New York REIT: Deeply Undervalued With One Remaining Trophy Asset [Seeking Alpha]
NEW YORK REIT (NYRT)
US:NYSE Investor Relations:
nyrt.com
Company Research
Source: Seeking Alpha
Summary New York REIT, has been in liquidation since January 3, 2017, when its shareholders approved a plan of liquidation. Under the guidance of Wendy Silverstein, the liquidation process is almost complete. On July 13, 2018, NYRT entered into a contract of sale for The Viceroy Hotel on West 57 th Street, in Manhattan, which is expected to close at the end or slightly after the third quarter of this year. This leaves NYRT with one final asset, a 50.1% interest in World Wide Plaza, a trophy asset, which is scheduled to be sold in 2021. World Wide Plaza has slightly over 2,000,000 square feet of space and two major tenants. The law firm Cravath Swaine and Moore, which is one of the premier firms in the United States, is the largest tenant in the building and is continuing to expand. The second largest tenant is Nomura Holdings, which is a very large Japanese financial firm. The building is known as 825 Eighth Avenue and the cross street is 50 th Street. New York REIT, on
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