New York REIT CEO resigns, sells final asset
Wendy Silverstein, CEO of New York REIT, has plans to step down as CEO, president, member of the board of directors and as an officer or manager of all NYRT's subsidiaries and affiliated entities.
Silverstein is in talks to take a senior position at WeWork, according to media outlets.
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.
As part of its liquidation plan, New York REIT entered into a contract to sell the Viceroy Hotel located on West 57th Street, in New York, New York for $41.0 million to an unaffiliated third party. The closing is expected to occur by the end of the third quarter of 2018. Once the sale of the Viceroy Hotel is complete, New York REIT will have sold all of its properties except for its remaining 50.1 percent interest in Worldwide Plaza.
