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SOURCE American Realty Capital New York City REIT, Inc.
NEW YORK, June 10, 2014 /PRNewswire/ -- American Realty Capital New York City REIT, Inc. ("NYCR"), a public non-traded Real Estate Investment Trust (REIT), announced today that its operating partnership has entered into a purchase and sale agreement to acquire a commercial condominium unit at The Hit Factory® located at 421 West 54th Street in the Midtown West neighborhood of Manhattan for $7.25 million, exclusive of closing costs. The property, which is currently owned by Sagamore 54th St. Investments LLC and Sagamore Arizona LLC, contains approximately 12,327 rentable square feet and is 100% leased to Gibson Guitar Corporation.
NYCR intends to elect and qualify as a real estate investment trust for U.S. federal income tax purposes beginning with the taxable year ending December 31, 2014 or its first year of material operations. Additional information about NYCR can be found on its website at www.newyorkcityreit.com.
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as "anticipate," "believe," "expect" and "intend" indicate a forward-looking statement, although not all forward-looking statements include these words.
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