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SL Green Closing In On New York REIT Acquisition

New York

SL Green’s nearing a deal to buy New York REIT, which would add about 3.4M SF of commercial property in Manhattan and Brooklyn, including a stake in the 49-story Worldwide Plaza in Midtown West, to the city's largest commercial landlord.

New York REIT founder Nick Schorsch resigned from its board last December, which has put pressure on the publicly traded firm according to Crain's.

This October New York REIT tapped Eastdil Secured to look into options for selling off the company or particular assets. Last month, it closed on the sale of an office and retail property in Brooklyn and a retail property in Queens—assets the company called “non-core." [Crain's]