New York REIT is in late-stage talks to off-load two Garment District buildings in Manhattan, N.Y., to Brickman for $155 million, The Real Deal reported, citing unnamed sources.
The properties for sale include the building at 256 West 38th St. and the 149,883-square-foot building at 229 West 36th St. Both properties are part of the four-building portfolio that Cushman & Wakefield started marketing earlier in 2017 on behalf of the real estate investment trust. The other two buildings were reported earlier to be under contract for sale to Columbia Property Trust Inc. for roughly $550 million.
The planned sales are part of New York REIT's $2.8 billion liquidation.