EDGAR 10-K Filing

Company CIK: 1474464
Filing Year: 2025
Filename: 1474464_10-K_2025_0000950170-25-047685.json

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ITEM 1. BUSINESS
Item 1. Business.
Organization
All references to the “Company” refer to New York REIT Liquidating LLC. All references to “we,” “us,” or “our” refer to New York REIT Liquidating LLC and its consolidated subsidiaries, provided that, notwithstanding such references, the consolidated subsidiaries of the Company are distinct legal entities that are separate from the Company. References to the Company’s ownership, investment in, and rights and obligations and actions concerning WWP Holdings LLC ("WWP") or Worldwide Plaza refer to the interests, rights and obligations, and actions of the Company’s subsidiary ARC NYWWPJV001, LLC, except that references relating to the $90.7 million cash reserve established in 2017 from the proceeds of our sale of a 48.7% interest in Worldwide Plaza refer to amounts held by the Company and not by ARC NYWWPJV001, LLC. For example, statements such as “our sole remaining property-related asset is a 50.1% ownership interest in Worldwide Plaza,” “our interest in Worldwide Plaza,” “our joint venture partner in Worldwide Plaza,” and similar statements refer to ARC NYWWPJV001, LLC’s interests, activities, rights and obligations, and partner with respect to Worldwide Plaza.
New York REIT Liquidating LLC (the "Company") was formed on November 7, 2018 and is the successor entity to New York REIT, Inc. (the “Predecessor”). The Predecessor was incorporated on October 6, 2009 as a Maryland corporation that qualified as a real estate investment trust for U.S. federal income tax purposes (“REIT”) beginning with its taxable year ended December 31, 2010. On April 15, 2014, the Predecessor listed its common stock on the New York Stock Exchange (“NYSE”) under the symbol “NYRT.”
The sole purpose of the Company is to wind up the Company’s affairs and the liquidation of the Company’s assets with no objective to continue or to engage in the conduct of a trade or business, except as necessary for the orderly liquidation of the Company’s assets.
On August 22, 2016, the Predecessor’s Board of Directors (the “Board”) approved a plan of liquidation to sell in an orderly manner all or substantially all of the assets of the Predecessor and its operating partnership, New York Recovery Operating Partnership, L.P., a Delaware limited partnership (the "OP"), and to liquidate and dissolve the Predecessor and the OP (the “Liquidation Plan”), subject to stockholder approval (see Note 2). The Liquidation Plan was approved at a special meeting of stockholders on January 3, 2017. All of the assets held by the OP have been sold and the OP was dissolved prior to the conversion on November 7, 2018.
At December 31, 2024, the Company’s only significant assets are a 50.1% equity interest in WWP which owns one property, known as Worldwide Plaza, aggregating 2.0 million rentable square feet, with occupancy of 62.8% as of December 31, 2024, and cash and cash equivalents and restricted cash totaling $91.7 million. The property consists of office space, retail space and a garage, representing 88%, 5% and 7%, respectively, of rentable square feet at December 31, 2024.
Prior to 2019, the Company sold all of its properties except for the remaining 50.1% interest in Worldwide Plaza.
On February 10, 2025, the Company paid a cash liquidating distribution of $69.7 million, or $4.15 per unit. As of March 28, 2025, the Company has cash and cash equivalents totaling $19.3 million. As of March 28, 2025, the Company, together with the Predecessor, has paid aggregate cash liquidating distributions of $1.1 billion, or $65.98 per common share/unit of common membership.
The Company has no employees. Since March 8, 2017, all advisory duties are administered by Winthrop REIT Advisors, LLC (the “Winthrop Advisor”).
Under the Liquidation Plan, the Predecessor was not, and under our limited liability company agreement we are not, permitted to make any new investments except to make protective investments or advances with respect to our existing assets. We are permitted to satisfy any existing contractual obligations and fund required tenant improvements and capital expenditures at our real estate property owned by the joint venture in which we own an interest.
The Liquidation Plan enables us to sell any and all of our assets without further approval of the unitholders and provides that liquidating distributions be made to the unitholders as determined by the Company’s Board of Managers (the “Board of Managers”).
In October 2018, the Predecessor announced the withdrawal of its common stock from listing on the NYSE in connection with the conversion. November 2, 2018 was the last day on which shares of its common stock were traded on the NYSE and our stock transfer
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
books were closed as of 4:00 p.m. (Eastern Time) on such date. At the effective time of the conversion, each outstanding share of common stock was converted into one unit of common membership interest in the Company (a “Unit”), and holders of shares of the Predecessor’s common stock automatically received one Unit (which Unit was in book entry form) for each share of the common stock held by such stockholder. Unlike shares of the Predecessor’s common stock, which, in addition to being listed on the NYSE, were freely transferable, Units are not listed for trading and generally are not transferable except by will, intestate succession or operation of law. Therefore, the holders of Units do not have the ability to realize any value from these interests except from distributions made by the Company, the timing of which will be solely in the discretion of the Board of Managers.
The Company is deemed to be the same entity as the Predecessor with the same assets and liabilities as the Predecessor. In addition, the charter and bylaws of the Predecessor were replaced by the operating agreement of the Company. For tax purposes, the fair value of each Unit in the Company received by stockholders when the conversion became effective, which reflects the value of the remaining assets of the Company (net of liabilities), was $14.00 per Unit and was equal to the average of the high and low trading prices for shares of the Predecessor’s common stock on the last three days on which the shares were traded on the NYSE.
The business of the Company is the same as the business of the Predecessor immediately preceding the conversion, which, consistent with the Liquidation Plan, consists of the continued ownership of the Predecessor’s interest in Worldwide Plaza, the only remaining property-related asset. Under its operating agreement, the business and affairs of the Company will be managed by or under the direction of its Board of Managers. The sole purpose is winding up the affairs of the Company and the liquidation of its remaining asset. On December 26, 2024, pursuant to the terms of the operating agreement of the Company, the Board of Managers extended the term of the Company such that the Company will remain in existence until the earlier of (i) the distribution of all Company assets pursuant to liquidation, or (ii) December 31, 2025. The term may be extended to such later date as the Board of Managers determines is reasonably necessary to fulfill the purposes of the Company.
The dissolution process and the amount and timing of future distributions to unitholders involve risks and uncertainties. Accordingly, it is impossible to predict the timing or aggregate amount which will be ultimately distributed to unitholders. No assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Consolidated Statements of Net Assets.
