New York REIT Announces Sale of 50 Varick Street Property
August 08 2017 - 8:30AM
New York REIT, Inc. (NYSE:NYRT) (the "Company" or "NYRT"), which is
liquidating and winding down pursuant to a plan of liquidation,
announced today the sale of its 50 Varick Street office property in
Manhattan, New York for a gross sales price of $135.0
million. The property was part of the collateral for the
Company’s $760 million cross collateralized and secured loan.
In connection with the sale, the Company paid down $78.1 million of
debt as required under the loan. After satisfaction of debt,
pro-rations and closing costs the Company received net proceeds of
approximately $49.1 million.
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.
Investor Relations:
Wendy Silverstein, Chief Executive Officer
New York REIT, Inc.
wsilverstein@nyrt.com
(617) 570-4750
John Garilli, Chief Financial Officer
New York REIT, Inc.
jgarilli@nyrt.com
(617) 570-4750
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