Deals
Activist Litt Calls on Apollo to Remake New York REIT Board
- NYC landlord trades at discount, Land & Buildings CIO says
- Litt adds to pressure on REIT following founder's departure
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New York REIT Inc., a property company once part of Nicholas Schorsch’s real estate empire, should replace at least half of its board with new independent directors to restore shareholder confidence, investor Jonathan Litt said in a letter.
The real estate investment trust, whose holdings include a 49 percent stake in Manhattan’s Worldwide Plaza, is worth about $14 a share, said Litt, founder and chief investment officer of Land & Buildings Investment Management LLC. The shares were little changed at $10.15 at 12:16 p.m. in New York trading.