$73M in New Sales for New York REIT

New York REIT (NYRT) continues to sell off its entire portfolio of New York properties. It has entered into three new contracts for a total of $73.2 million to sell three properties, including:

– 416 Washington St. in Manhattan’s TriBeCa neighborhood

– The last of NYRT’s remaining 1100 Kings Highway property in the Gravesend neighborhood of Brooklyn (pictured)

– 350 Bleecker St. and 367-387 Bleecker St., in Manhattan’s Village neighborhood

NYRT also closed previously announced sales  including 306 East 61st Street, which sold for a total of $47 million. The selling price is approximately $7 million higher than the Company’s last reported net assets in liquidation value as of September 30, 2017.

One Jackson Square also sold for a total of $31 million. New York REIT also sold its 2091 Coney Island Ave. property, which is part of 1100 Kings Highway, for a total of $3.8 million. Both properties sold at prices consistent with last reported value.

For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson