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New York REIT Plans Strategy Review Following Litt Critique

  • Apollo's Rowan, two independent directors to join board
  • Litt responds by saying board initiatives `fall well short'
New York City real estate.

New York City real estate.

Photographer: Andrew Harrer/Bloomberg
Updated on

New York REIT Inc., an owner of properties in Manhattan and Brooklyn, plans to review its business and add independent directors after investor criticism that the company was underperforming.

The real estate investment trust said in a statement Thursday it was starting governance, strategy and operational actions to enhance shareholder value. Those could include a sale of buildings or the company itself. It hired brokerage Eastdil Secured to review potential deals and named Marc Rowan, co-founder of Apollo Global Management LLC, as a director. Apollo has agreed to acquire New York REIT’s external manager.