New York REIT, Inc. Closes On Previously Announced Sales Of Its 306 East 61st Street And One Jackson Square Properties

NEW YORK, Feb. 20, 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 that it has closed on the previously announced sales of its properties located at 306 East 61^st Street and One Jackson Square, New York, New York as well as its 2091 Coney Island Avenue, Brooklyn, New York property in three separate transactions to unaffiliated third parties. 

The 306 East 61^st Street property was sold for a total of $47.0 million.  The 306 East 61^st Street property was encumbered by a $19 million mortgage loan which was fully satisfied at closing.  After satisfaction of debt, pro-rations and closing costs, NYRT received net proceeds of approximately $26.5 million.  The selling price is approximately $7.0 million higher than the Company's last reported net assets in liquidation value as of September 30, 2017.

The One Jackson Square property was sold for a total of $31.0 million.  The One Jackson Square property was part of the collateral for the Company's cross collateralized and secured loan.  In connection with the sale, the Company paid approximately $13.0 million on account of the loan as required by the loan documents, resulting in a remaining outstanding principal balance on the loan of approximately $41.2 million.  After satisfaction of debt, pro-rations and closing costs, the Company received net proceeds of approximately $16.5 million.  The selling price is consistent with the Company's last reported net assets in liquidation value as of September 30, 2017.

The 2091 Coney Island Avenue property, which is part of 1100 Kings Highway, was sold for a total of $3.8 million.  The 2091 Coney Island property was collateral for the $20.2 million 1100 Kings Highway loan and required a $4.4 million pay down at closing to release the property from the collateral.  The selling price is consistent with the Company's last reported net assets in liquidation value as of September 30, 2017.

The Company has also announced that it has entered into three separate contracts to sell its 416 Washington Street property, its remaining 1100 Kings Highway property and its properties located at 350 Bleecker Street and 367-387 Bleecker Street to third party buyers for an aggregate amount of $73.2 million.  In the aggregate, the properties are encumbered by approximately $42.4 million of mortgage debt which will be fully satisfied at the respective closings.

If consummated, the sales of the properties are expected to close in the second quarter of 2018. The consummation of the sales are subject to customary closing conditions for sales of real property in Brooklyn, New York and New York, New York.  The aggregate sales price of $73.2 million is consistent with the Company's last reported net assets in liquidation value as of September 30, 2017.

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, 2016, filed with the SEC on March 1, 2017 and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 filed with the SEC on November 9, 2017, 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.
[email protected] 
(617) 570-4750 

John Garilli, Chief Financial Officer
New York REIT, Inc.
[email protected] 
(617) 570-4750

Jonathan Keehner 
Mahmoud Siddig 
Joele Frank, Wilkinson Brimmer Katcher 
[email protected] 
[email protected]
(212) 355-4449 

SOURCE New York REIT, Inc.

Related Links

http://www.nyrt.com