NEW YORK, Nov. 06, 2017 (GLOBE NEWSWIRE) -- 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 229 West 36th Street and 256 West 38th Street in New York, New York for a total of $155.95 million to an unaffiliated third party. The 229 West 36th Street property was 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 $66.1 million on account of the loan as required by the loan documents, resulting in a remaining outstanding principal balance on the loan of approximately $267.9 million. The 256 West 38th Street property was encumbered by a loan in the original principal amount of $24.5 million. In connection with the sale, NYRT paid off the loan in its entirety. After satisfaction of debt, pro-rations and closing costs, NYRT received net proceeds of approximately $58.8 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
Investors:
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