New York REIT, Inc. now owns 98.8% of Worldwide Plaza.

NEW YORK CITY—As it continues its liquidation process, New York REIT, Inc. has acquired another 49.9% indirect equity interest in the Worldwide Plaza complex at 825 Eighth Ave. for $276.7 million.

The deal brings New York REIT's ownership in the 2-million-square-foot mixed-use property to 98.8%. The remaining 1.2% indirect equity interest in Worldwide Plaza was retained by the company's joint venture partner.

Last December, New York REIT announced it had closed on $760 million in financing from Credit Suisse, which was to be used primarily to acquire the remaining equity interest in Worldwide Plaza. The company reported at the time that the financing would also give the company added flexibility to pursue its liquidation plan, which was approved on Jan. 3, 2017.

“We are pleased to have completed this acquisition in a timely manner, says New York REIT CEO Wendy Silverstein. “NYRT is now well positioned to begin the next phase of its liquidation process. We look forward to completing that process as quickly and efficiently as possible with a focus on maximizing shareholder value.”

Worldwide Plaza is located on Eighth Avenue, between 49th and 50th streets and contains approximately 2.05 million rentable square feet including approximately 1.8 million rentable square feet of office space.

New York

NEW YORK CITY—As it continues its liquidation process, New York REIT, Inc. has acquired another 49.9% indirect equity interest in the Worldwide Plaza complex at 825 Eighth Ave. for $276.7 million.

Instant Insights /

New York REIT Pays $277M for Additional Interest in Worldwide Plaza

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