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New York REIT pays $277M to boost stake in Worldwide Plaza

New York REIT paid roughly $276.7 million to acquire an additional 49.9% indirect equity interest in Worldwide Plaza in Manhattan, N.Y., taking its overall interest in the mixed-use building to 98.8%.

The company's partner retained the remaining 1.2% indirect equity interest in the building, under the terms of the joint venture agreement between the parties.

Worldwide Plaza offers about 2.05 million rentable square feet, including roughly 1.8 million rentable square feet of office space.

New York REIT CEO Wendy Silverstein said in a release that following the timely completion of the acquisition the company is well-placed to commence the next phase of its liquidation process.