By Barbra Murray, Contributing Editor<\/p>\n
American Realty Capital New York City REIT Inc. has just acquired the 58,800-square-foot Laurel Commercial Condominiums at 400 E 67th St. on Manhattan\u2019s Upper East Side. NYCR purchased the asset from Prudential Real Estate Investors in a transaction valued at $76 million.<\/p>\n
The Laurel Commercial Condos consist of three fully leased units within the 30-story The Laurel residential condominium building, which was developed by the Alexico Group in 2008. Cornell University, a tenant in the tower from Day One, calls the 29,300-square-foot office space home, while TD Bank N.A. occupies the 3,500-square-foot retail space. The remaining commercial segment consists of a 26,000-square-foot parking garage leased to Quik Park. All three tenants occupy space under long-term lease agreements, with the earliest scheduled for expiration in 2021.<\/p>\n
The Laurel acquisition dovetails perfectly with NYCR\u2019s strategy of snapping up high-quality New York City properties that provide durable income and appreciation potential. Following those guidelines in June, the REIT purchased a 12,300-square-foot commercial condo unit at The Hit Factory Condominium at 421 W. 54th St. in Midtown. NYCR shelled out nearly $7.3 million for the property, which is 100 percent occupied by Gibson Guitar Corp.<\/p>\n
NYCR relied on proceeds from its ongoing initial public offering to fund both acquisitions\u2014and there are more to come. \u201cOur New York City REIT is currently raising $750 million of equity to be invested in New York City commercial real estate,\u201d a spokesperson told Commercial Property Executive<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":" American Realty Capital New York City REIT Inc. has just acquired the 58,800-square-foot Laurel Commercial Condominiums at 400 E 67th St. on Manhattan\u2019s Upper East Side. <\/p>\n","protected":false},"author":969,"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":[37774,37775,21783,21752,21742,10,21747,37776,37777,21749,37778],"tags":[],"class_list":["post-1004103524","post","type-post","status-publish","format-standard","hentry","category-rc-dividend-yield","category-rc-forward-affo-payout-ratios","category-investment","category-mixed-use","category-latest","category-northeast","category-office","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-retail","category-rc-total-return"],"acf":[],"yoast_head":"\n