NEW YORK CITY—New York REIT has closed on a $325 million financing for 1440 Broadway, a 25-story office building featuring 755,679 square feet next to Times Square.
“Completing this financing is another accomplishment in our strategic initiatives plan,” says Michael Happel, CEO of NYRT. “We remain focused on building a best-in-class Manhattan real estate portfolio for the benefit of all of our shareholders, and we will continue to capitalize on opportunities, including those that benefit our capital structure and liquidity, while executing our strategic initiatives.”
On Oct. 1st, NYRT announced a series of governance, strategic and operational actions intended to enhance value for all shareholders and narrow the gap between net asset value and the company's current common share price.
Among the announced actions were the appointment of Apollo Global Management co-founder Marc Rowan to the board of directors as well as plans to appoint two new independent directors in the near future. The company also announced it has engaged an advisor to identify and consider potential strategic transactions at the asset or entity level and acted to enable parties who participated in previous strategic initiatives to participate in any future transactions.
NYRT is continuing to pursue its previously announced plan to sell non-core, outer-borough assets and is in the process of implementing a joint venture with American Realty Capital New York City REIT.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
