AR Global Terminated as Advisor to New York REIT
Oct 26 2016 | By DI Wire
New York REIT Inc. (NYSE: NYRT), a former non-traded real estate investment trust known as American Realty Capital New York Recovery REIT, is terminating its advisory agreement with New York Recovery Advisors LLC, effective December 26th. The advisor is managed by AR Global Investments, the successor business to AR Capital.
The agreement expires on December 26th and automatically renews unless terminated with 60 days’ written notice. The advisor will not receive any payments or fees relating to the termination.
New York REIT said that it is currently evaluating 14 management proposals it received after issuing a request for proposals for all interested, qualified parties to serve as its external manager. New York Recovery Advisors submitted a proposal, but the REIT has not yet made a decision whether it will enter into a new advisory agreement with the advisor or another party.
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