{"id":1004089074,"date":"2013-12-30T08:01:42","date_gmt":"2013-12-30T16:01:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004089074"},"modified":"2022-12-09T02:18:43","modified_gmt":"2022-12-09T10:18:43","slug":"arc-nyrr-buys-institutional-quality-manhattan-office-for-529m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arc-nyrr-buys-institutional-quality-manhattan-office-for-529m\/","title":{"rendered":"ARC NYRR Buys Institutional-Quality Manhattan Office for $529M"},"content":{"rendered":"<p><i>By Gail Kalinoski, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/1440Broadway.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004089076\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/arc-nyrr-buys-institutional-quality-manhattan-office-for-529m\/1440broadway\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/1440Broadway.jpg\" data-orig-size=\"700,466\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"1440Broadway\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/1440Broadway.jpg?w=700\" class=\"alignleft size-medium wp-image-1004089076\" alt=\"1440Broadway\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/1440Broadway.jpg\" width=\"300\" height=\"199\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/1440Broadway.jpg 700w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/1440Broadway.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>American Realty Capital New York Recovery REIT, Inc. now owns more than $2.1 billion in assets topped off by the $528.6 million acquisition of the fee simple interest in 1440 Broadway, a 25-story office building in the Times Square South submarket of Manhattan.<\/p>\n<p>NYRR, which is a publicly registered, non-traded REIT owned by parent company American Realty Capital Properties, acquired the asset from a subsidiary of Rockpoint Group, L.L.C. The deal, first announced Oct. 21, closed last week. It was funded with $307.4 million in proceeds from an initial public offering and a drawdown of $221.2 million on the REIT\u2019s unsecured $390 million credit facility with Capital One, National Association, among other lenders, according to an 8-K filing with the U.S. Securities and Exchange Commission.<\/p>\n<p>The 756,000-square-foot office building is 95 percent leased with Macy\u2019s Inc. as its largest tenant. Macy\u2019s occupies more than 200,000 square feet, or approximately 27 percent of the building\u2019s rental square footage for corporate offices. Primedia, Inc. also leases more than 20 percent of the building, taking up 170,734 square feet, according to the SEC 8-K filing. The REIT said approximately 40 percent of the rental income is derived from investment-grade rated companies.<\/p>\n<p>Michael Happel, Chief Investment Officer of NYRR, said the REIT believes 1440 Broadway has \u201clong-term growth potential as the Times Square submarket expands.\u201d<\/p>\n<p>\u201cThis asset is in first-rate condition and has a recognizable mix of investment grade and credit tenants from various industries,\u201d Happel said in a news release.<\/p>\n<p>Eastdil Secured acted as a special advisor to Rockpoint in this transaction.<\/p>\n<p>It was among the high-profile deals the REIT, one of several run by Nicholas Schorsch, closed in recent months.<\/p>\n<p>\u201cOur portfolio\u2019s asset value now exceeds $2.1 billion, including all announced acquisitions to date, as we have successfully deployed our raised equity,\u201d Happel added. \u201cWe remain focused on building a first-class company with a concentration of New York City real estate. Our team will continue to endeavor to identify and acquire strong assets in prime locations and at good prices, enabling us to further grow our New York City real estate portfolio.\u201d<\/p>\n<p>On Nov. 22, NYRR closed on a leasehold interest in the Viceroy New York, a newly constructed hotel on West 57<sup>th<\/sup> St. between 6<sup>th<\/sup> and 7<sup>th<\/sup> avenues in Manhattan, for $148.5 million. The first hotel in NYRR\u2019s portfolio, it opened in October and has 240 rooms in 29 stories. Kingside, a restaurant run by celebrity chef Marc Murphy and the Gerber Group is located on the hotel\u2019s street level. Viceroy Hotel Group is managing the property.<\/p>\n<p>Earlier in November, the REIT acquired a 48.9 percent stake in Worldwide Plaza for $220.1 million and the right to eventually buy the tower outright for approximately $1.45 billion. Located on 8<sup>th<\/sup> Avenue between 49<sup>th<\/sup> and 50<sup>th<\/sup> streets, the tower\u2019s controlling owners are George Comfort &amp; Sons, RCG Longview and DRA Advisors. Built in 1989, the 49-story building has about 1.8 million square feet of office space, 30,000 square feet of retail space, a five-stage Off-Broadway theater, a fitness center and 475-space parking garage. It is 91 percent leased to tenants such as Nomura Holding America, Inc., and Cravath, Swaine &amp; Moore L.L.P. law firm.<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/mid-atlantic\/arc-nyrr-grabs-manhattan-office-condo-for-91m\/\">Other Manhattan acquisitions in the second half of 2013 included the purchase of a three-story office condominium at 50 Varick St. in Tribeca for $91 million and 333 W. 34<sup>th<\/sup> St., a 10-story, fully-leased office building from SL Green Realty Co. for $220.3 million.<\/a> Both of those acquisitions occurred in July.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>American Realty Capital New York Recovery REIT now owns more than $2.1 billion in assets topped off by the $528.6 million acquisition of the fee simple interest in 1440 Broadway, a 25-story office building in the Times Square South submarket of Manhattan.<\/p>\n","protected":false},"author":1068,"featured_media":1004089076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742],"tags":[],"class_list":["post-1004089074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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