NEW YORK CITY—As part of its ongoing plan to sell its non-core assets, New York REIT, Inc. reports it has reached a definite agreement to sell its 163 Washington Ave. apartment building in Brooklyn for just over $38 million. If the deal closes, NYREIT will sell the property for almost $7 million more than it paid for it three years ago.

The deal, which is expected to close in the fourth quarter, calculates out to approximately $914-per-square-foot at a cap rate of 4.7%. The REIT did not divulge the identity of the buyer of the 50-unit high-rise building located in the Clinton Hill neighborhood of Brooklyn. The property consists of 49 rental units, one commercial unit and 38 parking spaces.

Michael Happel, CEO and president of New York REIT, says of the deal, “We are very pleased to announce this pending sale, which marks the latest step in our previously stated strategic initiative to sell non-core assets. We continue to receive substantial interest in the four other assets we have for sale outside of Manhattan and are continuing to work with Holliday Fenoglio Fowler and Cushman & Wakefield to pursue these opportunities.”

HFF represented New York REIT in the sales transaction. New York REIT acquired 163 Washington Ave. for approximately $32 million in September 2012 from A&E Real Estate Holdings.