Blackstone Selling 1140 Avenue of the Americas

American Realty Capital New York City REIT (NYCR) has struck an agreement with Blackstone Real Estate Partners to acquire the 1140 Avenue of the Americas, a Class A office building in Midtown Manhattan. The New York City buyer has agreed to pay $180 million, with the transaction anticipated to close in the second quarter of this year.

The 250,000-square-foot asset is 91% leased, with City National Bank the largest tenant. According to NYCR CEO Michael A. Happel, the value-add potential focuses on leases that are below market, especially in light of upgrades to elevators and common areas.