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NorthStar/RXR New York Metro Real Estate Acquires Manhattan Office Building

January 9, 2017

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NorthStar/RXR New York Metro Real Estate Acquires Manhattan Office Building

January 9, 2016 | by James Sprow | Blue Vault

On December 29, 2016, NorthStar/RXR New York Metro Real Estate, Inc., a nontraded REIT, through a subsidiary of its operating partnership, completed a $2.5 million follow-on investment, including closing costs, in 1285 Avenue of the Americas, a 1.8 million square foot Class-A office building located in midtown Manhattan. NorthStar/RXR had previously invested $1.9 million, including closing costs, in the property in May 2016 as part of an approximately $1.65 billion transaction sourced by RXR Realty LLC, NorthStar/RXR’s co-sponsor and affiliate of its sub-advisor. NorthStar/RXR funded the follow-on investment using proceeds from its ongoing initial public offering.

The building was originally built in 1960 and is 100% occupied, with anchor tenants including BBDO Worldwide, Paul Weiss Rifkind and UBS AG. 

 

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Ramón A. Rivera-Ramos
Blue Vault Nontraded REIT and Nontraded BDC Reviews
September 1, 2016

Blue Vault helps me to stay well informed on the financial status of both open and closed nontraded REITs and BDCs, so that I can help my clients better understand the product, before they make the decision to invest and after.