New York REIT to Complete External Manager Transition this Week
New York REIT Inc. (NYSE: NYRT), a publicly-traded real estate investment trust, will complete the previously announced transition of its external advisor on March 7th.
Winthrop REIT Advisors is replacing AR Global-managed New York Recovery Advisors LLC as its external advisor and will assume all advisory duties for the company.
In connection with the transition, board member Wendy Silverstein will replace Michael Happel as the company’s president and chief executive officer. Happel is planning to start a real estate business following a transition period with AR Global.
In addition, John Garilli will replace Nicholas Radesca as chief financial officer, treasurer and secretary, and Patrick O’Malley will resign as chief investment officer.
“With the completion of the external manager transition, we are now able to focus all of our energy on executing the plan of liquidation,” said Silverstein. “We have made good progress over the past few months, and are well positioned to complete the work at hand with the goal of maximizing value for all NYRT stockholders.”
Shareholders recently voted to dissolve and liquidate the company after the board terminated a proposed merger with JBG Companies late last year following public opposition by investors Michael Ashner, Steven Witkoff, and their jointly owned entity, WW Investors LLC. Ashner serves as the chairman and chief executive officer of Winthrop Realty Trust.
New York REIT owns 19 commercial real estate properties in New York City. Shares of NYRT closed at $9.85 on Friday and jumped to $10.05 after hours.
