New York REIT Liquidating LLC fka NYRT

[Enterprising Investor]

New York REIT Completes $760 Million Financing (12/21/16)

Proceeds to be Used to Repay Existing Credit Facility in Full and Provide Liquidity to Acquire Balance of Equity Interest in Worldwide Plaza

NEW YORK, Dec. 21, 2016 /PRNewswire/ -- New York REIT, Inc. ("NYRT" or the "Company") (NYSE: NYRT), today announced the closing of a new $760 million financing secured by 12 assets. As previously announced, NYRT intends to use the proceeds from the financing to repay its existing credit facility in full, to provide liquidity for the exercise of its option to acquire all or substantially all of the remaining equity interest in Worldwide Plaza that the Company currently does not own, and to provide increased flexibility to allow the Company to proceed with its proposed plan of liquidation and dissolution, subject to stockholder approval. The financing was provided by Credit Suisse.

Randolph C. Read, Chairman of the Board commented, "We are pleased to announce this financing, which provides us the financial flexibility and balance sheet strength to capture additional value associated with Worldwide Plaza and proceed with our plan of liquidation, pending stockholder approval. We look forward to executing the plan of liquidation as expeditiously as possible, once approved by NYRT stockholders."

"NYRT has a strong portfolio of high-quality, well-leased assets in one of the best real estate markets in the world and we believe that increasing our ownership of Worldwide Plaza will bring significant value to our stockholders," said Michael Happel, Chief Executive Officer and President of NYRT. "In addition to providing us with the capital we need to exercise the option at Worldwide Plaza, this financing allows us to pay off our existing credit facility in full and move forward with the previously announced plan of liquidation, following stockholder approval."

The current credit facility had an outstanding balance of approximately $485 million as of December 19, 2016. The Company obtained the new financing partly because the former credit facility did not permit a liquidation or sale of all or substantially all of the assets of the Company.

Worldwide Plaza, a two million square foot office building in Manhattan, is the Company's largest asset. The Company currently owns a 48.9% interest in Worldwide Plaza and has a fixed price option to purchase all or substantially all of the rest of the property.

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. Additional information about NYRT can be found on its website at www.nyrt.com. NYRT may disseminate important information regarding it and its operations, including financial information, through social media platforms such as Twitter, Facebook and LinkedIn.

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