NYC - Michael L. Ashner and Winthrop Strategic Real Estate Fund Issue Statement Regarding New York City REIT Inc.'s Upcoming Annual Meeting
JERICHO, N.Y., Jan. 05, 2022 (GLOBE NEWSWIRE) -- Michael L. Ashner on behalf of Winthrop Strategic Real Estate Fund, currently a less than 1% stockholder of New York City REIT, Inc. (NYSE: NYC) (“NYC REIT” or the “Company”), today issued the following statement in response to the open letter issued to stockholders on January 4, 2022 by Comrit Investments 1, LP (together with its affiliates, “Comrit”):
We have reviewed Comrit’s open letter to stockholders and its nomination of Sharon Stern as an independent director for election to the Company’s Board of Directors (the “Board”). Based on Ms. Stern’s credentials, we believe Ms. Stern would greatly enhance the composition of the Board. We agree with many of the concerns raised by Comrit in its letter regarding the Company and its performance. In our view, the management and oversight of NYC REIT is another travesty foisted upon stockholders by Nick Schorsch and his management lackeys. We are unaware of a REIT with worse governance and operating results and in need of fresh perspectives and greater accountability. We are proffering our views solely as an independent stockholder of NYC REIT and have no arrangement or understanding, written or oral, with Comrit. We commend Comrit on its efforts and intend to vote our shares in support of Ms. Stern’s election at the Company’s 2022 annual meeting of stockholders.
About Winthrop Strategic Real Estate Fund
Winthrop Strategic Real Estate Fund is a private equity and debt investment fund focusing on distressed real estate opportunities and real estate securities investments.
Contact: Michael L. Ashner
Investor or Media Inquiries
Phone: (516) 822-0022; e-mail: mashner@winthropcapital.com