Wendy Silverstein is set to direct the liquidation of New York REIT’s portfolio of 19 office and retail buildings in Midtown Manhattan.
Following two years of pressure from shareholders, the struggling REIT announced Monday that its Board of Directors has selected Winthrop REIT Advisors LLC, led by Silverstein, to become its external advisor in the liquidation.
NYRT also entered into an extension of its advisory agreement with its current advisor, New York Recovery Advisors, LLC (which is managed by AR Global Investments) partly in order to facilitate a smooth transition to Winthrop.
“We are pleased to announce the appointment of Winthrop as NYRT’s new external advisor which will be led by Wendy Silverstein,ˮ said Randolph C. Read, Chairman of the Board.
“The independent directors of the Board reached this decision following a robust and comprehensive process focused on selecting the most qualified adviser to manage the proposed plan of liquidation and to maximize value for all stockholders. Following an extensive vetting process, the Board chose Winthrop and Silverstein for their deep real estate background and Winthrop’s extensive experience leading companies through liquidation events, as well as the cost savings the new contract will provide the Company over its expected term.”
NYREIT will hold two separate stockholder meetings: an annual meeting to vote on the election of directors and a special meeting to approve NYRT’s proposed plan of liquidation and dissolution.
Winthrop Realty Trust is run by activist investor Michael Ashner who, along with developer Steve Witkoff, has led a stockholder revolt to dissolve the New York REIT.
He said, “We are excited to have been selected as the new external advisor for NYRT and look forward to working alongside the Board to maximize value for all NYRT stockholders.
“NYRT has an outstanding portfolio of assets and we are well prepared to work with the Board to execute the proposed plan of liquidation as expeditiously as possible, pending approval by NYRT stockholders.”