New York REIT, Inc. Closes On Previously Announced Sale Of Its 1440 Broadway Property (12/19/17)
Enters Into Contracts To Sell Its 306 East 61st Street, One Jackson Square, And 350 West 42nd Street Properties
NEW YORK, Dec. 19, 2017 /PRNewswire/ -- New York REIT, Inc. (NYSE: NYRT) (the "Company" or "NYRT"), which is liquidating and winding down pursuant to a plan of liquidation, announced that it has closed on the previously announced sale of its property located at 1440 Broadway in New York, New York for a total of $520.0 million to an unaffiliated third party. The 1440 Broadway property was encumbered by a $305.0 million mortgage loan which was fully satisfied at closing. After satisfaction of debt, pro-rations and closing costs, NYRT received net proceeds of approximately $192.9 million. The selling price is consistent with the Company's last reported net assets in liquidation as of September 30, 2017.
Separately, the Company has announced that it has entered into three separate contracts to sell its properties located at 306 East 61st Street, One Jackson Square and 350 West 42nd Street, in New York, New York to third party buyers for an aggregate amount of $103.1 million. In the aggregate, the three properties are encumbered by approximately $43.4 million of mortgage debt which will be satisfied in full at the respective closings. The consummation of the sales is subject to customary closing conditions for sales of real property in New York, New York. The closings are expected to occur in early 2018. The aggregate sales price of $103.1 million for the three properties is approximately $6.85 million higher than the Company's last reported net assets in liquidation as of September 30, 2017.
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.