American Realty Capital REIT Drops $65M On NYC Building

Law360, New York (November 8, 2012, 4:02 PM EST) -- Investment advisory firm American Realty Capital's New York-focused real estate investment trust has agreed to purchase an office building at 229 W. 36th St. in Midtown Manhattan for $65 million, the REIT said Thursday.

American Realty Capital New York Recovery REIT Inc. will buy the 149,000-square-foot building from Real Estate Capital Partners, which spent $57.6 million on the property as a value-add investment in 2007, according to city records and the company's website.

The deal is the second from the American Realty REIT in the past two...
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