New York REIT, Inc. (NYSE: NYRT), which is liquidating and winding down pursuant to a plan of liquidation, announced that it has closed on the previously announced sale of its property located at 350 West 42nd Street in New York, New York to an unaffiliated third party for a total of $25.1 million. The 350 West 42nd Street property was part of the collateral for the Company's cross collateralized and secured loan. In connection with the sale, the Company paid approximately $11.3 million on account of the loan as required by the loan documents, resulting in a remaining outstanding principal balance on the loan of approximately $54.3 million. After satisfaction of debt, pro-rations and closing costs, the Company received net proceeds of approximately $12.6 million. The selling price is consistent with the Company's last reported net assets in liquidation as of September 30, 2017.
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.