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Deals & Dealmakers

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

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.

The 22-story office tower on 1140 Avenue of the Americas contains 253,418 square feet of space. The estate of the late developer Sol Goldman owns the land that the building stands on. The seller is an affiliate of Blackstone Group real estate opportunity fund Blackstone Real Estate Partners VI. New York City REIT agreed to purchase the leasehold interest in the building on March 18. The acquisition was funded through a combination of cash and mortgage financing.

The property, which was built in 1962, is currently 91 percent leased. Tenants include Starwood Property Trust and financial tech firm TriOptima.

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