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ARC NY REIT Agrees to Buy 570 Seventh Ave.

NEW YORK CITY—As a condition to closing, the buyer will enter into a short-term lease with the seller for 33,000 rentable square feet.

By Rayna Katz | Updated on October 17, 2014

NEW YORK CITY—American Realty Capital New York City REIT, Inc. has entered into contract to buy 570 Seventh Ave., a Times Square-area office property, for $170.3 million. According to the Real Deal, the seller was a joint venture between the Carlyle Group and Capstone Equities, which paid $83 million for the property last year. 

A 21-story, class B asset, 570 Seventh Ave. has approximately 170,000 rentable square feet and is 56% leased. The property’s largest tenants are NY Loves Us, Inc. and Klestadt & Winters, LLP.  As a condition to closing, NYCR will enter into a short-term lease with the seller for 33,000 rentable square feet, which increases the property’s occupancy to approximately 76%.

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