Sales Pursuant to the Plan of Liquidation
Pursuant to the Liquidation Plan, excluding the partial sale of Worldwide Plaza, we sold six properties for an aggregate purchase price of $1.325 billion during 2017 and ten properties for an aggregate purchase price of $479.6 million in 2018. There were no property sales during the years 2019 to 2024.
Assets
Our one remaining property asset is located in New York, New York. See “Properties” in Part I, Item 2 for a description of our remaining asset. Exclusive of the cash held by our joint venture subsidiary, the Company had cash and cash equivalents and restricted cash totaling $91.7 million at December 31, 2024. As of March 28, 2025, the Company has cash and cash equivalents totaling $19.3 million.
Indebtedness
At December 31, 2024, we indirectly had debt of $601.2 million of unconsolidated mortgage debt reflecting our pro rata share of Worldwide Plaza’s total mortgage debt of $1.2 billion, which is non-recourse to us, with a weighted average interest rate equal to 3.98% per annum and a weighted average term to maturity of three years. This debt consists of fixed-rate secured mortgage notes payable. Changes in market interest rates have no impact on interest due on the notes. The Worldwide Plaza mortgage debt matures in November 2027 and requires monthly interest-only payments. Operating cash flow at the property was sufficient to cover the monthly debt service payments through August 2024. Interest on the Worldwide Plaza mezzanine debt has not been paid since August 6, 2024. On September 13, 2024, ARC NYWWPJV001, LLC received a copy of a default notice to WWP Mezz, LLC, a subsidiary of WWP, as borrower under a $190.0 million mezzanine first loan, as a result of failure by the borrower to make a required interest payment of $0.8 million under the loan agreement. The lease with Cravath, Swaine & Moore LLP ("Cravath") expired on August 31, 2024 and operating cash flow at the property is no longer sufficient to cover property operations and debt service payments.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Tax Status
We are taxed as a partnership for federal and state income tax purposes. Accordingly, no provision or benefit for income taxes is made in the consolidated financial statements. All distributions from the Company will be considered a return of capital for tax purposes. Unitholders will receive a Schedule K-1 from the Company annually reflecting their allocable share of the Company's income, loss, gains and deductions.
Competition
The New York City real estate market is highly competitive and there are many competing properties in the New York MSA. With respect to the remaining property asset that we own, we compete for tenants based on a number of factors that include location, rental rates, security, suitability of the property’s design to prospective tenants’ needs and the manner in which the property is operated and marketed. Many competitors have substantially greater marketing budgets and financial resources than we do which could limit our success when we compete with them directly. Competition could have a material effect on our occupancy levels, rental rates and on property operating expenses. The manager for leasing activity at our remaining property also manages leasing activity for multiple properties in New York MSA that we do not have an interest in, and we could compete with them for tenants. We also may compete with other entities advised or sponsored by affiliates of the Winthrop Advisor for tenants.
Subsequent to the adoption of the Liquidation Plan we have competition from newly developed as well as existing properties located in the New York City real estate market both from an operations perspective and with respect to the disposition of our property. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business and our net assets in liquidation.
Regulations
Our investment is subject to various federal, state and local laws, ordinances and regulations, including, among other things, zoning regulations, land use controls, environmental controls relating to air and water quality, noise pollution and indirect environmental impacts such as increased motor vehicle activity. We believe that we have all permits and approvals necessary under current law to operate our investment.
Environmental
As an owner of real estate, we are subject to various environmental laws of federal, state and local governments. Compliance with existing laws has not had a material adverse effect on our financial condition or results of operations, and management does not believe it will have such an impact in the future. However, we cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on the property in which we hold an interest.
Employees
We have no employees. The employees of the Winthrop Advisor and their affiliates perform a full range of real estate services for us, including accounting, asset management and investor relations services.
We are dependent on these affiliates for services that are essential to us, including asset dispositions, asset management and other general administrative responsibilities.
Financial Information About Industry Segments
With the adoption of the Liquidation Plan, we have only one reporting segment subsequent to January 3, 2017.
Available Information and Company’s Website
Our website is located at www.nyrt.com. We post filings on our website as soon as practicable after they are electronically filed with, or furnished to the Securities and Exchange Commission ("SEC"), including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and any amendments to such reports or statements. All such postings and filings are available on the “Investor” portion of our website free of charge. The SEC maintains a website at www.sec.gov that
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
contains reports, proxy statements and information statements, and other information regarding issuers that file electronically with the SEC, which is available free of charge.
We are not incorporating by reference our website or any information contained on or connected to our website into this Annual Report on Form 10-K.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024

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ITEM 1A. RISK FACTORS
Item 1A. Risk Factors.
Set forth below are the risk factors that we believe are material to our investors. The occurrence of any of the risks discussed in this Annual Report on Form 10-K could have a material adverse effect on our Liquidation Plan or could delay or reduce liquidating distributions to our unitholders. In this section, references to “you” refers to the holders of our Units.
Risks Related to The Liquidation Plan
We cannot assure you of the actual amount you will receive in liquidating distributions pursuant to the Liquidation Plan or when you will receive them.
The net proceeds of the Liquidation Plan have been and will be distributed to unitholders over time in one or more liquidating distributions. The actual amount that we will distribute to you in the liquidation will depend upon the actual amount of our liabilities, the actual proceeds from the sale of our remaining property, the actual fees and expenses incurred in connection with the sale of our property, the actual expenses incurred in the administration of our property prior to disposition, our actual general and administrative expenses, including fees paid to the Winthrop Advisor and its affiliates and other liabilities that may be incurred by us, our ability to avoid U.S. federal income and excise taxes throughout the period of the liquidation process and other factors. If our liabilities (including, without limitation, tax liabilities and compliance costs) are greater than we currently expect or if the sales price of our remaining property-related asset is less than we expect, you will receive less in total liquidating distributions.
While we have previously provided estimates about the timing and amount of liquidating distributions that we will make, these estimates are based on multiple assumptions, one or more of which may prove to be incorrect, and the actual amount of liquidating distributions we pay to you may be more or less than these estimates. We cannot assure you of the actual amount you will receive in liquidating distributions pursuant to the Liquidation Plan or when they will be paid.
We have filed an action for declaratory judgment in Delaware Chancery Court seeking a declaration regarding the Company’s right to distribute the $90.7 million cash reserve and our subsidiary has filed an action for declaratory judgment in the New York Supreme Court seeking declaratory relief that it need not fund certain disputed capital contributions which our joint venture partner contends exceed $82.0 million. Our joint venture partner has opposed our right to do so.
