50 Varick Sold for $135M

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

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