NEW YORK — American Realty Capital New York City REIT, a public non-traded real estate investment trust (“REIT”), has completed its acquisition of 1140 Avenue of the Americas, an institutional-quality office property located in Midtown Manhattan for $180 million, exclusive of closing costs.
1140 Avenue of the Americas is a 22-story institutional-quality office building containing approximately 250,000 rentable square feet. The acquisition was funded with a combination of cash and mortgage financing.
“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, CEO, President and Secretary of NYCR. “We remain active buyers and expect to continue growing our New York City portfolio.”
Located near Bryant Park, the building’s largest tenant is City National Bank.