{"id":1004163224,"date":"2017-01-05T03:52:25","date_gmt":"2017-01-05T11:52:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004163224"},"modified":"2022-12-06T19:36:55","modified_gmt":"2022-12-07T03:36:55","slug":"stockholders-approve-new-york-reit-liquidation-plan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/","title":{"rendered":"Stockholders Approve New York REIT Liquidation Plan"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor <\/em><\/p>\n<div id=\"attachment_1004163230\" style=\"width: 285px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Worldwide-Plaza-New-York.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004163230\" data-attachment-id=\"1004163230\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/worldwide-plaza-new-york-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Worldwide-Plaza-New-York.jpg\" data-orig-size=\"750,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Worldwide-Plaza-New-York\" data-image-description=\"&lt;p&gt;Worldwide Plaza&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Worldwide Plaza in New York&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Worldwide-Plaza-New-York.jpg?w=750\" class=\"wp-image-1004163230\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Worldwide-Plaza-New-York.jpg\" alt=\"Worldwide Plaza\" width=\"275\" height=\"220\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Worldwide-Plaza-New-York.jpg 750w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Worldwide-Plaza-New-York.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 275px) 100vw, 275px\" \/><\/a><p id=\"caption-attachment-1004163230\" class=\"wp-caption-text\">Worldwide Plaza in New York<\/p><\/div>\n<p><strong>New York<\/strong>\u2014Right according to schedule, New York REIT Inc. announced Tuesday that, at its special meeting of stockholders that day, more than 99 percent of the shares of NYRT common stock that were voted as to the proposal to approve the plan of liquidation and dissolution of the company voted in favor of the proposal, with more than a majority of the outstanding shares approving, and therefore, the plan was approved.<\/p>\n<p>As <em>Commercial Property Executive<\/em> <a href=\"https:\/\/www.commercialsearch.com\/news\/new-york-reit-lands-760m-financing-prepares-to-sell-assets\/\" target=\"_blank\" rel=\"noopener\">reported just before Christmas<\/a>, NYRT recently received a $760 million facility from Credit Suisse, intended to:<\/p>\n<ul>\n<li>Repay the previous credit facility (with a balance of about $485 million);<\/li>\n<li>Allow NYRT to exercise a fixed-price option to purchase remaining 51 percent equity interest in Worldwide Plaza, a 2-million-square-foot office building in Manhattan; and<\/li>\n<li>Fund the REIT\u2019s dissolution.<\/li>\n<\/ul>\n<p>The liquidation plan followed the failure in August of a proposed merger between NYRT and JBG Cos., a major metro Washington, D.C., landlord. (JBG went on to a merger with Vornado Realty Trust.)<\/p>\n<p>\u201cWe are pleased with the outcome of today\u2019s vote, and I would like to thank all of NYRT\u2019s stockholders for their support throughout this process,\u201d Randolph Read, the REIT\u2019s chairman of the board of directors, said in a prepared statement. \u201cWe look forward to executing the plan of liquidation with the goal of maximizing value for all stockholders expeditiously.\u201d<\/p>\n<p>Exactly <em>how<\/em> expeditiously the process will be carried out remains to be seen. An NYRT spokesperson indicated to <em>CPE<\/em> that the REIT has not yet laid out a detailed timetable for the liquidation nor for the sale of Worldwide Plaza.<\/p>\n<p>The company also announced that, at its annual meeting of stockholders held on Dec. 30, all nine existing directors were reelected to the board.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NYRT will use a $760 million facility from Credit Suisse to repay previous debt, purchase Worldwide Plaza and fund the REIT\u2019s dissolution. <\/p>\n","protected":false},"author":882,"featured_media":1004163230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21783,1600,21742,10,21747],"tags":[33255,33311],"class_list":["post-1004163224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-new-york-reit-inc","tag-the-jbg-companies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Stockholders Approve New York REIT Liquidation Plan - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/","og_locale":"en_US","og_type":"article","og_title":"Stockholders Approve New York REIT Liquidation Plan","og_description":"NYRT will use a $760 million facility from Credit Suisse to repay previous debt, purchase Worldwide Plaza and fund the REIT\u2019s dissolution.","og_url":"https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-01-05T11:52:25+00:00","article_modified_time":"2022-12-07T03:36:55+00:00","og_image":[{"width":750,"height":600,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Worldwide-Plaza-New-York.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/","url":"https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/","name":"Stockholders Approve New York REIT Liquidation Plan - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Worldwide-Plaza-New-York.jpg","datePublished":"2017-01-05T11:52:25+00:00","dateModified":"2022-12-07T03:36:55+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Worldwide-Plaza-New-York.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Worldwide-Plaza-New-York.jpg","width":750,"height":600,"caption":"Worldwide Plaza in New York"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/stockholders-approve-new-york-reit-liquidation-plan\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Stockholders Approve New York REIT Liquidation Plan"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. 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