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New York REIT gets 14 management proposals

New York REIT said it received 14 proposals from interested parties to serve as the REIT's external manager.

The company's independent directors reached out to 31 entities with requests for proposals. Randolph Read, chairman of the board, said in a release that the REIT is "moving forward expeditiously to thoroughly evaluate the proposals."

Steven Witkoff and Michael Ashner's jointly owned WW Investors LLC recently submitted a proposal to be appointed replacement adviser for the REIT's planned liquidation. The activist investors' proposal was delivered on behalf of affiliate Winthrop Realty Partners LP, which also seeks to manage the REIT on an ongoing basis in the event that no liquidation plan is adopted.

New York REIT expects a new management contract to take effect Dec. 27, as its existing management contract with New York Recovery Advisors LLC, which is managed by Nick Schorsch's AR Global Investments LLC, is terminable by the company on Dec. 26, with no fees due, with 60 days' prior written notice.