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NYRT claims building sales will net $1.55B

Struggling REIT plans to liquidate itself

One Worldwide Plaza and Wendy Silverstein
One Worldwide Plaza and Wendy Silverstein

New York REIT estimates that the planned sale of all its buildings will net shareholders $1.55 billion, the struggling real estate investment said in a statement Thursday.

NYRT last year announced that it would liquidate itself and appointed former Vornado Realty Trust executive Wendy Silverstein to oversee the process. Activist investors Steve Witkoff and Michael Ashner had pushed for the move, clashing with the REIT’s former management.

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The $1.55 billion translates to $9.25 per share, according to the statement released after market close. The REIT traded at $9.69 at market close.

NYRT [TRDataCustom] claims that its assets, which include a 49 percent stake in Office Tower One Worldwide Plaza, are worth $2.78 billion. It owes $1.23 billion in mortgages and other liabilities. The REIT ultimately settled on a liquidation after a proposed $8.4 billion merger with JBG Properties fell apart last year.

In January, NYRT tapped Eastdil Secured to market either a 49-percent stake or all of One Worldwide Plaza (the REIT has an option to buy the remaining 51 percent). SL Green Realty Trust, formerly a major shareholder, recently announced that it sold all its 4.77 million NYRT shares.

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