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
(iStock)
Canada’s surging housing market be peaking
Canada’s surging housing market be peaking
Abraham Edgardo Ortega is one of nine people charged in the laundering scheme. (Getty, Department of Justice)
Former Venezuelan oil exec sentenced in $1B money laundering scheme
Former Venezuelan oil exec sentenced in $1B money laundering scheme
Mark Zuckerberg and Priscilla Chan (Getty, iStock)
Mark Zuckerberg nearly doubles Hawaii real estate holdings
Mark Zuckerberg nearly doubles Hawaii real estate holdings
The Montana property with director Robert Redford and star Brad Pitt. (Getty, Swan Land Company)
“A River Runs Through It” Montana ranch lists for $136M
“A River Runs Through It” Montana ranch lists for $136M
Protestors in support of street vendors gather in Hudson Yards on May 7, 2021 (Getty)
“More churros, less cops”: Vendors and Related face off
“More churros, less cops”: Vendors and Related face off
arrow_forward_ios

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

Loading...