New York REIT, Inc. Enters Into Contract To Sell the Viceroy Hotel (7/13/18)
Wendy Silverstein Steps Down as CEO and Board Member
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.