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ISS Recommends New York City REIT Stockholders Vote for Sharon Stern on the WHITE Proxy CardComrit Investments 1, LP (together with its affiliates, "Comrit" or "we"), a long-term stockholder of New York City REIT, Inc. (NYSE: NYC) ("NYC REIT" or the "Company"), today announced that Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm, has recommended the Company's stockholders vote on the WHITE proxy card to elect Comrit's independent nominee, Sharon Stern. In its full report, ISS affirmed the case for boardroom change at NYC REIT and agreed with Comrit's concerns regarding sustained underperformance and poor corporate governance under the current Board1:
"Comrit is very pleased that ISS has recognized the urgent need for change in NYC REIT's boardroom by recommending stockholders vote on the WHITE proxy card given the Company's abysmal stockholder returns and poor corporate governance. Stockholders have suffered for too long at the hands of a conflicted Board and management team that have historically prioritized the interests of the Company's advisor over those of stockholders, including through the approval of an onerous advisory agreement that provides for excessive advisor compensation. We firmly believe the best path to preserving and maximizing stockholder value at NYC REIT is by electing our independent nominee, Sharon Stern, who possesses the right objectivity, public REIT board experience, real estate sector expertise and governance acumen to effectively oversee the Company and help deliver long-term value for all stockholders." Stockholders can learn more at www.RebuildNYCREIT.com. *** VOTE THE WHITE PROXY CARD TO ELECT INDEPENDENT, HIGHLY QUALIFIED NOMINEE SHARON STERN. CONTACT [email protected] WITH ANY QUESTIONS REGARDING HOW TO VOTE. *** About Comrit Investments Comrit Investments 1, LP is an investment partnership that invests in income generating real estate through public non-traded real estate investment trusts. Founded in 2015 and based in Tel Aviv, Washington D.C. and New York City, Comrit is sponsored by I.B.I. Investment House Ltd. (TLV: IBI), an Israel-based market leader in alternative fund offerings. Comrit's management team collectively has 30 years of experience investing across the U.S. real estate market.
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