August 9, 2017
New York REIT, Inc. continues its plan for liquidation, with the sale of its office property at 50 Varick St. in Downtown Manhattan for $135 million.
The property was part of the collateral for New York REIT’s $760 million cross collateralized and secured loan. In connection with the sale, the company paid down $78.1 million of the loan, in addition to paying pro-rations and closing costs. After these expenses, New York REIT received net proceeds of $49.1 million
For comments, questions or concerns, please contact Bendix Anderson