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Transactions - DECEMBER 21, 2017

New York REIT sells multiple assets for $623m

by Andrea Waitrovich

New York REIT has closed multiple sales for a total of $623 million.

New York REIT closed on the previously announced sale of its property located at 1440 Broadway in New York City for $520.0 million to an unaffiliated third party, which media outlets have reported to be CIM Group.

And New York REIT entered into three separate contracts to sell its properties located at 306 East 61st St., One Jackson Square and 350 West 42nd St. in New York City to third-party buyers for an aggregate amount of $103.1 million.

The closings are expected to occur in early 2018.

In summer 2016, the publicly traded company made the decision to sell all of its assets and pass proceeds on to shareholders, The REIT has spent 2017 executing its sales. The liquidation started in August 2017 with the sale of 50 Varick St. to  Est4te Four for $135 million. With these sales, New York REIT has nine remaining properties, according to Commercial Property Executive.

 

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