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NYC REIT acquires 1140 Avenue of the Americas for $180M

June 20, 2016

 

 


NYC REIT acquires 1140 Avenue of the Americas for $180M

BY  | JUNE 17, 2016

American Realty Capital New York City REIT has just acquired Midtown office tower 1140 Avenue of the Americas for $180 million.

“We are pleased to announce that we have closed on the acquisition of 1140 Avenue of the Americas. This increases our portfolio to a total of six properties with an aggregate purchase price of approximately $700 million,” said Michael A. Happel, the CEO and President of NYCR. “We remain active buyers and expect to continue growing our New York City portfolio.”

New York City REIT has a portfolio that includes properties such as 9 Times Square and 421 West 54th Street. Before the transaction, the company owned 841,868 s/f of residential and commercial space across the city with an occupancy rate of 89.2 percent.

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Gil Armour, CFP
February 3, 2016

I have been using Blue Vault Partners for the past five years.  I have found them to be a valuable, unbiased resource when it comes to evaluating and comparing non-traded REITs.  The reports help me analyze which sponsors are doing a responsible job of managing their offerings.  This allows me to limit my REIT recommendations to only the most competitive products, and then track those REITs throughout their life cycle.