NEW YORK, Oct. 11, 2017 /PRNewswire/ -- New York REIT, Inc.
(NYSE: NYRT) ("NYRT"), which is liquidating and winding down
pursuant to a plan of liquidation, announced that it has sold its
properties located at 245-249 West 17th Street and 218
West 18th Street in New York,
New York for $514.1 million to
an unaffiliated third party. The properties were part of the
collateral for NYRT's cross collateralized and secured loan in the
original principal amount of $760
million. In connection with the sale, NYRT paid
approximately $348.0 million on
account of the loan as required by the loan documents resulting in
a remaining outstanding principal balance on the loan of
approximately $333.9 million.
After satisfaction of debt, pro-rations and closing costs NYRT
received net proceeds of approximately $146.2 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.
Contacts
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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SOURCE New York REIT, Inc.