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New York REIT declares cash liquidating distribution, schedules conversion date

New York REIT Inc. will pay a cash liquidating distribution of $3.25 per common share Oct. 22 to shareholders on record Oct. 15, in connection with its planned liquidation.

The distribution will be financed using cash on hand and approximately $39.8 million of the net proceeds from the $41.0 million sale of the Viceroy Hotel on West 57th Street in New York.

The office landlord's only remaining asset is a 50.1% stake in a joint venture that indirectly owns the Worldwide Plaza office and retail property in New York. The stake will continue to be New York REIT's only property following its expected conversion to a Delaware limited liability company from a Maryland corporation, effective Nov. 7.

New York REIT will be renamed New York REIT Liquidating LLC and withdraw its shares of common stock from trading on the New York Stock Exchange pursuant to the restructuring. Its last day of trading is scheduled Nov. 2.

After the conversion, company stockholders will automatically gain one unit of common membership interest in the limited liability company for each share held of the company's common stock. Units in the restructured company will not trade on any exchange and will be generally nontransferable.