American Realty CapitalRecovery REIT inc. (NYRR) acquired a three-story, 158,573-sq.-ft. office condominium at 50 Varick St. in New York City for $90.8 million, exclusive of closing costs.
The condo is 100 percent leased to a subsidiary of Spring Studios Ltd.
“The purchase of 50 Varick Street further demonstrates our ability to structure, negotiate and close complex transactions at prices accretive to our distribution,” said NYRR ChiefOfficer Michael A. Happel in a statement. “This building is situated in the desirable Tribeca neighborhood of Manhattan, near the entrance to the Holland Tunnel, affording its tenants unobstructed and protected views of the Hudson River. With the addition of this asset, we have created a portfolio totaling near $800 million, including properties owned and announced for purchase.”