New York REIT Liquidating LLC fka NYRT

[Enterprising Investor]

New York REIT Announces Transition Of External Manager To Winthrop REIT Advisors (3/03/17)

NEW YORK, March 3, 2017 /PRNewswire/ -- New York REIT, Inc. ("NYRT" or the "Company") (NYSE: NYRT) announced today that it has notified the parties that the previously announced transition of its external advisor from New York Recovery Advisors, LLC (which is managed by AR Global Investments, LLC; collectively referred to as "ARG" herein) to Winthrop REIT Advisors LLC ("Winthrop") will be completed on March 7, 2017. All advisory duties will on that date be transferred to Winthrop. In connection with the transition of external managers, Wendy Silverstein will be appointed as the Company's President and Chief Executive Officer as of that same date and will continue to serve as a member of the Company's Board of Directors. In addition, John Garilli will be appointed as the Company's Chief Financial Officer, Treasurer and Secretary as of that date. Also effective as of March 7, 2017, Michael Happel will resign as President and Chief Executive Officer of NYRT and has advised the Company that he will be founding a real estate business after a transition period with ARG. Nicholas Radesca will resign as Interim Chief Financial Officer, Treasurer and Secretary of NYRT and Patrick O'Malley will resign as Chief Investment Officer of NYRT also effective, in each case as of March 7, 2017.

Randolph C. Read, Chairman of the Board, commented, "We are pleased to be completing the external advisor transition and would like to thank ARG and Winthrop for their efforts in making this process as seamless as possible. I would also like to welcome Wendy to her new role on the NYRT management team. My fellow directors and I look forward to continuing to benefit from her extensive real estate background and financial, capital markets and transaction expertise. She is an ideal leader for NYRT to oversee and expeditiously complete our previously announced plan of liquidation."

Mr. Read continued, "I would like to thank Mike Happel for his hard work, professionalism and dedication to NYRT. As an entrepreneurial co-founder of the Company, Mike has played an instrumental role in creating the Company and building its strong portfolio of New York real estate assets since the Company's inception in 2009. We wish him well in the future."

"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 Ms. 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."

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. Additional information about NYRT can be found on its website at www.nyrt.com. NYRT may disseminate important information regarding it and its operations, including financial information, through social media platforms such as Twitter, Facebook and LinkedIn.

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