July 16, 2018
Declaring that her job with New York REIT Inc. (NYRT) was now “substantially complete,” Wendy Silverstein has stepped down as its president and CEO. Silverstein joined NYRT in 2016 to oversee its liquidation process, a process all but concluded as the Viceroy Hotel, NYRT’s last remaining wholly-owned asset, has gone into contract.
NYRT didn’t identify the buyer in the $41-million deal for the lodging property along Billionaires’ Row near Central Park, but Bloomberg News reported it as the Arden Group. Developer Ark Partners sold the newly-completed Viceroy to NYRT for $148.5 million in 2013.
The REIT’s CFO, John Garilli, will assume the roles of president and CEO as the wind-down continues. Randolph Read, NYRT’s non-executive chairman, said the company ran “a robust liquidation process” under Silverstein’s leadership. Bloomberg reported that she’s in talks for a senior position with WeWork.
Still in NYRT’s portfolio is a 50% stake in Worldwide Plaza.
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