NEW YORK, NY, July 5, 2011--(BUSINESS WIRE)--American Realty Capital New York Recovery REIT, Inc., (the “Company”) announced today that it has acquired a fee-simple parking garage commercial condominium located on 33 West 56th Street in the Midtown neighborhood of Manhattan, New York, for a purchase price, excluding acquisition costs, of approximately $5.4 million. The parking garage is located at the base of the newly developed, luxury “Centurion Condominium.” Regal Car Park, LLC, a parking management company specializing in New York City, currently leases 100% of the parking garage under a 25-year lease through July 2034. The acquisition closed on June 30, 2011.
“This recently built parking garage benefits from its prime location on 56th Street between 5th and 6th Avenues,” said Michael Happel (middle right photo), Chief Investment Officer and Executive Vice President for the Company. “Regal Car Park is a quality tenant with significant experience operating New York City parking garages.
"This is the eighth property we’ve acquired in New York City and it complements our existing portfolio of six retail stores in West Greenwich Village and Bensonhurst plus our office/showroom building on the eastside of Midtown Manhattan.”
American Realty Capital New York Recovery REIT, Inc. is a publicly registered, non-traded real estate investment program that has commenced its initial public offering of up to 150 million shares of common stock, at a purchase price of $10 per share, for an aggregate offering amount of up to $1.5 billion.
The Company intends to use the proceeds from the offering to acquire commercial real estate in New York City. The Company is offering the shares of common stock on a “best efforts” basis through its affiliate, Realty Capital Securities, LLC, the dealer manager of the offering.
Contacts:
DeFazio Communications, LLC
Anthony J. DeFazio, 484-532-7783
or
American Realty Capital New York Recovery REIT, Inc.
Michael Happel, 212-415-6500
No comments:
Post a Comment