American Realty Capital’s New York City REIT has agreed to acquire a retail condominium at 421 West 54th Street from Sagamore for $7.25 million, the real estate investment trust announced yesterday. The 12,327-square-foot unit is 100 percent leased to the Gibson Guitar Corporation.
Known as The Hit Factory, 421 West 54th Street once housed a famous recording studio of the same name. The building has since been converted to residential condominiums, where Carmelo Anthony, the New York Knicks’ star forward and soon-to-be free agent, and comedian Tracy Morgan have rented, according to reports.
RXR Realty’s legal representation plans to pursue its lawsuit against American Realty Capital and George Comfort & Sons over the sale of Worldwide Plaza, Stephen Meister, attorney for RXR, told The Commercial Observer.
The lawsuit, filed last month, alleges RXR had reached an agreement to buy the 48.9 percent stake in the 59-story, 1.8-million-square-foot tower with American Realty Capital as an investment partner, which included the right to purchase the entire property for a combined $1.35 billion.
Amcom Software has signed a 10-and-a-half-year deal for the entire 8,620-square-foot eighth floor at 256 West 38th Street, The Commercial Observer has learned.
Asking rent for Amcom’s new space was in the low-$40s but the tenant will pay rent in the high-$30s per square foot, according to data from CompStak.
American Realty Capital New York Recovery REIT has selected CBRE as the exclusive leasing and managing agent for 218 West 18th Street, it was announced today. Gregg Rothkin and Ben Fastenberg of CBRE will continue to market the property.
The building boasts availability on the second and sixth floors, both measuring 13,500 square feet, according to a statement. Ownership is planning to undertake a pre-build of the sixth floor.
American Realty Capital New York Recovery REIT purchased 256 West 38th Street for $48.6 million on Dec. 26. The seller – a joint venture of East End Capital and GreenOak Real Estate – had purchased the property in 2011 for about $30 million.
The 118,200-square-foot building has undergone approximately $4 million in renovations since being Read More
With more than 50 million tourists running amok each year, consumers feeling recharged, and throngs of foreign retailers streaming in, Manhattan’s prime retail corridors are not only booming—they’re expanding.
High rents and low vacancies in prime corridors are changing the invisible boundary lines that once separated high- and low-end sections of Fifth Avenue, Madison Avenue, Greenwich Village and other retail corridors throughout the city, analysts and real estate brokers claim.
“When these big names and huge chains move into these areas, people just love to follow them,” said Jeffrey Roseman, an executive vice president and principal with Newmark Grubb Knight Frank’s retail division. “They become anchors and magnets to pull others.”
Just as the earlier success of Urban Outfitters and H&M sparked further expansion below 49th Street on Fifth Avenue, and Alfred Dunhill and watchmaker Panerai boosted retail appeal below 57th Street on Madison when they emerged in 2009, aspirational clothing retailers are now doing the same in Greenwich Village.
American Realty Capital New York Recovery REIT Inc., a non-traded real estate investment program and part of American Realty Capital, is expanding its presence in Brooklyn commercial and residential real estate. The company has announced the acquisition of 50 rental units and a 36-space parking facility at The 163 Washington Condominiums in Clinton Hill, not long after having closed the financing of three retail and office buildings in Sheepshead Bay.
The $31.5 million purchase of the condominium at 163 Washington Avenue increases the total size of the company’s portfolio to $213.1 million, comprised of 12 properties.