EX-99.1
2
tv477433_ex99-1.htm
EXHIBIT 99.1
Exhibit 99.1
New York REIT Closes on Previously Announced
Sale of 48.7% Interest in Worldwide Plaza to a Joint Venture Managed by SL Green and RXR Realty
Transaction Values Worldwide Plaza at
$1.725 Billion
Worldwide Plaza Closes on $1.2 Billion
Debt Refinancing
SL Green and RXR Realty to Serve as Exclusive
Property Manager and Leasing Agent
New York, New York - October 18,
2017- New York REIT, Inc. (NYSE: NYRT) (the "Company" or "NYRT"), which is liquidating and winding down
pursuant to a plan of liquidation, announced today that it has closed on the previously announced sale of a 48.7% interest in Worldwide
Plaza to a joint venture managed by SL Green Realty Corp. and RXR Realty LLC based on the agreed upon value of the property of
$1.725 billion. In conjunction with the equity sale, there was a concurrent $1.2 billion refinancing of the existing Worldwide
Plaza debt. NYRT received cash at closing of approximately $355 million from the sale and excess proceeds from the refinancing,
which is net of certain closing costs, including $109.0 million of defeasance and prepayment costs, and a $90.7 million capital
reserve.
The new debt on Worldwide Plaza bears interest
at a blended rate of approximately 3.98% per annum, requires monthly payments of interest only and matures in November 2027.
Worldwide Plaza is a mixed use building
located on Eighth Avenue between 49th and 50th Streets in Manhattan containing approximately 2.05 million rentable square feet
including approximately 1.8 million rentable square feet of office space.
Additional Information
Further details surrounding the sale of
the membership interest and the financing of Worldwide Plaza will be included in a Current Report on Form 8-K to be filed by the
Company with the Securities and Exchange Commission ("SEC").
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 factors included in the Company's
reports filed with the 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, 2016, filed with the SEC on March 1, 2017 and the Company's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2017 filed with the SEC on August 8, 2017, 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
Media:
Investor Relations:
Jonathan Keehner
Wendy Silverstein, Chief Executive Officer
Mahmoud Siddig
New York REIT, Inc.
Joele Frank, Wilkinson Brimmer Katcher
wsilverstein@nyrt.com
jkeehner@joelefrank.com
(617) 570-4750
msiddig@joelefrank.com
(212) 355-4449
John Garilli, Chief Financial Officer
New York REIT, Inc.
jgarilli@nyrt.com
(617) 570-4750

EX - 99 . 1 2 tv477433 _ ex99 - 1 . htm EXHIBIT 99 . 1 Exhibit 99 . 1 New York REIT Closes on Previously Announced Sale of 48 . 7 % Interest in Worldwide Plaza to a Joint Venture Managed by SL Green and RXR Realty Transaction Values Worldwide Plaza at $ 1.725 Billion Worldwide Plaza Closes on $ 1.2 Billion Debt Refinancing SL Green and RXR Realty to Serve as Exclusive Property Manager and Leasing Agent New York , New York - October 18 , 2017 - New York REIT , Inc . ( NYSE : NYRT ) ( the " Company " or " NYRT " ) , which is liquidating and winding down pursuant to a plan of liquidation , announced today that it has closed on the previously announced sale of a 48 . 7 % interest in Worldwide Plaza to a joint venture managed by SL Green Realty Corp . and RXR Realty LLC based on the agreed upon value of the property of $ 1.725 billion . In conjunction with the equity sale , there was a concurrent $ 1.2 billion refinancing of the existing Worldwide Plaza debt . NYRT received cash at closing of approximately $ 355 million from the sale and excess proceeds from the refinancing , which is net of certain closing costs , including $ 109.0 million of defeasance and prepayment costs , and a $ 90.7 million capital reserve . The new debt on Worldwide Plaza bears interest at a blended rate of approximately 3 . 98 % per annum , requires monthly payments of interest only and matures in November 2027 . Worldwide Plaza is a mixed use building located on Eighth Avenue between 49th and 50th Streets in Manhattan containing approximately 2 . 05 million rentable square feet including approximately 1 . 8 million rentable square feet of office space . Additional Information Further details surrounding the sale of the membership interest and the financing of Worldwide Plaza will be included in a Current Report on Form 8 - K to be filed by the Company with the Securities and Exchange Commission ( " SEC " ) . 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 factors included in the Company 's reports filed with the 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 , 2016 , filed with the SEC on March 1 , 2017 and the Company 's Quarterly Report on Form 10 - Q for the quarter ended June 30 , 2017 filed with the SEC on August 8 , 2017 , 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 Media : Investor Relations : Jonathan Keehner Wendy Silverstein , Chief Executive Officer Mahmoud Siddig New York REIT , Inc . Joele Frank , Wilkinson Brimmer Katcher wsilverstein@nyrt.com jkeehner@joelefrank.com ( 617 ) 570 - 4750 msiddig@joelefrank.com ( 212 ) 355 - 4449 John Garilli , Chief Financial Officer New York REIT , Inc . jgarilli@nyrt.com ( 617 ) 570 - 4750