New York REIT Liquidation Continues With Sale Of Interior Design Building
The publicly traded company made the decision to sell all of its assets and pass proceeds on to shareholders in the summer of 2016, and has spent 2017 following through on its promise. The latest domino to fall is the office building at 306 East 61st St., Crain's New York Business reports.
Called the Interior Design Building because of its tenant list, the seven-story, 82K SF building near Sutton Place is under contract to be sold for about $47M to JMC Holdings. A Cushman & Wakefield team of Doug Harmon and Adam Spies, which has been the primary broker for the REIT's liquidation, arranged the sale.
Before this deal, NYREIT's most recent sale was two Garment District office buildings for $155M to a joint venture of Investcorp and Brickman in November, according to Crain's. The two buildings, 229 West 36th St. and 256 West 38th St., were initially offered as part of a four-building portfolio, but the two other buildings went to Columbia Property Trust in a $515M sale in October.
According to Crain's, possibly the last remaining property the REIT has to sell is a strip mall at 1100 Kings Highway in Brooklyn, which the Harmon and Spies-led team is currently marketing.