New York REIT Announces Sale of 50 Varick Street Property
Source: Nasdaq GlobeNewswire / 08 Aug 2017 08:30:29 Eastern Standard Time
NEW YORK, Aug. 08, 2017 (GLOBE NEWSWIRE) -- 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.
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. email@example.com (617) 570-4750 John Garilli, Chief Financial Officer New York REIT, Inc. firstname.lastname@example.org (617) 570-4750