{"id":1004128931,"date":"2015-10-08T05:56:49","date_gmt":"2015-10-08T13:56:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004128931"},"modified":"2022-12-08T15:38:04","modified_gmt":"2022-12-08T23:38:04","slug":"new-york-reit-makes-strategic-move-with-325m-refi-package","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/","title":{"rendered":"New York REIT Makes Strategic Move with $325M Refi Package"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

New York REIT Inc. has closed on a $325 million financing for 1440 Broadway, a 25-story, 755,679-square-foot office building near Times Square, the publicly traded REIT, which is the successor to American Realty Capital\u2019s New York Recovery REIT, announced Monday.<\/p>\n

\u201cCompleting this financing is another accomplishment in our strategic initiatives plan,\u201d Michael Happel, the REIT\u2019s CEO, said. \u201cWe 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.\u201d<\/p>\n

NYRT declined to provide further information or to comment on the transaction.<\/p>\n

The building was completed in 1925 and underwent a renovation in 2001. The then New York Recovery REIT bought the building from Monday Properties and the Rockpoint Group in late 2013 for a reported $528.6 million. At that time, Macy\u2019s was the main tenant and about to increase its space there to 197,000 square feet.<\/p>\n

Last week, NYRT had announced \u201ca series of governance, strategic and operational actions\u201d aimed at enhancing shareholder value and at narrowing the gap between the REIT\u2019s NAV and its current common share price.<\/p>\n

Among these moves was the appointment of Marc Rowan, co-founder and senior managing director of Apollo Global Management, to the NYRT board of directors. Rowan, 53, is also managing partner of Apollo Management LP and on the boards of the general partner of Apollo Global Management, Athene Holding Ltd. (a Bermuda-based insurance holding company), Caesars Entertainment Corp and Caesars Acquisition Co.<\/p>\n

Rowan is a member of the Board of Overseers of the University of Pennsylvania\u2019s Wharton School of Business, whence he graduated summa cum laude with a BS and an MBA in finance.<\/p>\n

NYRT also plans to appoint two new independent directors in the near future.<\/p>\n

Additionally, it announced it has \u201cengaged an advisor to identify and consider potential strategic transactions at the asset or entity level.\u201d NYRT reportedly is continuing to pursue its plan to sell non-core assets in the outer boroughs and is in the process of implementing a joint venture with American Realty Capital New York City REIT Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"

Why this deal aligns with NYRT’s “best-in-class” portfolio.<\/p>\n","protected":false},"author":882,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,37775,21742,10,21747,37776,37777,37778],"tags":[],"class_list":["post-1004128931","post","type-post","status-publish","format-standard","hentry","category-rc-dividend-yield","category-rc-forward-affo-payout-ratios","category-latest","category-northeast","category-office","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-rc-total-return"],"acf":[],"yoast_head":"\nNew York REIT Makes Strategic Move with $325M Refi Package - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York REIT Makes Strategic Move with $325M Refi Package\" \/>\n<meta property=\"og:description\" content=\"Why this deal aligns with NYRT's "best-in-class" portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-08T13:56:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:38:04+00:00\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-york-reit-makes-strategic-move-with-325m-refi-package\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-york-reit-makes-strategic-move-with-325m-refi-package\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"New York REIT Makes Strategic Move with $325M Refi Package\",\"datePublished\":\"2015-10-08T13:56:49+00:00\",\"dateModified\":\"2022-12-08T23:38:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-york-reit-makes-strategic-move-with-325m-refi-package\\\/\"},\"wordCount\":372,\"commentCount\":0,\"articleSection\":[\"Dividend Yield\",\"Forward AFFO Payout Ratios\",\"News\",\"Northeast\",\"Office\",\"Premium\\\/Discount to NAV\",\"Price\\\/LTM FFO\",\"Total Return\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-york-reit-makes-strategic-move-with-325m-refi-package\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-york-reit-makes-strategic-move-with-325m-refi-package\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-york-reit-makes-strategic-move-with-325m-refi-package\\\/\",\"name\":\"New York REIT Makes Strategic Move with $325M Refi Package - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"datePublished\":\"2015-10-08T13:56:49+00:00\",\"dateModified\":\"2022-12-08T23:38:04+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-york-reit-makes-strategic-move-with-325m-refi-package\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-york-reit-makes-strategic-move-with-325m-refi-package\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-york-reit-makes-strategic-move-with-325m-refi-package\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New York REIT Makes Strategic Move with $325M Refi Package\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/scott-baltic\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"New York REIT Makes Strategic Move with $325M Refi Package - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/","og_locale":"en_US","og_type":"article","og_title":"New York REIT Makes Strategic Move with $325M Refi Package","og_description":"Why this deal aligns with NYRT's \"best-in-class\" portfolio.","og_url":"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2015-10-08T13:56:49+00:00","article_modified_time":"2022-12-08T23:38:04+00:00","author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/"},"author":{"name":"Scott Baltic","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"headline":"New York REIT Makes Strategic Move with $325M Refi Package","datePublished":"2015-10-08T13:56:49+00:00","dateModified":"2022-12-08T23:38:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/"},"wordCount":372,"commentCount":0,"articleSection":["Dividend Yield","Forward AFFO Payout Ratios","News","Northeast","Office","Premium\/Discount to NAV","Price\/LTM FFO","Total Return"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/","url":"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/","name":"New York REIT Makes Strategic Move with $325M Refi Package - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2015-10-08T13:56:49+00:00","dateModified":"2022-12-08T23:38:04+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/new-york-reit-makes-strategic-move-with-325m-refi-package\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"New York REIT Makes Strategic Move with $325M Refi Package"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004128931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004128931"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004128931\/revisions"}],"predecessor-version":[{"id":1004611491,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004128931\/revisions\/1004611491"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004128931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004128931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004128931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}