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."
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.
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.
New York REIT, Inc.
Joele Frank, Wilkinson Brimmer Katcher
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SOURCE New York REIT, Inc.