NEW YORK CITY—New York REIT's board of directors has selected Winthrop REIT Advisors to become its new external advisor. In addition, NYRT has entered into an extension of its advisory agreement with its current advisor, New York Recovery Advisors, partly in order to facilitate a smooth transition to Winthrop.

To find a new external advisor, the board contacted 31 entities to submit proposals and ultimately concluded that the appointment of Winthrop represented the best option to oversee the proposed plan of liquidation, pending stockholder approval, and to maximize value for stockholders.

The extension is through March 31, 2017, although the company can terminate it on three business days' notice after February 28, 2017.

Led by NYRT CEO Wendy Silverstein, Winthrop will advise the company on the liquidation plan and manage the proposed plan of liquidation at the board's direction.

“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,” says Randolph C. Read, chairman of the board.

“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,” he added.

The company recently announced it 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.

The bifurcation of meetings will allow the company to begin liquidation accounting for the full year 2017, which will result in accounting cost savings for the company while allowing it to remain in compliance with New York Stock Exchange annual meeting requirements.

As previously announced, NYRT will hold the vote on the election of directors on December 30, 2016, and now plans to hold a vote on the plan of liquidation and dissolution on January 3, 2017.

Debevoise & Plimpton, special counsel to the independent directors of the board, assisted the independent directors of the Board in the RFP process. In an effort to remove any potential conflicts of interest, William M. Kahane, a member of the board, recused himself from all deliberations relating to the RFP process.

NEW YORK CITY—New York REIT's board of directors has selected Winthrop REIT Advisors to become its new external advisor. In addition, NYRT has entered into an extension of its advisory agreement with its current advisor, New York Recovery Advisors, partly in order to facilitate a smooth transition to Winthrop.

To find a new external advisor, the board contacted 31 entities to submit proposals and ultimately concluded that the appointment of Winthrop represented the best option to oversee the proposed plan of liquidation, pending stockholder approval, and to maximize value for stockholders.

The extension is through March 31, 2017, although the company can terminate it on three business days' notice after February 28, 2017.

Led by NYRT CEO Wendy Silverstein, Winthrop will advise the company on the liquidation plan and manage the proposed plan of liquidation at the board's direction.

“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,” says Randolph C. Read, chairman of the board.

“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,” he added.

The company recently announced it 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.

The bifurcation of meetings will allow the company to begin liquidation accounting for the full year 2017, which will result in accounting cost savings for the company while allowing it to remain in compliance with New York Stock Exchange annual meeting requirements.

As previously announced, NYRT will hold the vote on the election of directors on December 30, 2016, and now plans to hold a vote on the plan of liquidation and dissolution on January 3, 2017.

Debevoise & Plimpton, special counsel to the independent directors of the board, assisted the independent directors of the Board in the RFP process. In an effort to remove any potential conflicts of interest, William M. Kahane, a member of the board, recused himself from all deliberations relating to the RFP process.