New York REIT COO, CFO Sullivan Leaves

NEW YORK CITY—Gregory W. Sullivan, CFO and COO of New York REIT, Inc. since April 2014 is leaving the REIT, the company reports.

In its announcement released today, New York REIT stressed that Sullivan “did not resign pursuant to any disagreement with the company” and has in fact stepped down in order to pursue other interests. Nick Radesca, the company's former CFO, will take on that role while the company conducts a search for Sullivan's replacement. Sullivan reportedly will be available to help the company through the transition.

Sullivan says in a prepared statement, “We have accomplished a great deal since listing on the NYSE over one year ago. We have constructed a high quality portfolio in one of the best real estate markets in America, architected a solid balance sheet and successfully transitioned to a big four accounting firm. It has been a pleasure to be involved with the New York team, and I wish them continued success on all fronts.”

New York REIT CEO Mike Happel says of Sullivan's departure, “Greg has made important contributions to our evolution as a public company, and his public company experience and institutional relationships have been valuable to us. We are grateful for his many contributions, his ongoing assistance during this transition process, and wish him all the best.”

Sullivan's career in real estate and corporate finance spans more than 30 years. Prior to joining NYRT, he was CFO, EVP and treasurer of STAG Capital Partners and served on the board of STAG's predecessor companies from 2003. He also served as executive vice president for corporate development for New England Development LLC from 2002 to 2011, where his role was to expand and diversify that firm's real estate and non-real estate private equity activities. Prior to joining NED in 2002, he was executive vice president and CFO of Trizec Hahn Corp. from 1994 to 2001.

From 1987 to 1994, Sullivan served in various capacities at AEW Capital Management in Boston. From 1982 to 1987 he was a senior finance officer at M/A-COM, a Boston-based telecommunications company, and from 1980 to 1982 he was employed as an investment banker at Smith Barney in New York City.