Cadwalader Advises New York REIT in Sale of 50 Varick Street

Aug 09, 2017

Contact(s)

Kimberly Brooks
New York
+1 212 504 5652
kimberly.brooks@cwt.com
Ron Brandsdorfer
New York
+1 212 504 6712
ron.brandsdorfer@cwt.com

Cadwalader represented New York REIT Inc. in the $135 million sale of 50 Varick Street, a creative studio and office space condominium located in the Tribeca neighborhood of Manhattan. In connection with the sale, New York REIT paid down $78.1 million of debt as required under the company’s $760 million cross collateralized and secured loan, for which the property was part of the collateral. New York REIT is winding down pursuant to a plan of liquidation.

The Cadwalader team was led by real estate partner Steven Herman and included special counsel Loren Taub, associate Andrea Weitzman and paralegal Erich Weber.

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