Background
New York REIT (NYRT) has been in a drawn out liquidation process which has been taking much longer to play out than investors would have originally expected. I have been watching this deal, waiting patiently on the sidelines for the right entry point. The primary difficulty both investors and management faced was the difficulty of calculating the expected liquidation value of New York REIT’s properties in a challenging New York real estate environment. In short, there were delays and there was no certainty regarding the future payouts and the company unloaded its