NYC REIT buys mixed-use portfolio for $88.8m

New York City REIT has paid $88.8 million for a portfolio of mixed use office buildings and retail condominium units in New York City. The 60,297 sqf asset spans the ground level, second, third and sub level floors at 196 Orchard Street. The locations are 100 percent leased to Marshalls, CVS, and Equinox with an average remaining lease term of 13.4 years. The deal was completed with a $51 million fixed rate loan at 3.85 percent provided by Nationwide Life Insurance Company. Hodges Ward and Elliott marketed the property sale on behalf of the seller, Magnum Management and Real Estate Equities Corp.

" The space is fully occupied by high-quality, experiential tenants subject to long-term leases with contractual rental increases," said Michael Weil, NYCR's Chief Executive Officer. "The acquisition includes attractive long-term financing and enhances NYCR's overall portfolio."