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New York REIT nets $193M in 1440 Broadway property sale

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New York REIT nets $193M in 1440 Broadway property sale

New York REIT closed its $520.0 million sale of the property at 1440 Broadway in New York and agreed to sell three other New York assets, in three separate transactions, for a total of $103.1 million.

1440 Broadway was encumbered by a $305.0 million mortgage loan, which was paid off at the deal closing. New York REIT saw net proceeds of around $192.9 million from the transaction.

The company noted that it has entered into separate contracts to sell its properties at 306 E. 61st St., One Jackson Square and 350 W. 42nd St. in New York. The assets are encumbered by roughly $43.4 million in aggregate amount of mortgage debt, which will be paid off at closings, expected to take place in early 2018.