NEW YORK CITY — American Realty Capital New York City REIT (NYCR) has acquired a 170,000-square-foot office building in Times Square for $170.3 million. The institutional-quality office property is located at 570 Seventh Ave.
NYCR plans to enter into a short-term lease with the seller, Carlyle Investment Management and Capstone Equities, for 33,000 square feet. The property’s occupancy rate will stand at 76 percent once this lease transaction is completed. Other notable tenants include NY Loves Us, Inc. and Klestadt & Winters LLP.
The property is situated near a variety of Times Square’s retail and restaurant options. They include H&M, The Gap, Sephora, Duane Reade, Express, AMC Theaters, Aerosoles, Wolfgang’s Steakhouse,..