Hot on the heels of their $529 million acquisition of 1440 Broadway, American Realty Capital’s New York Recovery REIT has said that it is looking to spend another $1 billion to snap up Manhattan real estate. The real estate investment trust recently nabbed the 756,000-square-foot office tower from investment firms Monday Properties and the Rockpoint Group, as The Real Deal first reported.
“We have a busy acquisition pipeline and a loose target to buy another billion in commercial real estate in Manhattan over the next 12 months,” Michael Happel, the REIT’s chief investment officer, told Real Estate Weekly. “But if an opportunity presents itself, it may be more than that.”
Formed in 2009, the REIT already has up a $2.1 billion portfolio of commercial real estate in New York City, almost half of which was built up in a buying frenzy earlier this year. The REIT’s parent company, American Realty Capital Properties, raised $3.6 billion in the first six months of the year — more than any other nontraded REIT in that period. [REW] – Hiten Samtani