NEW YORK CITY-Continuing the buying spree it's been on all year, American Realty Capital New York Recovery REIT has snapped up two Manhattan assets—a Downtown office tower and a hotel that's slated to open in October—for a combined price of $188.5 million.
According to industry data, NYRR and joint venture partner East End Capital took over 123 William St. for $40 million from the Chetrit Group, which bought the property back in July of 2005. The building was turned over to a special servicer in May 2011. Industry data shows that, prior to this purchase, the building had a distressed loan of $90 million. However, NYRR reports that no such loan existed.
The 27-story tower features 495,739 square feet of rentable space and is just 50% occupied. The joint venture made the purchase because it shares the bullish sentiment on Downtown Manhattan that many local investors currently have, NYRR CIO Michael Happel tells GlobeSt.com.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
