Attached files
| file | filename |
|---|---|
| 8-K - New York REIT Liquidating LLC | v205120_8k.htm |
| EX-99.2 - New York REIT Liquidating LLC | v205120_ex99-2.htm |
Exhibit
99.1
American Realty Capital New York Recovery REIT Inc. Acquires
Portfolio of Five Retail Condominiums in Manhattan, NY
New York,
NY – American Realty Capital New York Recovery REIT, Inc. (the “Company”)
announced today that it has acquired a portfolio of five retail properties in
Manhattan, New York, at a purchase price of approximately
$35,000,000. The portfolio was purchased at an average capitalization
rate of 7.22% ($3,638 per rentable square foot) and financed with five-year
fixed rate 4.29% debt. The acquisition closed on December 1,
2010.
The
properties are located on Bleecker Street in Greenwich Village and are 100%
leased to five high-end fashion tenants: Marc Jacobs, Michael Kors, Burberry,
Mulberry and APC. Each of the leases has 3% annual rent increases and
remaining lease terms ranging from approximately 6 years to 12
years. The five retail properties are ground-floor commercial
condominium units aggregating 9,300 square feet situated in three buildings
between West 11th and
Charles Streets. These three blocks along Bleecker Street are currently home to
many prestigious retailers, including Ralph Lauren, Brooks Brothers, Tommy
Hilfiger and Robert Marc.
“We are
pleased to be buying this very high quality real estate with world class tenants
in one of Manhattan’s unique neighborhoods,” said Michael Happel, Chief
Investment Officer and Executive Vice President of the Company. “In
our view, we are purchasing this premier showcase retailing space at a very
attractive current yield, providing our investors with durable income and
significant long-term growth potential.”
American
Realty Capital New York Recovery REIT, Inc. is a public non-traded REIT that has
commenced its initial public offering of up to 150,000,000 shares of common
stock, at a purchase price of $10 per share, for an aggregate offering amount of
up to $1,500,000,000. The Company intends to use the proceeds from
the offering to acquire commercial real estate in New York City. The
Company is offering the shares of common stock on a “best efforts” basis through
its affiliate, Realty Capital Securities, LLC, the dealer manager of the
offering.
A
registration statement relating to the offering of these securities has been
filed with the U.S. Securities and Exchange Commission and declared
effective. The offering will be made only by means of a
prospectus. Copies of the prospectus for the offering may be obtained
by contacting: Realty Capital Securities, LLC, Three Copley Place,
Suite 3300, Boston, MA 02116, Tel:1-877-373-3522.
This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction.
This
press release may contain forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Actual results and trends could differ
materially from those set forth in such statements due to the following risks:
The failure to qualify or maintain the requirements to be taxed as a REIT would
reduce the amount of income available for distribution and limit the Company’s
ability to make distributions to its stockholders. No public market
initially exists for the Company’s shares of common stock, and one may never
exist for this or any other such type of real estate program. Securities are
being offered on a best efforts basis. These are speculative
securities and as such involve a high degree of risk. There are
substantial conflicts among an offering and its sponsor, advisor, dealer manager
and property manager. There is no assurance that the value of the
real estate will be sufficient to return any portion of investors' original
capital. Operating results will be affected by economic and
regulatory changes that have an adverse impact on the real estate market and we
cannot assure you that there will be growth in the value of the
properties.
To arrange interviews with executives
of American Realty Capital New York Recovery REIT, Inc., please contact Tony
DeFazio at 484-532-7783 or tony@defaziocommunications.com