NEW YORK—American Realty Capital New York Recovery REIT Inc. (NYRR) has closed on the acquisition of the fee simple interest of 216-18 West 18th Street in Manhattan’s Chelsea neighborhood for $112 million, exclusive of closing costs.
The property is an office building that is currently nearly 84 percent leased to tenants that include Red Bull North America Inc., SAE Institute of Technology Corp. and Microsoft Corp., among others.
"This was an off-market, privately negotiated purchase of a great building in the Silicon Alley area of Manhattan,” said Michael Happel, CIO of NYRR. “We believe this is one of the strongest submarkets in the city and this property has high quality tenants as well as upside potential from both lease-up and rent growth opportunities."