American Realty REIT has another $1B to drop on Manhattan

TRD NEW YORK /
Oct.October 30, 2013 08:47 AM

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


Related Articles

arrow_forward_ios
Nusret Gökçe aka Salt Bae, 413-421 West 14th Street (foreground) and 412 West 15th Street (Credit: Getty Images, iStock)

Rockpoint, Highgate slice $75M off price of Meatpacking site

Highgate-led partnership shopping Midtown’s huge Row hotel for sale

Highgate-led partnership shopping Midtown’s huge Row hotel for sale

Rockpoint Group lands $430M loan for One Dag Hammarskjöld purchase

Rockpoint Group lands $430M loan for
One Dag Hammarskjöld purchase

VEREIT pays $43M in latest round of legal settlements

VEREIT pays $43M in latest round of
legal settlements

Schorsch REIT sued for providing “misleading” information to shareholders

Schorsch REIT sued for providing “misleading” information to shareholders

Rockpoint, Highgate look to sell Meatpacking office development for $350M

Rockpoint, Highgate look to sell Meatpacking office development for $350M

Vereit pays Vanguard $90M over 2014 accounting scandal

Vereit pays Vanguard $90M over 2014 accounting scandal

Live Nation inks lease at building next to Meatpacking HQ

Live Nation inks lease at building next to Meatpacking HQ

arrow_forward_ios
Loading...