We initially set aside approximately $90.7 million from the 2017 refinancing proceeds to cover our share of potential future leasing and capital costs at the property; as discussed in “Note 8 - Commitments and Contingencies”, we believe that any obligation to reserve this amount has lapsed and we are seeking a declaratory judgment in the Delaware Court of Chancery that we are not bound by the LLC Agreement (as defined below) and that we are under no obligation to maintain the reserved funds.
Our subsidiary, ARC NYWWPJV001, LLC, has sought declaratory relief that it need not fund certain disputed capital contributions which our joint venture partner contends exceed $82 million under the Third Amended and Restated Limited Liability Company Agreement of WWP Holdings, LLC (“LLC Agreement”) related to proposed capital improvements at Worldwide Plaza. WWP JV LLC’s counterclaim against the Company seeks declaratory relief that the Company must continue to maintain the $90.7 million cash reserve (the "Reserve") until such time as a member of WWP issues a call notice for such reserved funds under the LLC Agreement.
On February 4, 2025, the Supreme Court, New York County ("Supreme Court") granted summary judgment declaring the Company does not have the obligation to fund capital expenditures pursuant to the initial budget as defined in the Membership Interest Purchase Agreement (the "Initial Budget"), the Company has no obligation to maintain the Reserve and the LLC Agreement does not preclude the Company from distributing the Reserve to unitholders. On February 10, 2025, the Company paid a cash liquidating distribution of $69.7 million, or $4.15 per unit.
WWP JV LLC has appealed the Supreme Court's ruling. The Supreme Court and the Appellate Division, First Department have each entered temporary restraining orders freezing the Reserve pending determination of WWP JV LLC's motions requesting that such freeze be extended for the duration of the appeal. The Company cannot predict and expresses no prediction as to the outcome of the appeal.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
If we are unsuccessful in lifting the temporary restraining orders that have frozen our cash reserves, we could be rendered insolvent.
As described in more detail in "Legal Proceedings" in Part 1, Item 3 and "Note 8 - Commitments and Contingencies", we are party to a litigation that has resulted in temporary restraining orders that have frozen our cash reserves and which may impact the Liquidation Plan. If we are unsuccessful in lifting such temporary restraining orders, we may be unable to fund our operating expenses and be rendered insolvent. We have opposed a motion to extend the freeze, contending there are not grounds to extend the freeze at all and, even if there were such grounds, the freeze should be partially lifted in order to permit us to fund our operating expenses. We cannot predict and express no prediction as to the outcome of these matters.
If we are unable to find buyers for our asset on a timely basis or at our expected sales prices, our liquidating distributions may be delayed or reduced.
As of the date of this Annual Report on Form 10-K, our remaining interest in Worldwide Plaza is our only remaining property-related asset. The sales price that we will ultimately be able to obtain for our asset is subject to many variables. As of December 31, 2024, our estimated value of Worldwide Plaza is less than the outstanding debt balance on the property and therefore the carrying value of our investment in the joint venture represents our share of the undistributed cash held at the joint venture. If the asset is worth less than the debt, we may not receive any proceeds from the sale of the asset. Furthermore, real estate sales prices are constantly changing and fluctuate with changes in interest rates, supply and demand dynamics, occupancy percentages, lease rates, the availability of suitable buyers, the perceived quality and dependability of income flows from tenants and a number of other factors, both local and national. In addition, the amount of transactional fees and expenses or unknown liabilities, if any, may adversely impact the net liquidation proceeds from our assets.
We may require additional capital to implement the Liquidation Plan.
It is possible we may require additional funds for other capital needs including capital expenditures, working capital, legal and other expenses related to our remaining investment property. There is no assurance that we will have sufficient capital to complete the Liquidation Plan effectively. If we need additional capital, we are prohibited from accessing the capital markets and any failure to obtain financing to meet our capital needs, on favorable terms or at all, could reduce and delay the liquidating distributions we make to our unitholders from the property.
While we have consent rights over all major decisions, we are dependent on our joint venture partner, which is the administrative member and has day-to-day control over the activities of Worldwide Plaza, and there can be no assurance as to the timing of a sale of Worldwide Plaza or that we will realize our estimated value.
Our only remaining investment is our 50.1% equity interest in the joint venture that owns Worldwide Plaza. While we own a majority of the membership interests in Worldwide Plaza, under the Worldwide Plaza joint venture agreement, our joint venture partner, which is a joint venture between an affiliate of SL Green Realty Corp. and a private equity fund sponsored by RXR Realty LLC, is the manager of the joint venture and is responsible for day-to-day management of Worldwide Plaza. All major decisions require the consent of the WWP Board of Managers, however, we do not have control of the day-to-day decisions to be made by Worldwide Plaza, and therefore we are dependent on our joint venture partners and there is a risk of impasse. Additionally, under the joint venture agreement, we would lose approval rights relating to property-level major decisions for Worldwide Plaza if our current designee ceased to serve on the WWP Board of Managers and we did not appoint a replacement consented to by our joint venture partners, such consent not to be unreasonably withheld, within 90 days. Investments in joint ventures, under certain circumstances, involve risks not present were a third party not involved. Our joint venture partner may have economic or other business interests or goals which are inconsistent with our business interests or goals and may be in a position to take actions contrary to our policies or objectives. Disputes between us and our joint venture partner have resulted, and may in the future result, in litigation. See “Note 8 - Commitments and Contingencies” of our notes to the consolidated financial statements included in this Annual Report on Form 10-K. Consequently, actions by or disputes with our joint venture partner might result in subjecting us to additional risk. In addition, in certain circumstances we may be liable for the actions of our joint venture partner or subject to dilution of our interest if we fail to make capital contributions to the venture in accordance with the terms of agreements regarding such contributions.
We have a right to transfer our membership interests in Worldwide Plaza to purchasers meeting certain qualifications, subject to a right of first offer to our joint venture partner. Commencing January 18, 2022, we and our joint venture partner also have the right to require the joint venture to market the property owned by it for sale, subject to a right of first offer to our joint venture partner. We could be subject to transfer taxes on a transfer of our interest or a sale of the property.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Any transferee of our interest would acquire an interest subject to the same limitations on participation in the management of Worldwide Plaza that are applicable to us. There can be no assurance these limitations will not affect our ability to sell our interest in Worldwide Plaza or the amount we would receive on a sale. In addition, we may determine that a sale of the property rather than our interest in Worldwide Plaza is the best way to maximize the value of our interest in Worldwide Plaza. A sale of the property could substantially delay the timing of our complete liquidation. Additionally, the existence of the right of first offers may delay our ability to sell the Worldwide Plaza property or our interest in Worldwide Plaza on terms and in the timeframe of our choosing and may diminish the price we receive on a sale.
