NEW YORK CITY — American Realty Capital New York City REIT (NYCR) has acquired three commercial condominium units at the Laurel in Manhattan for $76 million. The property is located at 400 E. 67th St. on Manhattan’s Upper East Side.
The Laurel is a 31-story, mixed-use tower that contains 129 residential condos, as well as office, retail and parking garage components.
NYCR’s acquisition includes a 3,000-square-foot retail space that is leased to TD Bank; a 29,000-square-foot, four-story office space that is leased to Cornell University; and a 142-space parking garage that is leased to Quik Park. The commercial condo units total 58,750 square feet.
The capital transactions group at Savills Studley represented the seller.
NYCR also recently agreed to purchase the 284-space Trump Place Parking Garage in Manhattan for $9 million. Trump Place is a residential condominium property located at 200 Riverside Blvd. on the Upper West Side. The 61,475-square-foot parking garage features three sub-grade levels. It is fully leased to Hudson River Garage LLC.
“We are pleased to announce these two acquisitions as they are both consistent with our strategy of purchasing high-quality New York City properties that will generate durable income and appreciation potential for our shareholders,” says Michael Happel, NYCR’s president.
NYCR is a publicly registered, non-traded real estate investment trust that invests in high-quality commercial real estate throughout the city’s five boroughs, with a particular focus on Manhattan.
— Nellie Day