New York REIT, Inc. (NYSE:NYRT) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01. Completion of Acquisition or Disposition of Assets.
On December 19, 2017, New York REIT, Inc. (the “Company”) completed the sale of its property located at 1440 Broadway, New York, New York to CIM Group Acquisitions, LLC, an unaffiliated third party. At the closing, the Company received an aggregate of approximately $192.9 million in cash representing the purchase price of $520.0 million, net of certain closing costs and pro-rations and the full repayment of $305.0 million in mortgage debt encumbering the property.
Item 8.01. Other Events.
On December 20, 2017, the Company extended the maturity date to September 20, 2018 with respect to the indebtedness outstanding under the mortgage loan agreement (the “Mortgage Loan”), dated as of December 20, 2016 and as amended December 6, 2017, by and among the Company, its operating partnership, Column Financial, Inc. (“Column”), as agent and initial lender, and other lenders thereto. The extension was in accordance with the terms of the Mortgage Loan.
Concurrently with this extension, and as a condition thereto in accordance with the terms of the Mortgage Loan, the Company repaid all $91.6 million in indebtedness outstanding under the mezzanine loan agreement (the “Mezzanine Loan”), dated as of December 20, 2016 and as amended by a side letter on December 6, 2017, by and among the Company, its operating partnership, Column, as agent and initial lender, and other lenders thereto.
The terms of the Mortgage Loan and the Mezzanine Loan, as well as the amendments thereto, are described in more detail in the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission on December 21, 2016 and December 12, 2017.
About New York REIT, Inc. (NYSE:NYRT)
New York REIT, Inc. is a real estate investment trust. The Company focuses on acquiring and owning office and retail properties in Manhattan. The Company’s business is primarily conducted through New York Recovery Operating Partnership, L.P. The Company owns approximately 20 properties in New York City, which aggregate approximately 3.4 million rentable square feet. The Company holds interests in properties of various types, such as office, retail, hotel, parking and storage. The Company’s properties include Design Center, 416 Washington Street, 50 Varick Street, 1440 Broadway, One Worldwide Plaza, 256 West 38th Street, 229 West 36th Street, 333 West 34th Street, 367-387 Bleecker Street, 33 West 56th Street (garage), 350 West 42nd Street, Foot Locker, Duane Reade and 1100 Kings Highway.
