The Real Deal New York

American Realty Capital to buy 570 Seventh for $163M

Carlyle Group and Capstone Equities paid $83M a year ago
October 14, 2014 06:15PM

The Carlyle Group and Capstone Equities is in contract to sell a Times Square office building at 570 Seventh Avenue $163 million, nearly double what they paid last year.

The sellers paid $83 million in July 2013 for the 167,000-square-foot property. American Realty Capital, a Midtown-based sponsor of real estate investment trust, is set to buy the 21-story building for $976 per square foot.

Eastdil Secured’s Adam Spies and Douglas Harmon marketed the building, which features new LED signs and nearly 21,000 square feet of retail space at West 41st Street, the New York Post reported.

In June, the owners were considering creating a condo offering specifically for the property’s lucrative signage, as The Real Deal reported. [NYP]Mark Maurer