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Happel: "Fully Support" a NY REIT Sale

NEW YORK CITY—The REIT's CEO said in the third quarter earnings call that he would back a disposition, while the firm also has grown its board.

By Rayna Katz | Updated on November 09, 2015

NEW YORK CITY—In the wake of repeated shareholder criticism over the company’s stock price performance, New York REIT president and CEO Michael Happel says he would “fully support” an entity-level sale of his organization. Such deals could take place on the individual asset or “sub-portfolio” level, the process could also involve a potential sale of the entire company, should such an opportunity arise, according to the Real Deal.

Meanwhile, the company also announced that its board has increased the size of its board by two additional members and that Keith Locker and James Nelson have been appointed to fill the two new slots as independent directors of the company. The NYRT board of directors now consists of seven members, five of which are independent.

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