New York REIT Sells 333 W. 34th St. for $255 Million

NEW YORK — New York REIT has entered into a contract to sell its office building located at 333 West 34th Street in Midtown Manhattan for $255 million to real estate funds managed by Brookfield.  The closing is expected to occur prior to year-end.

Located on the north side of West 34th Street, between 8th and 9th Avenues, the 10-story property measures 346,728 square feet and is currently 100% occupied by four tenants, including the Metropolitan Transportation Authority, The Segal Company, Godiva Chocolatier, and Sam Ash.

Shareholders in publicly-traded New York REIT voted this year to shut the trust down and liquidate all of its holdings.

Earlier this month, New York REIT sold its properties located at 229 West 36th Street and 256 West 38th Street in Manhattan for a total of $155.95 million to an unaffiliated third party.  The 229 West 36th Street property was part of the collateral for NYRT’s cross collateralized and secured loan in the original principal amount of $760 million.  In connection with the sale, NYRT paid approximately $66.1 million on account of the loan as required by the loan documents, resulting in a remaining outstanding principal balance on the loan of approximately $267.9 million.  The 256 West 38th Street property was encumbered by a loan in the original principal amount of $24.5 million.  In connection with the sale, NYRT paid off the loan in its entirety.  After satisfaction of debt, pro-rations and closing costs, NYRT received net proceeds of approximately $58.8 million.

 

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