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New York REIT Appoints New Director

New York REIT Inc. (NYSE: NYRT), a publicly-traded real estate investment trust, appointed Howard Goldberg to the company’s board of directors and compensation committee. With his appointment, the board is now comprised of nine directors, seven of whom are independent.

The company will soon begin its shareholder-approved plan to liquidate and dissolve the company after the board terminated a proposed merger with JBG Companies late last year following public opposition by investors Michael Ashner, Steven Witkoff, and their jointly owned entity, WW Investors LLC. Ashner serves as the chairman and chief executive officer of Winthrop Realty Trust.

Winthrop REIT Advisors replaced AR Global-managed New York Recovery Advisors LLC as its external advisor and assumed all advisory duties for the company. The transition was completed this week, with Wendy Silverstein supplanting Michael Happel as president and CEO of the firm, and John Garilli replacing Nicholas Radesca as chief financial officer, treasurer and secretary.

Goldberg was recommended to the board by WW Investors to fill the vacancy left by Gregory Hughes, who resigned last month citing disagreements with the board and corporate government.

“We are pleased to welcome Howard to the NYRT board,” said Randolph Read, chairman of the board of directors. “Howard’s nearly two decades of senior executive, legal and real estate industry experience, including oversight of two liquidation processes, aligns exceptionally well with the board’s priorities. We look forward to benefitting from his contributions as we continue to execute the plan of liquidation.”

Goldberg has been a private investor in both real estate and start-up companies and has provided consulting services to start-up companies since 1999. His real estate experience includes serving as a member of the board of directors and the audit committees of Shelbourne Properties I, II and III, three affiliated real estate investment trusts, from August 2002 until their liquidation in April 2004.

In addition, Goldberg served as a member of the board of trustees of Winthrop Realty Trust, a publicly-traded real estate investment trust, from December 2003 to August 5, 2016 when Winthrop’s assets were transferred to Winthrop Realty Liquidating Trust. He currently serves as a trustee for Winthrop Realty Liquidating Trust.

New York REIT owns 19 commercial real estate properties in New York City. Shares of NYRT closed at $9.76 on Thursday.

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