Nov
13
New York REIT to Sell NYC Office Tower for $255M
ByThe agreement to sell the 345,000-square-foot building at 333 W. 34th St. to Brookfield marks yet another step forward in the REIT’s plan of liquidation.
New York REIT Inc. continues its stockholder-approved liquidation program with a contract to sell 333 W. 34th St., a 345,000-square-foot office building in Midtown Manhattan. The REIT will sell the asset to real estate funds managed by Brookfield, pocketing $255 million on the deal.
“To date, excluding Worldwide Plaza and 1440 Broadway, we have sold assets with a gross sales price of $805 million and repaid $517 million of debt,” Wendy Silverstein, president & CEO of New York REIT Inc., said during the company’s third quarter earnings call on November 9, the same day the sale of 333 W. 34th was announced…
