January 5, 2017
New York REIT (NYRT) has raised $760 million in financing to help its plan to eventually sell off its assets and liquidate.
In the shorter-term, the money will help NYRT exercise its option to become the sole owners of Worldwide Plaza, a Midtown landmark. NYRT currently owns 48.9 percent of the complex.
“We believe that increasing our ownership of Worldwide Plaza will bring significant value to our stockholders,” said Michael Happel, chief executive officer and president of NYRT. “This financing allows us to pay off our existing credit facility in full,and move forward with the previously announced plan of liquidation.”
NYRT announced its liquidation plan last year, after years of reported criticism of its management from its investors.