The timing of the sale of the property, or our interest in the property, and the ultimate value we receive from the sale, are subject to change.
Our ability to sell the Worldwide Plaza property may be delayed by a right of first offer held by one of the tenants of the Worldwide Plaza property.
The lease with Nomura Holdings America Inc. "(Nomura") at the Worldwide Plaza property contains a right of first offer in the event that WWP is selling 100% of the property. The right requires that WWP offer the tenant the option to purchase 100% of the Worldwide Plaza property, at a price (and on other material terms) proposed by WWP prior to selling the Worldwide Plaza property to a third party. If, after a 45-day period, that tenant does not accept the offer, WWP may then sell the Worldwide Plaza property to a third party, provided that WWP will be required to re-offer the property to that tenant if we desire to sell the Worldwide Plaza property for a purchase price (and other economic consideration) less than 92.5% of the initial purchase price contained in the offer to that tenant. The existence of this right of first offer may delay WWP’s ability to sell the Worldwide Plaza property on terms and in the timeframe of our choosing and may diminish the price other potential purchasers may be willing to pay for the Worldwide Plaza property, which may reduce or delay the liquidating distributions that will be paid to our unitholders.
Liquidating distributions could be delayed or substantially diminished if contingent reserves are insufficient to satisfy our liabilities.
If a court holds at any time that we have failed to make adequate provisions for our expenses and liabilities or if the amount ultimately required to be paid in respect of such liabilities exceeds the amount available from the contingency reserve and the assets of the limited liability company, our creditors could seek an injunction to present us from making distributions under the Liquidation Plan. Any such action could delay or substantially diminish the cash distributions to be paid to holders of beneficial interests of the limited liability company under the Liquidation Plan.
If we make distributions to our members without making adequate provisions for payment of creditors’ claims or expenses, the amount of liquidation proceeds will be reduced, and our members may be liable to the creditors to the extent of any payments due to creditors.
Under Delaware law, certain obligations or liabilities imposed by law on our members, managers or officers cannot be avoided when our Company is dissolved in accordance with the Liquidation Plan. For example, if we make distributions to our members without making adequate provisions for payment of creditors’ claims and expenses, the amount of liquidation proceeds will be reduced, and our members could be liable to the creditors to the extent of any payments due to creditors. To the extent that we have underestimated the size of our contingency reserve and distributions to our members have already been paid, our members may be required to return some or all of such distributions.
Decreases in property values may reduce the amount we receive upon the sale of our remaining property-related asset, which would reduce the amount our members receive in liquidating distributions.
The Liquidation Plan provides for the sale of all our assets, which are real estate investments, and we cannot predict whether we will be able to do so at a price or on terms and conditions acceptable to us. Investments in real properties are relatively illiquid. The amount we receive upon the sale of our asset depends on the underlying value of our asset, and the underlying value of our asset may be reduced by a number of factors that are beyond our control, including, without limitation, the following:
•changes in general economic or local conditions;
•changes in supply of or demand for similar or competing properties in an area;
•changes in interest rates and availability of mortgage funds that may render the sale of the property difficult or unattractive;
•increases in operating expenses;
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
•the financial performance of our tenants, and the ability of our tenants to satisfy their obligations under their leases;
•vacancies and inability to lease or sublease space;
•potential major repairs which are not presently contemplated or other contingent liabilities associated with the asset;
•competition; and
•changes in tax, real estate, environmental and zoning laws.
In addition, because we only own one property-related asset following the sales completed to date, any item which adversely affects this property will have a greater effect on the Company than it would if we owned more properties and were more diversified. As of December 31, 2024, our estimated value of Worldwide Plaza is less than the outstanding debt balance on the property and therefore the carrying value of our investment in the joint venture represents our share of the undistributed cash held at the joint venture.
If our liquidation costs or unpaid liabilities are greater than we expect, our liquidating distributions may be delayed or reduced.
Before making the final liquidating distribution, we will need to pay or arrange for the payment of all of our transaction costs in the liquidation, all other costs and all valid claims of our creditors. Our Board of Managers may also decide to acquire one or more insurance policies covering unknown or contingent claims against us, for which we would pay a premium which has not yet been determined. Our Board of Managers may also decide to establish a reserve fund to pay these contingent claims. In addition, if the claims of our creditors are greater than we have anticipated, our liquidating distributions may be delayed or reduced from our estimates. Further, if we decide to acquire one or more insurance policies covering unknown or contingent claims against us or a reserve fund is established, payment of liquidating distributions to our unitholders may be delayed or reduced.
Defaults under future sale agreements may delay or reduce liquidating distributions.
In connection with completing the Liquidation Plan, we will seek to enter into a binding sale agreement for our remaining property. The consummation of the potential sale for which we will enter into a sale agreement in the future will be subject to satisfaction of closing conditions. If the transaction contemplated by this future sale agreement does not close because of a buyer default, failure of a closing condition or for any other reason, we may not be able to enter into a new agreement on a timely basis or on terms that are as favorable as the original sale agreement. Any delay in the completion of the asset sale could delay our payment of liquidating distributions to our unitholders. We will also incur additional costs involved in locating a new buyer and negotiating a new sale agreement for this asset. If we incur these additional costs, our liquidating distributions to our unitholders would be reduced.
Stockholder litigation related to the Liquidation Plan could result in substantial costs and distract our management.
Historically, extraordinary corporate actions by a company, such as the Liquidation Plan, sometimes lead to securities class action lawsuits being filed against that company. We were already subject to a stockholder lawsuit, which has subsequently been dismissed on the basis of a provision in the Predecessor’s bylaws providing that the state or federal courts of Maryland are the sole and exclusive forum, and which could be appealed, that included claims related to the strategic alternatives process that led to the approval of the Liquidation Plan and may become subject to more of this type of litigation as a result of the Liquidation Plan. Defending ourselves in this litigation may be expensive and, even if we ultimately prevail, the process of defending against lawsuits will divert management’s attention from implementing the Liquidation Plan and otherwise operating our business. If we do not prevail in any lawsuit, we may be liable for damages. We cannot predict the amount of any such damages, however, if applicable, they may be significant and may cause liquidating distributions to our unitholders to be reduced and/or delayed.
