NEW YORK, June 1, 2017 /PRNewswire/ -- New York REIT,
Inc. ("NYRT" or the "Company") (NYSE: NYRT), today announced that
the Company, through a wholly owned subsidiary, acquired for
approximately $276.7 million an
additional 49.9% indirect equity interest in Worldwide Plaza,
pursuant to the Company's previously announced exercise of its
option to purchase additional equity interests under the joint
venture agreement governing Worldwide Plaza.
As a result of the acquisition, the Company owns a total
indirect equity interest of 98.8% in Worldwide Plaza. The remaining
1.2% indirect equity interest in Worldwide Plaza was retained by
the Company's joint venture partner pursuant to its rights under
the joint venture agreement.
Wendy Silverstein, CEO stated,
"We are pleased to have completed this acquisition in a timely
manner. NYRT is now well positioned to begin the next phase of its
liquidation process. We look forward to completing that process as
quickly and efficiently as possible with a focus on maximizing
shareholder value."
Worldwide Plaza is a mixed use building located on Eighth
Avenue, between 49th and 50th Streets in Manhattan containing approximately 2.05
million rentable square feet including approximately 1.8 million
rentable square feet of office space.
Additional information regarding the acquisition can be found in
a Form 8-K filed by the Company on June 1,
2017 and available at www.nyrt.com.
About NYRT
NYRT is a publicly traded real estate investment trust listed on
the NYSE that owns income-producing commercial real estate,
including office and retail properties, located in New York
City. NYRT's shareholders recently adopted a plan of
liquidation pursuant to which NYRT is liquidating and winding down
and, in connection therewith, is seeking to sell its assets in an
orderly fashion to maximize shareholder value. For more
information, please visit our website at www.nyrt.com.
Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. The statements in this release state the
Company's and management's hopes, intentions, beliefs, expectations
or projections of the future and are forward-looking statements for
which the Company claims the protections of the safe harbor for
forward-looking statements under the Private Securities Litigation
Reform Act of 1995. It is important to note that future events
and the Company's actual results could differ materially from those
described in or contemplated by such forward-looking
statements. Factors that could cause actual results to differ
materially from current expectations include, but are not limited
to, (i) general economic conditions, (ii) the inability of major
tenants to continue paying their rent obligations due to
bankruptcy, insolvency or general downturn in their business, (iii)
local real estate conditions, (iv) increases in interest rates, (v)
increases in operating costs and real estate taxes, (vi) changes in
accessibility of debt and equity capital markets and (vii) the
timing of asset sales. Additional information concerning
factors that could cause actual results to differ materially from
those forward-looking statements is contained from time to time in
the Company's filings with the Securities and Exchange Commission,
copies of which may be obtained from the Company or the Securities
and Exchange Commission. The Company refers you to the
documents filed by the Company from time to time with the
Securities and Exchange Commission, specifically the section titled
"Risk Factors" in the Company's most recent Annual Report on Form
10-K, as may be updated or supplemented in the Company's Form 10-Q
filings, which discuss these and other factors that could adversely
affect the Company's results.
Contacts
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Media:
Jonathan
Keehner
Mahmoud
Siddig
Joele Frank,
Wilkinson Brimmer Katcher
jkeehner@joelefrank.com
msiddig@joelefrank.com
(212)
355-4449
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Investor
Relations:
Wendy Silverstein,
Chief Executive
Officer
New York REIT,
Inc.
wsilverstein@nyrt.com
(617)
570-4750
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Carolyn
Tiffany
Winthrop REIT
Advisors, LLC
ctiffany@winthropcapital.com
(617)
570-4606
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SOURCE New York REIT, Inc.