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American Realty Capital New York Recovery REIT Enters into a Contract to Acquire An Institutional-Quality Office Building in Midtown Manhattan

NEW YORK, Nov. 8, 2012 /PRNewswire/ -- American Realty Capital New York Recovery REIT, Inc. (the "Company") announced today that it entered into a purchase and sale agreement to acquire the fee simple interest in an institutional-quality office building located at 229 West 36th Street in Midtown Manhattan at a purchase price of $65.0 million, exclusive of closing costs.

(Logo: http://photos.prnewswire.com/prnh/20120807/NY53656LOGO )

The property contains approximately 149,000 rentable square feet and is 100% leased to seven tenants. Approximately 70.1% of the property is occupied by three tenants: American Language Communication Center, Inc.; Early Bird Delivery Systems, LLC; and Spectaguard Acquisition, LLC.

"This is the second office building in the Garment District that we have placed under contract in just the last two weeks," noted Michael A. Happel, chief investment officer of the Company.  Mr. Happel continued, "This $65 million acquisition of 229 West 36th Street will complement the $48.6 million acquisition of 256 West 38th Street that we previously announced. We believe this neighborhood is in the early stages of a longer term transformation that will increase rents in the area. Our acquisition pipeline remains strong and we continue to identify high quality properties in New York City that are consistent with our overall investment strategy."

About the Company

American Realty Capital New York Recovery REIT, Inc. is a publicly registered, non-traded real estate investment program. Additional information about the Company can be found on its website at www.newyorkrecoveryreit.com.

For more information about this announcement, please contact Tony DeFazio at 484-532-7783 or tony@defaziocommunications.com.

CONTACTS


From: Anthony J. DeFazio

For: Michael A. Happel

DeFazio Communications, LLC

American Realty Capital New York Recovery REIT, Inc.

tony@defaziocommunications.com 

mhappel@arlcap.com

Ph: 484-532-7783

Ph: 212-415-6500

SOURCE American Realty Capital New York Recovery REIT, Inc.

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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