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 61st 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 61st Street property was sold for a
total of $47.0 million. The 306
East 61st 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.
wsilverstein@nyrt.com
(617) 570-4750
John Garilli, Chief Financial
Officer
New York REIT, Inc.
jgarilli@nyrt.com
(617) 570-4750
Jonathan Keehner
Mahmoud Siddig
Joele Frank, Wilkinson Brimmer
Katcher
jkeehner@joelefrank.com
msiddig@joelefrank.com
(212) 355-4449
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SOURCE New York REIT, Inc.