modified_gmt":"2022-11-30T05:05:38","slug":"arc-nyrr-grabs-manhattan-office-condo-for-91m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arc-nyrr-grabs-manhattan-office-condo-for-91m\/","title":{"rendered":"ARC NYRR Grabs Manhattan Office Condo for $91M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/i><\/p>\n

American Realty Capital New York Recovery REIT Inc., has acquired a three-story office condominium located at 50 Varick St. in the Tribeca neighborhood of\u00a0Manhattan\u00a0for $90.8 million.<\/p>\n

\u201cWe remain focused on income-producing assets in New York City. This transaction further demonstrates our ability to structure on- and off-market transactions in the City,\u201d Michael Happel, the non-traded REIT\u2019s chief investment officer, told Commercial Property Exec<\/i>utive. \u201cWith the addition of this asset, the fund\u2019s portfolio includes a variety of office, retail, and other assets throughout Manhattan and the surrounding boroughs, with a strong tenant roster featuring names such as Red Bull, Microsoft, Burberry, Starbucks, and TD Bank.\u201d<\/p>\n

The space consists of 158,573 rentable square feet, and currently is 100 percent leased to the U.S. subsidiary of Spring Studios out of London for the next 15 years. Spring Studios is a leading provider of creative services to some of the top luxury, fashion, and beauty brands in the world.<\/p>\n

It\u2019s been a busy July for ARC NYRR, which earlier this month acquired an office building at 333 W. 34th St. in Midtown Manhattan from SL Green Realty Corp. for $220.3 million<\/a>.<\/p>\n

According to Happel, the addition of this asset brings its portfolio to nearly\u00a0$800 million, including properties owned and announced for purchase. The REIT will continue its focus on purchasing first-class\u00a0New York City assets leased to top-quality tenants with yields that are accretive to its distributions.<\/p>\n

\u201cWe continue to deploy capital in Midtown South as it has experienced dramatic rent growth in recent years and continues to be the beneficiary of high demand from fashion and creative tenants,\u201d Happel added. \u201cThe property is now in the final stages of renovation to become a world-class creative office and studio facility. It includes green rooms, photo studios, an art gallery, a rooftop deck and a 20-foot-tall glass curtain wall overlooking the Hudson River.\u201d<\/p>\n

Other recent activity by ARC and its affiliates include:<\/p>\n

On June 13, CPE<\/em>\u00a0reported on\u00a0RCAP Holdings\u2019 purchase, for an undisclosed price, of First Allied Holdings Inc.<\/a>, of San Diego, an independent broker-dealer financial services business.<\/p>\n

On June 3,\u00a0CPE<\/em>\u00a0covered the\u00a0purchase by American Realty Capital Trust IV of a $1.45 billion portfolio of 986 retail properties from GE Capital\u00a0<\/a> \u2014 and also on the\u00a0purchase by American Realty Capital Properties of a GE Capital portfolio of 471 net-lease properties, for $807 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

American Realty Capital New York Recovery REIT has made another purchase this month, this time a three-story office condominium located at 50 Varick St. in the Tribeca neighborhood of Manhattan for $91 million.<\/p>\n","protected":false},"author":451,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,1600,21742,21747],"tags":[],"class_list":["post-1004079933","post","type-post","status-publish","format-standard","hentry","category-investment","category-midatlantic","category-new-york","category-latest","category-office"],"acf":[],"yoast_head":"\nARC NYRR Grabs Manhattan Office Condo for $91M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/arc-nyrr-grabs-manhattan-office-condo-for-91m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ARC NYRR Grabs Manhattan Office Condo for $91M\" \/>\n<meta property=\"og:description\" content=\"American Realty Capital New York Recovery REIT has made another purchase this month, this time a three-story office condominium located at 50 Varick St. in the Tribeca neighborhood of Manhattan for $91 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/arc-nyrr-grabs-manhattan-office-condo-for-91m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-07-10T13:28:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-30T05:05:38+00:00\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-nyrr-grabs-manhattan-office-condo-for-91m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-nyrr-grabs-manhattan-office-condo-for-91m\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"ARC NYRR Grabs Manhattan Office Condo for $91M\",\"datePublished\":\"2013-07-10T13:28:56+00:00\",\"dateModified\":\"2022-11-30T05:05:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-nyrr-grabs-manhattan-office-condo-for-91m\\\/\"},\"wordCount\":397,\"commentCount\":0,\"articleSection\":[\"Investment\",\"Mid-Atlantic\",\"New York\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-nyrr-grabs-manhattan-office-condo-for-91m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-nyrr-grabs-manhattan-office-condo-for-91m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-nyrr-grabs-manhattan-office-condo-for-91m\\\/\",\"name\":\"ARC NYRR Grabs Manhattan Office Condo for $91M - 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