NEW YORK, July 13, 2018 /PRNewswire/ -- New York REIT, Inc.
(NYSE: NYRT) (the "Company" or "NYRT"), which is liquidating and
winding down pursuant to a plan of liquidation, announced that it
has entered into a contract to sell the Viceroy Hotel located on
West 57th Street, in New York,
New York for $41.0 million to
an unaffiliated third party. The consummation of the sale is
subject to customary closing conditions for sales of leasehold
hotel properties located in New York, New
York. The closing is expected to occur by the end of the
third quarter of 2018. Once the sale of the Viceroy Hotel is
complete, the Company will have sold all of its properties except
for its remaining 50.1% interest in Worldwide Plaza.
The Company today also announced that Wendy Silverstein has decided to step down as
Chief Executive Officer, President, member of the Board of
Directors and as an officer or manager of all NYRT's subsidiaries
and affiliated entities. John
Garilli will assume the responsibilities of the CEO and
President and will also continue as the Company's Chief Financial
Officer. In addition, the Company's Advisory Agreement with
Winthrop REIT Advisors will remain in full force and effect.
Randolph C. Read, Non-Executive
Chairman of the Company, said, "On behalf of the entire Board, I
would like to thank Wendy for all of her hard work and dedication
throughout the liquidation process. Under her leadership, NYRT ran
a robust liquidation process that remained consistently focused on
maximizing returns for all NYRT shareholders. We wish her well in
her future endeavors."
Ms. Silverstein said, "With the sale of the Viceroy Hotel, the
job that I set out to do at NYRT, namely the liquidation of the
Company's assets, will be substantially complete. It has been a
privilege to lead NYRT and I am incredibly proud of the work we
have done to enhance value for our shareholders."
Mr. Read continued, "John has worked closely with Wendy
throughout the liquidation process and we are confident he is well
suited to lead NYRT through to completion. We look forward to
working with him in his expanded role."
About NYRT
NYRT is a publicly traded real estate investment trust listed on
the NYSE that owns income-producing commercial real estate,
including office and retail properties, located in New York City. NYRT's shareholders recently
adopted a plan of liquidation pursuant to which NYRT is liquidating
and winding down and, in connection therewith, is seeking to sell
its assets in an orderly fashion to maximize shareholder value. For
more information, please visit our website at www.nyrt.com.
Forward-Looking Statements
The statements in this release that are not historical facts may
be forward-looking statements. These forward-looking statements
involve substantial risks and uncertainties. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements the
Company makes. Forward-looking statements may include, but are not
limited to, statements regarding stockholder liquidity and
investment value and returns. The words "anticipates," "believes,"
"expects," "estimates," "projects," "plans," "intends," "may,"
"will," "would," and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Factors that might
cause such differences include, but are not limited to: the
purchaser consummating the transactions contemplated by the
purchase agreement; and other factors, many of which are beyond the
Company's control, including other factors included in the
Company's reports filed with the Securities and Exchange Commission
("SEC"), particularly in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of the Company's latest Annual Report on Form
10-K for the year ended December 31,
2017, filed with the SEC on March 1,
2018 and the Company's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2018 filed
with the SEC on May 9, 2018, as such
Risk Factors may be updated from time to time in subsequent
reports. The Company does not assume any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Contacts
John Garilli
New York REIT, Inc.
jgarilli@nyrt.com
(617) 570-4750
Jonathan Keehner
Mahmoud Siddig
Joele Frank, Wilkinson Brimmer
Katcher
jkeehner@joelefrank.com
msiddig@joelefrank.com
(212) 355-4449
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SOURCE New York REIT, Inc.