A Sale on Broadway Goes Final for $528.6 Million

American Realty Capital New York Recovery REIT Inc. announced yesterday that it acquired 1440 Broadway in Times Square for $528.6 million.

The seller is a subsidiary of Boston's Rockpoint Group,which had held the property only for a year.  The press release this week confirms the sale, which was revealed at the end of October.  QuidnuncRE details are HERE, including a link to the property, still live at this posting, on Rockpoint's site. That report attributes to the Real Deal a Rockpoint purchase of an 80% interest in the building for $282.4 million in the building last December.

$282.4 million
$282.4 million

The ACR firm is a nontraded REIT and one of the investment vehicles owned by New York's American Realty Capital.

The 25-story property is 95% leased and contains about 756,000 rentable square feet, according to the release, which notes that Macys Inc. is its largest tenant.

Michael A. Happel, the ARC REIT's chief investment officer, noted in the press release that the REIT's asset value "exceeds $2.1 billion" after the acquisition.  "We remain focused on building a first class company with a concentration on New York City real estate," said the Happel statement, adding, "Our team will continue to endeavor to identify and acquire strong assets in prime locations and at good prices, enabling us to further grow our New York City real estate portfolio."

Eastdil Secured advised Rockpoint in the deal, the release said.

The announcement can be seen in its entirety HERE.

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