City Investing has agreed to sell its real estate unit.

Continuing its liquidation proceedings, the New York-based company said it will sell its General Development unit for $215 million in cash. City Investing declined to identify the proposed purchaser except to say that it is a “major real estate investment company.” The company said the proposed sale is subject to the approval of a definitive agreement by April 28, adding that it expected to close the deal by June 28. General Development is a developer of planned communities in Florida.