New York REIT, Inc., announced that the Company, through a wholly owned subsidiary, acquired for approximately $276.7 million an additional 49.9 percent indirect equity interest in Worldwide Plaza, pursuant to the Company’s previously announced exercise of its option to purchase additional equity interests under the joint venture agreement governing Worldwide Plaza.
As a result of the acquisition, the Company owns a total indirect equity interest of 98.8 percent in Worldwide Plaza. The remaining 1.2 percent indirect equity interest in Worldwide Plaza was retained by the Company’s joint venture partner pursuant to its rights under the joint venture agreement.
“We are pleased to have completed this acquisition in a timely manner. 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,” Wendy Silverstein, CEO said.
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 regarding the acquisition can be found in a Form 8-K filed by the Company on June 1, 2017 and available at www.nyrt.com