Shares of New York REIT Inc., which is winding down operations, will cease trading Nov. 2 on the New York Stock Exchange, the company announced. A cash liquidating distribution of $3.25 per share of the company’s common stock will be paid on Oct. 22 to shareholders of record as of Oct. 15.
The liquidating distribution will be funded in part through the net proceeds of the previously-announced $41-million sale of the Viceroy Hotel on West 57th Street in Midtown, which closed Friday. The REIT’s only remaining asset is a 50.1% interest in a joint venture which indirectly owns the Worldwide Plaza office and retail property at 825 Eighth Ave.
Following cessation of trading on the NYSE, the company will convert from a Maryland corporation to a Delaware limited liability company to be called New York REIT Liquidating LLC. The conversion is expected to become effective on Nov. 7.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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