NEW YORK, May 1, 2018 /PRNewswire/ -- 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 Company's Board of Directors has declared a cash liquidating distribution of $4.85 per share to be paid on May 18, 2018 to shareholders of record as of May 11, 2018.  The liquidating distribution is being paid from the net proceeds from recent property sales.

ASSET SALES

Separately, the Company has announced that it has closed on the previously announced sales of its properties located at 416 Washington Street, 350 Bleecker Street and 367-387 Bleecker Street in Manhattan, New York as well as its 2067-2073 Coney Island Avenue, Brooklyn, New York property in three separate transactions to unaffiliated third parties.  The Company has also announced that it has closed on the sale of its Centurion Parking Garage property to an unaffiliated third party.

The 416 Washington Street property was sold for a gross sales price of $11.2 million.  The property was part of the collateral for the Company's cross collateralized and secured loan.  In connection with the sale, the Company paid approximately $5.5 million on account of the loan as required by the loan documents. After satisfaction of debt, pro-rations and closing costs, the Company received net proceeds of approximately $5.1 million.  The selling price is consistent with the Company's last reported net assets in liquidation value as of December 31, 2017.

The 350 Bleecker Street and 367-387 Bleecker Street properties were sold for an aggregate gross sales price of $31.5 million.  The properties were part of the collateral for the Company's cross-collateralized and secured loan.  In connection with the sale, the Company paid approximately $21.1 million on account of the loan as required by the loan documents.  After satisfaction of debt, pro-rations and closing costs, the Company received net proceeds of approximately $8.8 million.  The selling price is consistent with the Company's last reported net assets in liquidation value as of December 31, 2017.

The 2067-2073 Coney Island Avenue property, which was part of 1100 Kings Highway, was sold for a gross sales price of $30.5 million.  The property was encumbered by a $15.8 million mortgage loan which was fully satisfied at closing.  After satisfaction of debt, pro-rations and closing costs, the Company received net proceeds of approximately $13.7 million.  The selling price is consistent with the Company's last reported net assets in liquidation value as of December 31, 2017.

The Centurion Parking Garage property, located at 33 West 56th Street, was sold for a gross sales price of $3.5 million.  After satisfaction of pro-rations and closing costs, the Company received net proceeds of $3.3 million.  The selling price is consistent with the Company's last reported net assets in liquidation value as of December 31, 2017. 

DEBT SATISFACTION

Following the paydowns from the sales of 416 Washington Street and the Bleecker Street properties, the remaining outstanding balance on the Company's cross-collateralized and secured loan was $14.6 million. The Company repaid this loan in full on April 19, 2018.

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   

The statements in this release that are not historical facts may be forward-looking statements.  These forward-looking statements involve substantial risks and uncertainties. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes. Forward-looking statements may include, but are not limited to, statements regarding stockholder liquidity and investment value and returns.  The words "anticipates," "believes," "expects," "estimates," "projects," "plans," "intends," "may," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.  Factors that might cause such differences include, but are not limited to: the purchaser consummating the transactions contemplated by the purchase agreement; and other factors, many of which are beyond the Company's control, including other factors included in the Company's reports filed with the Securities and Exchange Commission ("SEC"), particularly in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's latest Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 1, 2018, as such Risk Factors may be updated from time to time in subsequent reports. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 

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

Jonathan Keehner
Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher
jkeehner@joelefrank.com 
msiddig@joelefrank.com 
(212) 355-4449

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SOURCE New York REIT, Inc.

Copyright 2018 PR Newswire

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