Interests in the limited liability company are generally non-transferable.
Any stockholders who did not sell their shares of common stock prior to the conversion received membership interests in the limited liability company equivalent to their ownership interests in the Predecessor as represented by the shares of common stock they held prior to the conversion. Membership interests in the limited liability company are generally non-transferable except by will, intestate succession or operation of law. Because of the illiquid nature of these interests, there can be no assurance as to how long any holder thereof may be required to hold them.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Risks Related to Our Properties and Operations
Our remaining property-related asset is located in the New York MSA, making us dependent upon the economic climate in New York City.
Our one remaining investment is located in the New York MSA. We are subject to risks generally inherent in concentrating investments in a certain geography. These risks resulting from a lack of diversification may become even greater in the event of a downturn in the commercial real estate industry and could significantly adversely affect the value of our property. A downturn in New York City’s economy, in a submarket within New York City or in the overall national economy could, for example, result in reduced demand for office space. Likewise, declines in the financial services or media sectors may have a disproportionate adverse effect on the New York City real estate market. We believe that there has been a softening in the market for office real estate in New York City which has affected and could continue to affect the proceeds from sale of our property.
Because our portfolio includes a commercial office building located in the New York MSA, which has a relatively large number of financial and professional services sector, significant job losses in the financial and professional services sector may decrease demand for office space, causing market rental rates and property values to be negatively impacted.
We may be adversely affected by certain trends that reduce demand for office real estate.
Some businesses are rapidly evolving to increasingly permit employee telecommuting, flexible work schedules, open workplaces and teleconferencing. These practices enable businesses to reduce their space requirements. A continuation of the movement towards these practices could over time erode the overall demand for office space and, in turn, place downward pressure on occupancy, rental rates and property valuations.
We face significant competition for tenants.
The New York City real estate market is highly competitive and there are many competing properties in the New York MSA. With respect to the asset that we own, we compete for tenants based on a number of factors that include location, rental rates, security, suitability of the property’s design to prospective tenants’ needs and the manner in which the property is operated and marketed. Many competitors have substantially greater marketing budgets and financial resources than we do, which could limit our success when we compete with them directly. Competition could have a material effect on our occupancy levels, rental rates and on property operating expenses. We also may compete with other entities advised or sponsored by affiliates of the Winthrop Advisor as well as SL Green Realty Corp. and RXR Realty LLC, our partners under the Worldwide Plaza joint venture agreement for tenants.
Subsequent to the adoption of the Liquidation Plan we have competition from other properties located in the New York City real estate market both from an operations perspective and with respect to the disposition of our asset. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business and our net assets in liquidation.
We may be unable to re-lease the space vacated by Cravath.
The lease for approximately 618,000 square feet of office space with Cravath expired in August 2024 and the space has not been re-leased. The inability to lease this space has significantly negatively impacted cash flow at the property. Additionally, due to the vacancy, the lender initiated a cash sweep at the property in September 2023. Aside from the approximately $56 million held at WWP prior to the initiation of the cash sweep, the joint venture that owns the property is prohibited from making distributions of cash flow generated since the inception of the cash sweep.
We may be unable to keep Nomura as a tenant or re-lease the space if the lease is terminated.
The lease with Nomura expires in 2033. Nomura has one termination option remaining and may exercise it for all or a portion of the tenant's premises. The cancellation date is as of December 31, 2026, with a notice date of June 30, 2025.
If Nomura elects to terminate all or a portion of its premises, we may be unable to re-lease the space on terms and conditions that are as, or more, favorable as the terms and conditions of the terminated lease. If we are unable to promptly renew expiring leases or re-lease the space at similar rates or if we incur substantial costs in renewing or re-leasing the space, our cash flow will be adversely affected.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
While lease termination fees increase current period income, future rental income may be diminished, and termination fee payments would go into the lender's cash sweep account. During periods in which market rents decline, it is unlikely that we will collect from replacement tenants the full contracted amount which had been payable under the terminated leases.
We may be unable to renew leases or re-lease space as leases expire.
We may be unable to renew other expiring leases on terms and conditions that are as, or more, favorable as the terms and conditions of the expiring leases. Vacancies may occur at our property due to a default by a tenant on its lease or expiration of a lease. Vacancies may reduce the value of a property as a result of reduced cash flow generated by the property. In addition, changes in space utilization by our tenants may impact our ability to renew or relet space without the need to incur substantial costs in renovating or redesigning the internal configuration of the relevant property. If we are unable to promptly renew expiring leases or re-lease the space at similar rates or if we incur substantial costs in renewing or re-leasing the space, our cash flow and the amount of liquidating distributions we pay could be adversely affected.
We also may experience a decrease in occupancy and rental rates accompanied by increases in the cost of re-leasing space (including for tenant improvements) and in uncollectible receivables. Early lease terminations may significantly contribute to a decline in occupancy of our office property and may adversely affect the value of the impacted property. While lease termination fees increase current period income, future rental income may be diminished, and termination fee payments would go into the lender's cash sweep account. During periods in which market rents decline, it is unlikely that we will collect from replacement tenants the full contracted amount which had been payable under the terminated leases.
Tenant credit concentrations make us more susceptible to adverse events with respect to those tenants.
As of December 31, 2024, Nomura represented 57% of our total annualized cash base rents, excluding any rent from Cravath, whose lease terminated on August 31, 2024. Nomura has one termination option remaining and may exercise it for all or a portion of the tenant's premises. The cancellation date is as of December 31, 2026, with a notice date of June 30, 2025.
The full termination, delinquency or non-renewal of Nomura's tenancy will have a material adverse effect on our financial condition, the value of the applicable property or the amount or timing of liquidating distributions. In addition, the value of our property is driven in part by the credit quality of the underlying tenants, and an adverse change in the tenants’ financial conditions or a decline in the credit rating of such tenants may result in a decline in the value of our property. A partial termination of the Nomura lease may have similar adverse effects.
If a tenant declares bankruptcy, we may be unable to collect balances due under relevant leases.
