American Realty Closes On $220M Worldwide Plaza Deal

Law360, New York (November 01, 2013, 5:11 PM ET) -- American Realty Capital New York Recovery REIT Inc. has officially taken a 48.9 percent interest in Manhattan's Worldwide Plaza for $220 million with the option to buy the whole building for $1.32 billion, jilting rival RXR Realty, which sued the building's owners over their acceptance of American Realty's bid.

American Realty announced Friday that it had grabbed the stake from a consortium including George Comfort & Sons Inc., RCG Longview and DRA Advisors LLC, which will maintain 51.1 percent equity ownership.

The deal came just a day...
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