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ARC's NYC REIT Picks Up Two Assets

NEW YORK CITY—The frequent purchaser has bought a commercial condominium on the Upper East Side as well a parking garage on the Upper West Side.

By Rayna Katz | Updated on August 14, 2014

NEW YORK CITY—The prolific property transactor American Realty Capital is at it again. Its American Realty Capital New York City REIT has purchased two assets.

The firm has entered into a purchase and sale agreement to acquire the Laurel Commercial Condominiums, at 400 E. 67th St., for $76 million, exclusive of closing costs. The Laurel Commercial Condominiums contain three commercial condominium units providing 58,750 rentable square feet and are 100% leased to three tenants: Cornell University, TD Bank and Quik Park. The seller was represented by the Capital Transactions Group at Savills Studley.

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