Steven Witkoff and Michael Ashner's jointly owned WWInvestors LLC has submitted a proposal to be appointed replacement adviser forNew York REIT'splanned liquidation.
WW Investors' proposal includes the appointment of WendySilverstein as CEO of New York REIT. Silverstein previously as an executive vice president ofVornado Realty Trust.
The management proposal was delivered on behalf of WWInvestors affiliate Winthrop Realty Partners LP, which also seeks to manage theREIT on an ongoing basis in the event that no liquidation plan is adopted.
The activist investors said Winthrop's management of NewYork REIT during the liquidation will result in more than $50 million insavings in liquidation costs, and $4 million in annual operating costs comparedto the existing advisory agreement, based on "conservative estimates"by WW Investors.
Winthrop did not request any transitional fees orreimbursement related to its management of the REIT, and it expects anexpedited full liquidation to conclude in no more than 12 months. The Winthropteam recently initiated and supervised Winthrop Realty Trust's liquidation.