The letter goes on to suggest the sale is meant to cover investor dividend payments. “We believe the decision to sell results directly from the company's inability to access capital markets in a manner non-dilutive to net asset value. More troubling is the issue as to whether these sales are needed to maintain a dividend which is certainly not covered by the company's current operating cash flow.”

NYRT's plans to sell equity interest and repurchase stock also are called into question by the investors. Altneratively, they close with an offer to help NYRT recover from its alleged missteps. “We believe the board should reconsider its rejection of open discussions with the Winthrop/Witkoff Group. Putting aside the ugly conflicts that exist when a sponsor and its management team are creating new vehicles that directly compete with NYRT, we believe the company would be acquiring a best-in-class, experienced management team willing to provide the company with both exclusivity and a substantial cash infusion, insuring its future growth.”

Other investors reportedly are concerned too, the letter writers note. “Since the annual meeting, we have met with and talked to a number of institutional investors who have shared with us their deep concerns relating to the company, its management, its choices and its direction. We also have listened to how we might improve the prior proposal. Consequently, the board can expect a revised proposal from us shortly. We certainly hope the company will be more open minded in its review and restrain itself from those steps which would be destructive of shareholder value in the interim.”