Witkoff, Ashner renew calls for leadership change at NY REIT

The investors are candidates for company’s board

New York /
Aug.August 04, 2016 08:00 AM

Activist investors Steven Witkoff and Michael Ashner lauded New York REIT’s decision not to merge with the JBG Companies, but revived calls for the trust’s management to step down.

“We are pleased that NYRT’s Board has finally woken up to what NYRT stockholders have known all along – that the combination with JBG was a poor decision and not in the interest of NYRT stockholders, said Ashner, who heads Winthrop Realty Trust and holds a stake in New York REIT jointly with Witkoff, in a statement Wednesday. “We continue to believe, however, that the current leadership is not composed of the right set of individuals needed to lead our Company through this important process.”

On Tuesday, the struggling REIT called off a $8.4 billion merger with Washington, D.C.-based JBG. It will likely look to sell off its properties individually instead. It owns a 49 percent stake in the 1.8 million-square-foot Office Tower One Worldwide Plaza and the 750,000-square-foot office building 1440 Broadway, among other properties.

Ashner and Witkoff, who hold a stake in the REIT through the entity WW Investors LLC, offered their names as candidates for the company’s board, along with Roscommon Capital’s Gregory Hughes, attorney Neil Koenig and Wellington Management’s James Hoffmann – all on behalf of WW Investors. – Konrad Putzier


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
The total supply of single-family homes declined 40 percent to 3.3 months in October (iStock)

Single-family home sales dip in October, but up 41% from last year

Single-family home sales dip in October, but up 41% from last year
Convene CEO Ryan Simonetti (Convene)

Convene closes Manhattan locations as corporate events fail to return

Convene closes Manhattan locations as corporate events fail to return
New York City District Council of Carpenters’s Monitor Glen McGorty (iStock; LinkedIn)

NYC carpenters union changes how it roots out mob ties

NYC carpenters union changes how it roots out mob ties
As workers trade in suits for sweatpants, 1 in 6 dry cleaners has closed or gone bankrupt (Getty)

Pandemic takes drastic toll on dry cleaners

Pandemic takes drastic toll on dry cleaners
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...