Any of our tenants, or any guarantor of a tenant’s lease obligations, could be subject to a bankruptcy proceeding pursuant to Title 11 of the bankruptcy laws of the United States. A bankruptcy filing by one of our tenants or any guarantor of a tenant’s lease obligations would bar all efforts by us to collect pre-bankruptcy debts from these entities or their properties, unless we receive an enabling order from the bankruptcy court. There is no assurance the tenant or its trustee would agree to assume the lease. If a lease is rejected by a tenant in bankruptcy, we would have a general unsecured claim for damages and it is unlikely we would receive any payments from the tenant.
A tenant or lease guarantor bankruptcy could delay efforts to collect past due balances under the relevant leases, and could ultimately preclude full collection of these sums. A tenant or lease guarantor bankruptcy could cause a decrease or cessation of rental payments, which could adversely affect our financial condition or the amount or timing of our liquidating distributions.
Our ability to operate our business and complete the Liquidation Plan depends upon the participation of executive officers, and other key personnel of the Winthrop Advisor, and there is no assurance that the advisory agreement with the Winthrop Advisor (the “Current Advisory Agreement”) will continue to be extended or that such officers and personnel will remain in place.
We are an externally managed company and have no employees of our own, and our ability to operate our business, including completing the Liquidation Plan and otherwise operating on a day-to-day basis, will depend to a significant degree upon the contributions of our executive officers, and other key personnel of the Winthrop Advisor. Personnel and services that we require are provided to us under contracts with an external advisor, and we are dependent on an external advisor to manage our operations and manage our real estate assets, including the sale of our real estate asset. These responsibilities also include providing accounting services, providing
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
information technology services, preparing and filing all reports required to be filed by it with the SEC, the Internal Revenue Service and other regulatory agencies.
The Advisory Agreement, as amended, provided for a term ending on November 7, 2018, the conversion date, and provides for the Advisory Agreement to automatically renew for one-month periods on the expiration of any renewal term, unless terminated by either the Company or the Winthrop Advisor on 45 days’ notice before the expiration of any renewal term.
The termination of the Current Advisory Agreement or the loss of, or inability to retain, any key personnel of the Winthrop Advisor could adversely affect our business or our ability to successfully complete the Liquidation Plan. There can be no assurance that the Winthrop Advisor will otherwise be able to retain the services of our executive officers and other key personnel needed to successfully complete the Liquidation Plan.
Any adverse changes in the financial condition of, or our relationship with, the Winthrop Advisor could hinder our ability to successfully manage our investment and complete our plan of liquidation. Additionally, changes in ownership or management practices, the occurrence of adverse events affecting the Winthrop Advisor or its affiliates or other companies advised by the Winthrop Advisor and its affiliates could create adverse publicity and adversely affect us and our relationship with lenders, tenants or counterparties.
Our operating results are affected by economic and regulatory changes that can have an adverse impact on the real estate market in general.
Our operating results are subject to risks generally incident to the ownership of real estate, including:
•changes in general economic or local conditions;
•changes in supply of or demand for similar or competing properties in an area;
•changes in interest rates and availability of mortgage funds that may render the sale of a property difficult or unattractive;
•increases in operating expenses;
•vacancies and inability to lease or sublease space;
•changes in tax, real estate, environmental and zoning laws; and
•periods of high interest rates and tight money supply.
Uninsured losses relating to real property or excessively expensive premiums for insurance coverage would reduce our cash flows and our liquidating distributions.
Our general liability coverage, property insurance coverage and umbrella liability coverage on our property may not be adequate to insure against liability claims and provide for the costs of defense. Similarly, we may not have adequate coverage against the risk of direct physical damage or to reimburse us on a replacement cost basis for costs incurred to repair or rebuild our property. Moreover, there are types of losses, generally catastrophic in nature, such as losses due to wars, acts of terrorism, earthquakes, floods, hurricanes, pollution or environmental matters that are uninsurable or not economically insurable, or may be insured subject to limitations, such as large deductibles or co-payments. Insurance risks associated with such catastrophic events could sharply increase the premiums we pay for coverage against property and casualty claims.
Changes in the cost or availability of insurance could expose us to uninsured casualty losses. If our property incurs a casualty loss that is not fully insured, the value of our asset will be reduced by any such uninsured loss, which would reduce our liquidating distributions. In addition, other than our cash and cash equivalents which are currently subject to the injunctions, and cash at our joint venture which has not been distributed by WWP JV LLC, we have no source of funding to repair or reconstruct any uninsured property. Also, to the extent we must pay unexpectedly large amounts for insurance, the amount of liquidating distributions we make to our unitholders would be negatively impacted.
Additionally, mortgage lenders insist in some cases that commercial property owners purchase coverage against terrorism as a condition for providing mortgage loans. Accordingly, to the extent terrorism risk insurance policies are not available at reasonable costs, if at all, our ability to finance or refinance our properties could be impaired. In such instances, we may be required to provide other financial support, either through financial assurances or other guarantees, to cover potential losses. We may not have adequate, or any, coverage for such losses.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Terrorist attacks and other acts of violence, civilian unrest, or war may affect the markets in which we operate our business and our profitability.
Our property-related asset is located in the New York MSA which has experienced, and remains susceptible to, terrorist attacks. In addition, any kind of terrorist activity or violent criminal acts, including terrorist acts against public institutions or buildings or modes of public transportation (including airlines, trains or buses) could have a negative effect on our business and the value of our property. More generally, any terrorist attack, other act of violence or war, including armed conflicts, could result in increased volatility in, or damage to, the worldwide financial markets and economy including demand for properties and the availability of financing.
Our property taxes could increase due to reassessment or property tax rate changes.
We are required to pay real property taxes in respect of our property and such taxes may increase as our property is reassessed by taxing authorities or as property tax rates change. An increase in the assessed value of our property or our property tax rates could adversely impact our financial condition and reduce the amount of liquidating distributions we make to our unitholders.
Costs of complying with governmental laws and regulations, including those relating to environmental matters and discovery of previously undetected environmentally hazardous conditions may adversely affect our operating results.
Under various federal, state and local environmental laws, ordinances and regulations, a current or previous owner or operator of real property may be liable for the cost of removal or remediation of hazardous or toxic substances on, under or in such property. The costs of removal or remediation could be substantial. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. Environmental laws also may impose restrictions on the manner in which property may be used or businesses may be operated, and these restrictions may require substantial expenditures. Environmental laws provide for sanctions for noncompliance and may be enforced by governmental agencies or, in certain circumstances, by private parties. Certain environmental laws and common law principles could be used to impose liability for release of and exposure to hazardous substances, including asbestos-containing materials into the air, and third parties may seek recovery from owners or operators of real properties for personal injury or property damage associated with exposure to released hazardous substances.
