Home Alts News NTR Acquires in the Upper East Side for $76 Million

NTR Acquires in the Upper East Side for $76 Million

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American Realty Capital New York City REIT, Inc. (“NYCR”) recently announced that it has entered into a purchase and sale agreement to acquire the Laurel Commercial Condominiums.

Located on 400 East 67th Street in the Upper East Side in Manhattan, New York, the commercial condominium units were sold for $76 million, exclusive of closing costs with a $7.6 million nonrefundable deposit.

The Manhattan property contains 58,750 rentable square feet and is currently 100% leased to Cornell University, TD Bank, and Quik Park.

Earlier in the week, NYCR also entered into an agreement to acquire another New York commercial property, “Trump Place Parking Garage,” at a purchase price of $9 million, excluding closing costs.

Trump Place Parking Garage is currently 100% leased to Hudson River Garage LLC.

The commercial garage unit is located on 200 Riverside Boulevard in the Upper West Side and the purchase and sale agreement included a $0.9 million nonrefundable deposit.

Previously owned by 200 Riverside Parking LLC, a subsidiary of Icon Parking Systems, the property includes 61,475 square feet of rentable space along with a total of 284 parking spaces.

“We are pleased to announce these two acquisitions as they are both consistent with our strategy of purchasing high-quality New York properties that will generate durable income and appreciation potential for our shareholders,” said Michael A. Happel, President of NYCR.

American Realty Capital New York City REIT, Inc. is a public, non-traded REIT that focuses on creating value and maximizing shareholder returns through the purchase of commercial real estate.