funded the remaining USD 37.8m of the purchase price from cash on hand.
These floors, which are a part of NYCR's building wide pre-build program, facilitate Knotel's strategy of seeking high-end, move-in ready, floors for their established community of tenants that are seeking quick solutions for their office space needs.
Since NYCR's acquisition of the property, it has repositioned both the office space and retail space at 200 West 41st Street (aka 9 Times Square) to attract tenants seeking modernized office space.
NYCR constructed a brand-new lobby off the 41st street side of the building and initiated a building wide pre-build program that incorporated modern elements such as polished concrete floors, open ceilings and glass-fronted meeting rooms.
"NYCR is delighted to add Knotel to the 200 West 41st tenant roster which already included such great new tenants as UXC Eclipse, Black Mountain Systems, Lindsay Longman, to name a few," said Cagner.
Happel, Chief Executive Officer of NYCR
. "The property features boutique floor plates, recently upgraded elevators and common areas, with a number of leases below market.
Unlike its more prominent cousin, the non-traded REIT NYCR has so far been a more cautious investor.
Happel, chief executive officer of NYCR. "The property is located in Downtown Manhattan, an important New York City submarket benefiting considerably from recent infrastructure improvements, especially with regard to transportation.
NYCR is part of the American Realty Capital family, a large and confusing assemblage of REITs and financial firms that all sport different functions but have virtually indistinguishable names.
NYCR's broker dealer is Realty Capital Securities, which is in turn a subsidiary of RCS Capital, a financial firm struggling with the fallout from accounting errors at one of its affiliated REITs, American Realty Capital Properties.