New York REIT CEO steps down, sells Viceroy Hotel per liquidation plan
New York REIT, which is liquidating and winding down pursuant to a plan of liquidation, announced that it has entered into a contract to sell the Viceroy Hotel located in New York, New York for $41M to an unaffiliated third party. The consummation of the sale is subject to customary closing conditions for sales of leasehold hotel properties located in New York, New York. The closing is expected to occur by the end of Q3. Once the sale of the Viceroy Hotel is complete, the company will have sold all of its properties except for its remaining 50.1% interest in Worldwide Plaza. The company also announced that Wendy Silverstein has decided to step down as CEO, President, member of the board and as an officer or manager of all NYRT's subsidiaries and affiliated entities. John Garilli will assume the responsibilities of the CEO and president and will also continue as the company's CFO. In addition, the company's advisory agreement with Winthrop REIT Advisors will remain in full force and effect.