NEW YORK CITY—New York REIT has notified the parties that the previously announced transition of its external advisor from New York Recovery Advisors to Winthrop REIT Advisors will be completed on March 7. All advisory duties will on that date be transferred to Winthrop.

In connection with the transition of external managers, Wendy Silverstein will be appointed as the company's president and CEO as of that same date and will continue to serve as a member of the company's Board of Directors. In addition, John Garilli will be appointed as the company's Chief Financial Officer, Treasurer and Secretary as of that date.

Also effective March 7, Michael Happel will resign as president and CEO of NYRT and has advised the company that he will be founding a real estate business after a transition period with ARG. Nicholas Radesca will resign as interim CFO, treasurer and secretary of NYRT and Patrick O'Malley will resign as CIO.

Randolph C. Read, chairman of the board, comments, “We are pleased to be completing the external advisor transition and would like to thank ARG and Winthrop for their efforts in making this process as seamless as possible. I would also like to welcome Wendy to her new role on the NYRT management team. My fellow directors and I look forward to continuing to benefit from her extensive real estate background and financial, capital markets and transaction expertise. She is an ideal leader for NYRT to oversee and expeditiously complete our previously announced plan of liquidation.”

He continues, “I would like to thank Mike Happel for his hard work, professionalism and dedication to NYRT. As an entrepreneurial co-founder of the company, Mike has played an instrumental role in creating the company and building its strong portfolio of New York real estate assets since the company's inception in 2009. We wish him well in the future.”

“With the completion of the external manager transition, we are now able to focus all of our energy on executing the plan of liquidation,” adds Silverstein. “We have made good progress over the past few months, and are well positioned to complete the work at hand with the goal of maximizing value for all NYRT stockholders.”

Instant Insights /

NY REIT Starting New Chapter

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