New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 19, 2014
13:11 EDTNYRTNew York REIT gets favorable ruling in Worldwide Plaza litigation
New York REIT announced that it received a favorable ruling in a suit initiated against NYRT by RXR Realty. RXR alleged that it suffered "lost profits" in connection with NYRT's purchase of Worldwide Plaza in October 2013. RXR had been in contract to purchase a 48.9% stake in Worldwide Plaza from the seller in 2013, but had not closed the acquisition. NYRT then agreed to purchase such interest in Worldwide Plaza, and RXR immediately sued to enjoin the sale to NYRT. Justice Shirley Kornreich of the Supreme Court of the State of New York denied RXR's motion for an injunction in October 2013, and the Appellate Division, First Department then denied RXR's application for an emergency stay of the sale. NYRT closed the acquisition of its stake in Worldwide Plaza, including a future option to buy the property in its entirety, on October 31, 2013. RXR then filed an amended complaint against the seller of Worldwide Plaza and NYRT for disgorgement of an alleged $200M profit NYRT obtained on the deal. The seller and NYRT filed motions to dismiss the amended complaint earlier this year. On August 12, Justice Kornreich dismissed all of RXR's claims against the seller and dismissed RXR's disgorgement claims against NYRT, permitting only a limited claim against NYRT for RXR's cost of producing due diligence-related material to proceed.
News For NYRT From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 1, 2015
10:52 EDTNYRTLand and Buildings says more changes needed to enchance New York REIT value
Subscribe for More Information
06:03 EDTNYRTNew York REIT announces initiatives to enhance shareholder value
New York REIT announced the initiation of a series of governance, strategic and operational actions intended to enhance value for all shareholders and narrow the gap between net asset value, or NAV, and the company's current common share price. These changes are the result of weeks of engagement with NYRT's shareholders and careful consideration by the company and its board. NYRT's senior management and board unanimously endorsed the following actions: The board appointed Marc Rowan as a director; the board is conducting a search to identify additional independent director candidates, and plans to appoint two independent directors in the near future; The company engaged the Eastdil Secured division of Wells Fargo Securities, a leading real estate investment banking group, as strategic advisor to identify and consider potential strategic transactions at the asset or entity level; The company is releasing parties who participated in a previous strategic transaction process from the standstill provisions of their non-disclosure agreements, enabling them to participate in any strategic transactions at the asset or entity level; The company continues to pursue its previously announced plan to sell non-core, outer-borough assets; and the company is in the process of implementing a joint venture arrangement with American Realty Capital New York City REIT, a non-traded REIT, eliminating competition for transactions between the two entities.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use