Liquidation: New York REIT Liquidating LLC

Form Type: 10-Q

Filing Date: 2025-05-15

Corporate Action: Liquidation

Type: Update

Accession Number: 000095017025072507

Filing Summary: New York REIT Liquidating LLC continues its liquidation process, reporting consolidated net assets of $41.987 million as of March 31, 2025, down from $114.463 million at the beginning of the period. The net assets in liquidation saw a decline due to liquidating distributions to unitholders totaling $69.686 million, which reflects the company’s ongoing strategy to wind down operations and distribute remaining assets. The firm holds a 50.1% equity interest in Worldwide Plaza, its sole remaining property, with occupancy reported at 62.8%. The company aims to complete its liquidation activity by March 31, 2026, under the approved Liquidation Plan that allows asset sales and distributions without further approval from unitholders. Liquidation accounting continues to be used, with estimated costs through the liquidation process being a significant focus in financial reporting. The report also includes management's discussions regarding financial conditions and risks associated with the liquidation process, underscoring uncertainty in predicting future distributions.

Form Type: 10-K

Filing Date: 2025-03-31

Corporate Action: Liquidation

Type: New

Accession Number: 000095017025047685

Filing Summary: New York REIT Liquidating LLC is focused on winding down its affairs and executing a liquidation plan adopted by its predecessor's board, which was approved by stockholders in January 2017. The company is continuing operations under this plan, with the goal of selling its remaining investment assets, primarily a 50.1% ownership interest in the Worldwide Plaza. Significant cash distributions have been made to unitholders, totaling $1.1 billion since the implementation of the plan, with a recent distribution of $69.7 million on February 10, 2025. The company's liquidity and ability to make future distributions depend heavily on the successful leasing and managing of its properties amid unfavorable economic conditions in New York City. Operational cash flow is under pressure, notably due to defaults and decreased rental income. The company's future is tightly linked to the completion of the liquidation process with an uncertain timeline for remaining distributions to unitholders.