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New York REIT to divest Manhattan, NY, office building for $47M

New York REIT is selling the seven-story Interior Design Building in Manhattan, N.Y., for about $47 million, Crain's New York Business reported.

The proposed sale of the roughly 82,000-square-foot office property at 306 E. 61st St. is part of New York REIT's ongoing liquidation, and the asset is one of the remaining Manhattan buildings in its New York City portfolio. It is being sold to investment firm JMC Holdings.

Cushman & Wakefield brokered the planned sale on behalf of New York REIT.