Tuesday, July 9, 2013

ARC REIT Pays $90.8M for Manhattan Condo

National Commercial Real Estate News From CoStar Group

ARC REIT Pays $90.8M for Manhattan Condo

American Realty Capital's New York Recovery REIT (NYRR), Inc. has acquired a fully-leased office condominium at 34-50 Varick St. in New York City for $90.8 million, or about $573 per square foot, exclusive of closing costs.

The three-story, 158,573-square-foot office loft condo is fully leased to a subsidiary of Spring Studios Ltd., a London-based provider of creative and photography services to international fashion, beauty and luxury brands....

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