In addition, when excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Concern about indoor exposure to mold has been increasing, as exposure to mold may cause a variety of adverse health effects and symptoms, including allergic or other reactions. As a result, the presence of significant mold at our remaining property asset could require us to undertake a costly remediation program to contain or remove the mold from the affected property, which would adversely affect our operating results.
The cost of defending against claims of liability, of compliance with environmental regulatory requirements, of remediating any contaminated property, or of paying personal injury claims could materially adversely affect our business, the value of our property and, consequently, the amounts available to make liquidating distributions to our unitholders.
Environmental laws also may impose liens on property or restrictions on the manner in which property may be used or businesses may be operated, and these restrictions may require substantial expenditures or prevent us from operating such property. Some of these laws and regulations have been amended so as to require compliance with new or more stringent standards as of future dates. Compliance with new or more stringent laws or regulations or stricter interpretation of existing laws may require us to incur material expenditures. Future laws, ordinances or regulations may impose material environmental liability.
There are costs associated with complying with the Americans with Disabilities Act of 1990 (the “Disabilities Act”).
Our properties are subject to the Disabilities Act. Under the Disabilities Act, all places of public accommodation are required to comply with federal requirements related to access and use by disabled persons. The Disabilities Act has separate compliance requirements for “public accommodations” and “commercial facilities” that generally require that buildings and services, including restaurants and retail stores, be made accessible and available to people with disabilities. The Disabilities Act’s requirements could require removal of access barriers and could result in the imposition of injunctive relief, monetary penalties, or, in some cases, an award of damages.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Our business could suffer in the event the Winthrop Advisor or any other party that provides us with services essential to our operations experiences system failures or cyber-incidents or a deficiency in cybersecurity.
Despite system redundancy, the implementation of security measures and the existence of a disaster recovery plan for the internal information technology systems of the Winthrop Advisor and other parties that provide us with services essential to our operations, we are vulnerable to damages from any number of sources, including computer viruses, unauthorized access, energy blackouts, natural disasters, terrorism, war and telecommunication failures. Any system failure or accident that causes interruptions in our operations could result in a material disruption to our business.
A cyber-incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of information resources. More specifically, a cyber-incident is an intentional attack or an unintentional event that can result in third parties gaining unauthorized access to systems to disrupt operations, corrupt data or steal confidential information. As reliance on technology in our industry has increased, so have the risks posed to the systems of the Winthrop Advisor and other parties that provide us with services essential to our operations. In addition, the risk of a cyber-incident, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Even the most well protected information networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted attacks and intrusions evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected.
The remediation costs and lost revenues experienced by a victim of a cyber-incident may be significant and significant resources may be required to repair system damage, protect against the threat of future security breaches or to alleviate problems, including reputational harm, loss of revenues and litigation, caused by any breaches.
In addition, a security breach or other significant disruption involving the IT networks and related systems of the Winthrop Advisor or any other party that provides us with services essential to our operations could:
•result in misstated financial reports, missed reporting deadlines and/or missed permitting deadlines;
•result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of, proprietary, confidential, sensitive or otherwise valuable information (including information about our tenants), which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;
•result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space;
•require significant management attention and resources to remedy any damages that result;
•subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or
•adversely impact our reputation among our tenants and investors generally.
Although the Winthrop Advisor and other parties that provide us with services essential to our operations intend to continue to implement industry-standard security measures, there can be no assurance that those measures will be sufficient, and any material adverse effect experienced by the Winthrop Advisor and other parties that provide us with services essential to our operations could, in turn, have an adverse impact on us.
Risks Related to Conflicts of Interest
Employees of the Winthrop Advisor, including employees who are our executive officers and a member of our Board of Managers, face conflicts of interest related to the positions they hold with the Winthrop Advisor and its affiliates.
We are an externally managed company and have no employees. Employees or consultants of the Winthrop Advisor who provide services to us, including employees or consultants who serve as our executive officers and as a member of our Board of Managers, also hold or may hold positions with the Winthrop Advisor and its affiliates and provide services with respect to other entities or with respect to other properties or businesses of the Winthrop Advisor and its affiliates, which could result in conflicts of interest.
The Winthrop Advisor and its affiliates, or entities that they advise own properties, and may seek to acquire additional properties, in the New York metropolitan area. Conflicts could result in actions or inactions by the Winthrop Advisor or employees or consultants of the Winthrop Advisor, including employees or consultants who are our executive officers and a member of our Board of Managers, that are detrimental to our business. Conflicts with our business and interests are most likely to arise from involvement in activities
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
related to (a) allocation of management time and services between us and the other entities, (b) terms and timing of sales of properties, and (c) the lease of vacant space or renewal of existing leases at our properties as compared to properties owned or managed by affiliates of the Winthrop Advisor.
The Winthrop Advisor and its affiliates face conflicts of interest relating to the structure of the fees they receive, which could result in actions that are not necessarily in the long-term best interests of our unitholders.
Under the Current Advisory Agreement, the Winthrop Advisor is entitled to certain fees and other compensation which may result in its interests not being wholly aligned with those of our unitholders. For example, the Winthrop Advisor could be motivated to recommend certain actions that could increase the potential that it will earn incentive fees, but which may not be consistent with actions desired by our stockholders.
Risks Related to our Corporate Structure
We depend on our joint venture for cash flow and are structurally subordinated in right of payment to the obligations of our joint venture.
At December 31, 2024, our only significant assets are our interest in the joint venture that owns Worldwide Plaza and our $90.7 million cash reserve. On February 10, 2025, the Company paid a cash liquidating distribution of $69.7 million, or $4.15 per unit. As described in more detail in "Legal Proceedings" in Part 1, Item 3 and "Note 8 - Commitments and Contingencies", we are party to a litigation that has resulted in temporary restraining orders that have frozen our cash reserves and which may impact the Liquidation Plan. Historically we have relied on distributions from our joint venture of their net earnings and cash flows.
There is no assurance that our joint venture will be able to be permitted to, or decide to, pay distributions to us that will enable us to pay our obligations. While we maintain veto rights over all major decisions of the joint venture, our joint venture is a distinct legal entity and, under certain circumstances, legal and contractual restrictions may limit our ability to obtain cash from this entity.
