New York REIT Completes $760 Million Financing

NEW YORK, Dec. 21, 2016

Randolph C. Read, Chairman of the Board commented, "We are pleased to announce this financing, which provides us the financial flexibility and balance sheet strength to capture additional value associated with Worldwide Plaza and proceed with our plan of liquidation, pending stockholder approval.  We look forward to executing the plan of liquidation as expeditiously as possible, once approved by NYRT stockholders."

"NYRT has a strong portfolio of high-quality, well-leased assets in one of the best real estate markets in the world and we believe that increasing our ownership of Worldwide Plaza will bring significant value to our stockholders," said Michael Happel, Chief Executive Officer and President of NYRT. "In addition to providing us with the capital we need to exercise the option at Worldwide Plaza, this financing allows us to pay off our existing credit facility in full and move forward with the previously announced plan of liquidation, following stockholder approval."

The current credit facility had an outstanding balance of approximately $485 million as of December 19, 2016. The Company obtained the new financing partly because the former credit facility did not permit a liquidation or sale of all or substantially all of the assets of the Company.

Worldwide Plaza, a two million square foot office building in Manhattan, is the Company's largest asset. The Company currently owns a 48.9% interest in Worldwide Plaza and has a fixed price option to purchase all or substantially all of the rest of the property.

About NYRT
NYRT is a publicly traded real estate investment trust listed on the NYSE that owns income-producing commercial real estate, including office and retail properties, located in New York City. Additional information about NYRT can be found on its website at www.nyrt.com. NYRT may disseminate important information regarding it and its operations, including financial information, through social media platforms such as Twitter, Facebook and LinkedIn.

Forward-Looking Statements
The statements in this press release that are not historical facts may be forward-looking statements. These forward looking statements involve substantial risks and uncertainties. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements NYRT makes. Forward-looking statements may include, but are not limited to, statements regarding stockholder liquidity and investment value and returns. The words "anticipates," "believes," "expects," "estimates," "projects," "plans," "intends," "may," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that might cause such differences include, but are not limited to: the impact of current and future regulation; the impact of credit rating changes; the effects of competition; the ability to attract, develop and retain executives and other qualified employees; changes in general economic or market conditions; the Company's ability to complete asset sales, refinance its credit facility on favorable terms, if at all, and realize the results of its plan of liquidation; the timing of and the amount of proceeds of asset sales; and other factors, many of which are beyond NYRT's control, including other factors included in NYRT's reports filed with the Securities and Exchange Commission (the "SEC"), particularly in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of NYRT's latest Annual Report on Form 10-K for year ended December 31, 2015, filed with the SEC on February 26, 2016, the Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 filed with the SEC on November 9, 2016, and the Preliminary Proxy Statement on Schedule 14A with respect to the plan of liquidation filed with the SEC on December 9, 2016 (the "Preliminary Liquidation Proxy"), as such Risk Factors may be updated from time to time in subsequent reports. NYRT does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.