New York City REIT Buys Manhattan Office Property for $253M

NEW YORK CITY — American Realty Capital New York City REIT Inc., a public non-traded REIT, has acquired an office property located at 123 William St. in downtown Manhattan, for $253 million, or $470 per square foot. The 27-story building features 545,000 square feet of rentable space. The acquisition was funded with a combination of cash and mortgage financing.