October 7, 2016 / 10:12 AM / a year ago

BRIEF-New York REIT provides update regarding management contract RFP process

Oct 7 (Reuters) - New York REIT Inc

* New York REIT provides update regarding management contract RFP process

* Independent directors of company’s board of directors contacted 31 entities to submit proposals

* NYRT board decided to pursue RFP to obtain best possible terms for management of company

* There is no termination payment or fees due to arc upon termination of contract in accordance with its existing terms

* Existing management contract between co, New York Recovery Advisors LLC is terminable by co on Dec 26, 60 days prior written notice

* As of deadline for interested parties to submit proposals, company had received 14 proposals

* Company expects that any new management contract would take effect December 27, 2016

* Moving forward to thoroughly evaluate proposals and expect to be performing diligence on candidate entities in due course Source text for Eikon: Further company coverage:

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