New York REIT to Sell 346,728 SF Office Building in Manhattan for $255M
NEW YORK CITY — New York REIT Inc. (NYSE: NYRT) has agreed to sell a 346,728-square-foot office building in Midtown Manhattan for $255 million. The 10-story property is located at 333 W. 34th St. between the Herald Square and Hudson Yards submarkets.
The building is fully leased to four tenants including the Metropolitan Transportation Authority, The Segal Co., Godiva Chocolatier and Sam Ash. Over the last 15 years, the building has received over $25 million in capital improvements, according to NYRT.
Real estate funds managed by Brookfield Asset Management will acquire the property. The closing is expected to occur prior to year’s-end.
NYRT acquired the office building from SL Green for $220 million in 2013, according to Crain’s New York Business.
NYRT is a publicly traded real estate investment trust that owns office and retail properties in New York City. NYRT’s shareholders recently adopted a plan of liquidation in which the REIT is seeking to sell its assets. The liquidation process is expected to be completed by the end of the first quarter of 2018, according to NYRT. At the time of its decision to liquidate, the company was under pressure to grow shareholder value.
NYRT’s stock price closed on Thursday, Nov. 9 at $6.87 per share, down from $9.41 per share one year ago.
Brookfield is a global alternative asset manager, focused on investing in assets across real estate, infrastructure, renewable power and private equity. The firm maintains a corporate office in New York. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges. Its symbol on the New York Stock Exchange is BAM.
— Kristin Hiller