New York REIT Selling Non-Core Assets
New York REIT has elected Randolph Read to succeed William Kahane as non-executive chairman of its Board of Directors. Kahane will continue to serve as director. The board also announced plans to repurchase $150M of the company's common stock, while also giving Cushman & Wakefield and Holiday Fenoglio Fowler authorization to sell some non-core assets. The company's assets include trophies like Worldwide Plaza (pictured). The initiatives come after shareholders expressed concern that the stock price was deteriorating. The hope is that these efforts will increase stockholder value in the long run and lessen the gap between share price and net asset value, which management believes is much higher.