Real Estate - JUNE 2, 2017

New York REIT buys stake in Worldwide Plaza for $276m

by Released

New York REIT has acquired for approximately $276.7 million an additional 49.9 percent indirect equity interest in Worldwide Plaza in Manhattan.

As a result of the acquisition, the Company owns a total indirect equity interest of 98.8 percent in Worldwide Plaza. The remaining 1.2 percent indirect equity interest in Worldwide Plaza was retained by the company's joint venture partner pursuant to its rights under the joint venture agreement.

Worldwide Plaza is a mixed use building located on Eighth Avenue, between 49th St. and 50th St. in Manhattan containing approximately 2.05 million rentable square feet including approximately 1.8 million rentable square feet of office space.

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