American Realty Capital Drops $91M On NYC Office Condo

Law360, New York (July 10, 2013, 4:57 PM EDT) -- A unit of American Realty Capital Properties Inc. has purchased a three-story office condominium at 50 Varick Street in Manhattan for $90.8 million from New York City real estate mogul Joseph Sitt, ARCP said Tuesday.

ARCP said its New York Recovery REIT Inc. closed the deal for the 100 percent-leased property in New York's Tribeca neighborhood on Friday.

“The purchase of 50 Varick Street further demonstrates our ability to structure, negotiate and close complex transactions at prices accretive to our distribution,” Michael A. Happel, chief investment...
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