New York REIT's board picked Winthrop REIT Advisors LLC as the company's new external adviser, starting Jan. 3, 2017.
The company said that out of the 14 management proposals it received, Winthrop was determined by the board to be the best option to oversee the REIT's liquidation plan. Wendy Silverstein will lead the new external adviser.
To facilitate a smooth transition, New York Recovery Advisors LLC will continue as the REIT's adviser through March 31, 2017, under an extended advisory agreement with New York REIT, which is subject to an earlier termination right by the REIT.
To allow it to save on accounting costs and remain in compliance with the NYSE annual meeting requirements, New York REIT will hold separate meetings to vote on its director elections and the liquidation and dissolution proposal on Dec. 30, 2016, and Jan. 3, 2017, respectively.
Stockholders of record as of the close of business Nov. 10 will be entitled to vote at the meetings.
Debevoise & Plimpton LLP aided the independent directors in the request-for-proposals process.