NEW YORK, May 1, 2018 /PRNewswire/ -- New York REIT, Inc.
(NYSE: NYRT) (the "Company" or "NYRT"), which is liquidating and
winding down pursuant to a plan of liquidation, announced today the
Company's Board of Directors has declared a cash liquidating
distribution of $4.85 per share to be
paid on May 18, 2018 to shareholders
of record as of May 11, 2018.
The liquidating distribution is being paid from the net proceeds
from recent property sales.
ASSET SALES
Separately, the Company has announced that it has closed on the
previously announced sales of its properties located at 416
Washington Street, 350 Bleecker Street and 367-387 Bleecker Street
in Manhattan, New York as well as
its 2067-2073 Coney Island Avenue, Brooklyn, New York property in three separate
transactions to unaffiliated third parties. The Company has
also announced that it has closed on the sale of its Centurion
Parking Garage property to an unaffiliated third party.
The 416 Washington Street property was sold for a gross sales
price of $11.2 million. The
property was part of the collateral for the Company's cross
collateralized and secured loan. In connection with the sale,
the Company paid approximately $5.5
million on account of the loan as required by the loan
documents. After satisfaction of debt, pro-rations and closing
costs, the Company received net proceeds of approximately
$5.1 million. The selling price
is consistent with the Company's last reported net assets in
liquidation value as of December 31,
2017.
The 350 Bleecker Street and 367-387 Bleecker Street properties
were sold for an aggregate gross sales price of $31.5 million. The properties were part of
the collateral for the Company's cross-collateralized and secured
loan. In connection with the sale, the Company paid
approximately $21.1 million on
account of the loan as required by the loan documents. After
satisfaction of debt, pro-rations and closing costs, the Company
received net proceeds of approximately $8.8
million. The selling price is consistent with the
Company's last reported net assets in liquidation value as of
December 31, 2017.
The 2067-2073 Coney Island Avenue property, which was part of
1100 Kings Highway, was sold for a gross sales price of
$30.5 million. The property was
encumbered by a $15.8 million
mortgage loan which was fully satisfied at closing. After
satisfaction of debt, pro-rations and closing costs, the Company
received net proceeds of approximately $13.7
million. The selling price is consistent with the
Company's last reported net assets in liquidation value as of
December 31, 2017.
The Centurion Parking Garage property, located at 33 West
56th Street, was sold for a gross sales price of
$3.5 million. After
satisfaction of pro-rations and closing costs, the Company received
net proceeds of $3.3 million.
The selling price is consistent with the Company's last reported
net assets in liquidation value as of December 31, 2017.
DEBT SATISFACTION
Following the paydowns from the sales of 416 Washington Street
and the Bleecker Street properties, the remaining outstanding
balance on the Company's cross-collateralized and secured loan was
$14.6 million. The Company repaid
this loan in full on April 19,
2018.
About NYRT
NYRT is a publicly traded real estate investment trust listed on
the NYSE that owns income-producing commercial real estate,
including office and retail properties, located in New York City. NYRT's shareholders recently
adopted a plan of liquidation pursuant to which NYRT is liquidating
and winding down and, in connection therewith, is seeking to sell
its assets in an orderly fashion to maximize shareholder value. For
more information, please visit our website
at www.nyrt.com.
Forward-Looking Statements
The statements in this release that are not historical facts may
be forward-looking statements. These forward-looking
statements involve substantial risks and uncertainties. Actual
results or events could differ materially from the plans,
intentions and expectations disclosed in the forward-looking
statements the Company makes. Forward-looking statements may
include, but are not limited to, statements regarding stockholder
liquidity and investment value and returns. The words
"anticipates," "believes," "expects," "estimates," "projects,"
"plans," "intends," "may," "will," "would," and similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain these identifying
words. Factors that might cause such differences include, but
are not limited to: the purchaser consummating the transactions
contemplated by the purchase agreement; and other factors, many of
which are beyond the Company's control, including other factors
included in the Company's reports filed with the Securities and
Exchange Commission ("SEC"), particularly in the "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of the Company's latest Annual
Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on
March 1, 2018, as such Risk Factors
may be updated from time to time in subsequent reports. The Company
does not assume any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Contacts
Wendy Silverstein, Chief
Executive Officer
New York REIT, Inc.
wsilverstein@nyrt.com
(617) 570-4750
John Garilli, Chief Financial
Officer
New York REIT, Inc.
jgarilli@nyrt.com
(617) 570-4750
Jonathan Keehner
Mahmoud Siddig
Joele Frank, Wilkinson Brimmer
Katcher
jkeehner@joelefrank.com
msiddig@joelefrank.com
(212) 355-4449
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SOURCE New York REIT, Inc.
