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Manhattan’s $1.7B Worldwide Plaza Sale, $1.2B Debt Refi
New York REIT, Inc. (NYRT) closed on the sale of a 48.7% interest in Manhattan’s 49-story Worldwide Plaza to a joint venture managed by SL Green Realty Corp. and RXR Realty LLC. The more than two-million-square-foot asset is located at 825 Eighth Ave. between 49th and 50th Streets and was valued $1.725 billion.
In conjunction with the equity sale, a concurrent $1.2-billion refinancing of the existing Worldwide Plaza debt was arranged. NYRT received roughly $355 million from the sale and excess proceeds from the refinancing.
The new debt on Worldwide Plaza bears interest at a blended rate of roughly 3.98% per year, requires monthly payments of interest only, and matures in November 2027.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition