New York’s largest commercial landlord, SL Green, has agreed to sell 333 West 34th Street for $220.3 million to American Realty Capital New York Recovery REIT, it was announced today.
“We are pleased to be acquiring an attractive property for our New York property portfolio, located in the prime 34th Street Corridor of Midtown Manhattan,” said Michael Happel, chief investment officer of NYRR, in a statement. “This high-quality asset is in excellent physical condition and is fully occupied by four major tenants.”
“This purchase was made below replacement cost, will increase our portfolio asset value to almost $700 million and reflects our continuing efforts to construct a portfolio of premium New York City real estate,” Mr. Happel added.
SL Green purchased 333 West 34th Street for $183 million in 2007 and invested a further $26 million in infrastructure improvements. Music retailer Sam Ash consolidated its Manhattan stores into retail space at the property last year, signing a lease for close to 30,000 square feet.