{"id":1004146366,"date":"2016-06-21T02:25:16","date_gmt":"2016-06-21T10:25:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004146366"},"modified":"2020-04-15T03:32:45","modified_gmt":"2020-04-15T11:32:45","slug":"nyc-office-building-changes-hands-for-180m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-office-building-changes-hands-for-180m\/","title":{"rendered":"American Realty Capital Snaps Up NYC Office Building"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<div id=\"attachment_1004146397\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1140-Avenue-of-the-Americas-New-York-City1.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004146397\" data-attachment-id=\"1004146397\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nyc-office-building-changes-hands-for-180m\/1140-avenue-of-the-americas-new-york-city-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1140-Avenue-of-the-Americas-New-York-City1.jpg\" data-orig-size=\"640,512\" 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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1140 Avenue of the Americas, New York City\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1140 Avenue of the Americas, New York City&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1140-Avenue-of-the-Americas-New-York-City1.jpg?w=640\" class=\"wp-image-1004146397 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1140-Avenue-of-the-Americas-New-York-City1.jpg\" alt=\"1140 Avenue of the Americas, New York City\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1140-Avenue-of-the-Americas-New-York-City1.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/1140-Avenue-of-the-Americas-New-York-City1.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004146397\" class=\"wp-caption-text\">1140 Avenue of the Americas, New York City<\/p><\/div>\n<p><strong>New York\u2014<\/strong><a href=\"https:\/\/www.newyorkcityreit.com\/\" target=\"_blank\" rel=\"nofollow\">American Realty Capital New York City REIT, Inc.<\/a>, (NYCR) has acquired <a href=\"https:\/\/www.commercialsearch.com\/news\/new-york-city-reit-to-buy-midtown-manhattan-office-asset\/\" target=\"_blank\">1140 Avenue of the Americas<\/a>, an institutional-quality office property located in Midtown Manhattan for $180 million, from an affiliate of Blackstone Real Estate Partners VI L.P., exclusive of closing costs.<\/p>\n<p>\u201cThis increases our portfolio to a total of six properties with an aggregate purchase price of approximately $700 million,\u201d Michael Happel, NYCR\u2019s CEO, president &amp; secretary, said in a prepared release. \u201cWe remain active buyers and expect to continue growing our New York City portfolio.\u201d<\/p>\n<p>The 22-story building consists of nearly 250,000 rentable square feet and was 91 percent leased at the time of the sale. The property\u2019s largest tenant is City National Bank. The building features boutique floor plates, recently upgraded elevators and common areas.<\/p>\n<p>The building is located in the heart of the Bryant Park submarket.<\/p>\n<p>According to Colliers International\u2019s May 2016 NYC Manhattan Market report, leasing was up 8.1 percent in Midtown last month and it remains one of the city\u2019s strongest performers. The average asking price increased to $82.80 a square foot.<\/p>\n<p>\u201cThis acquisition is consistent with our strategy to acquire institutional quality real estate in prime Manhattan locations,\u201d Jon Gray, Blackstone\u2019s global head of real estate, said in the release. \u201cWe believe the sale of 1140 Avenue of the Americas is a solid transaction for both parties and marks another successful deal with AR Global.\u201d<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 22-story asset was acquired from an affiliate of Blackstone Real Estate Partners VI.<\/p>\n","protected":false},"author":451,"featured_media":1004146397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1600,21742,10,21747],"tags":[],"class_list":["post-1004146366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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