Our rights and the rights of our members to recover claims against our managers and officers are limited, which could reduce recoveries against them if they cause us to incur losses.
Our limited liability company agreement provides that no manager or officer will be liable to us or our members for monetary damages and requires us to indemnify our managers and our officers. Our limited liability company agreement also provides that our managers shall have the same duties, including a duty of loyalty and a duty of care to the Company and its members as does a director of a corporation incorporated under the Delaware General Corporation Law, assuming that such director was protected to the maximum extent possible by the inclusion in the certificate of incorporation of a provision eliminating or limiting the personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. We and our members may have more limited rights against our managers and officers than might otherwise exist under common law, which could reduce recoveries against them. In addition, we may be obligated to fund the defense costs or otherwise reimburse for losses incurred by our managers or officers in some cases pursuant to our agreements with them.
Risks Associated with Debt Financing and Investments
Our Joint Venture has outstanding debt, and the amount of debt and its cost may increase and refinancing may not be available on acceptable terms.
Our business is subject to risks normally associated with debt financing. The total principal amount of our combined outstanding indebtedness, which represents our pro rata share of Worldwide Plaza’s indebtedness, was $601.2 million as of December 31, 2024.
We may be unable to obtain debt financing or refinance existing indebtedness upon maturity. Our substantial indebtedness and the cash flow associated with serving our indebtedness could have important consequences, including the risks that:
•Starting in September 2024, our cash flow is insufficient to pay principal and interest since space previously leased by Cravath has not been re-leased;
•our debt financing contains prepayment penalties, assumption fees or other provisions that restrict our ability to transfer assets;
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
•we might be required to use a substantial portion of our cash flow from operations to pay our indebtedness, thereby reducing the amount of liquidating distributions we make;
•our ability to obtain additional financing for working capital, capital expenditures, satisfaction of debt service requirements and general corporate or other purposes could be limited;
•we may not be able to refinance existing indebtedness (which requires the full principal balance to be paid at maturity) and, if we can, the terms of such refinancing might not be as favorable as the terms of existing indebtedness;
•as the space previously leased by Cravath has not been re-leased, the property does not generate sufficient cash flow to satisfy debt service requirements at the joint venture that owns Worldwide Plaza, it is currently restricted from making distributions. The lender initiated a cash sweep in September 2023 and under the terms of the indebtedness all rent payments are being directed to the sweep account. The cash sweep will continue until such time as specific leasing conditions have been met or an amount equal to approximately $42.3 million has been deposited into an account to fund lease commissions and tenant improvements for that space;
•if principal payments due at maturity cannot be refinanced or extended, our cash flow may not be sufficient in all years to repay all maturing debt; and
•prevailing interest rates may continue to remain higher than rates in place at the time of our financing or other factors at the time of refinancing (such as the possible reluctance of lenders to make commercial real estate loans) may result in higher interest rates, which could adversely affect cash flow and our ability to service debt and pay liquidating distributions.
In addition, incurring mortgage debt increases the risk of loss since defaults on indebtedness secured by a property may result in lenders initiating foreclosure actions. In that case, we could lose the property securing the loan that is in default, thus reducing the value of an investment in us. For U.S. federal income tax purposes, a foreclosure of our property would be treated as a sale of the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but would not receive any cash proceeds. If our property is foreclosed upon due to a default, our ability to make cash distributions to our unitholders will be adversely affected which would result in a decrease in the amount of liquidating distributions we will be able to pay.
Tax-exempt entities and non-U.S. persons face unique tax issues from holding units that may result in adverse tax consequences to them.
Investment in the units by tax-exempt entities, including employee benefit plans and individual retirement accounts (“IRAs”), and non-U.S. persons raises issues unique to them. For example, virtually all income of the Company that would be allocated to organizations exempt from U.S. federal income tax, including IRAs and other retirement plans, would be unrelated business taxable income and may be taxable to such holders. Distributions to non-U.S. persons will generally be reduced by withholding taxes imposed at the highest effective applicable tax rate, and non-U.S. persons will be required to file U.S. federal income tax returns and pay tax on their respective shares of the Company's taxable income.
You may be subject to state and local taxes and return filing requirements in the state where the Company owns property as a result of holding units.
Following the conversion, in addition to U.S. federal income taxes, the unitholders of the Company may become subject to other taxes, including state and local income taxes, unincorporated business taxes and estate, inheritance or intangible taxes that may be imposed by New York State and New York City, even if they do not reside in those jurisdictions. Unitholders would likely be required to file New York State and New York City income tax returns and pay state and local income taxes. Further, unitholders may become subject to penalties for failure to comply with these requirements. It is the responsibility of each unitholder to file all U.S. federal, state and local income tax returns that may be required of such unitholder.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments.
There are no unresolved staff comments from the staff of the SEC as of the date of this annual report.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024

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ITEM 2. PROPERTIES
Item 2. Properties.
General
At December 31, 2024, our sole remaining property-related asset is a 50.1% interest in Worldwide Plaza located in New York, New York. The following table presents certain additional information about the property, including the rentable square footage and annualized cash base rent of Worldwide Plaza multiplied by our pro rata share of our investment in WWP:
Property
Ownership
Pro-Rata Rentable
Sq. Ft.
Percent
Occupied
Annualized
Cash Base Rent
(in thousands)
Annualized
Cash Base Rent
Per Sq. Ft.
(in thousands)
Number of
Leases
Worldwide Plaza - Office
50.1
%
910,621
58.0
%
$
28,696
$
54.36
Worldwide Plaza - Retail
50.1
%
122,646
98.5
%
4,101
33.96
Total/Weighted Average
1,033,267
62.8
%
$
32,797
$
50.57
Future Lease Expirations Table
The following is a summary of our pro rata share of Worldwide Plaza lease expirations for the next ten years as of December 31, 2024 (dollar value in thousands):
Year of Expiration
Number of
Leases
Expiring
Expiring
Annualized
Cash Rent (1)
Expiring Annualized
Cash Rent as a
Percentage of the Total (1)
Leased
Rentable
Square Ft.
Percentage of
Total Rentable
Sq. Ft. Expiring
$
2,352
7.2
%
36,253
3.5
%
2,851
8.7
%
52,694
5.1
%
1,523
4.6
%
67,371
6.5
%
<1.0%
<1.0%
<1.0%
1,218
<1.0%
-
-
15,409
1.5
%
3,893
11.9
%
56,846
5.5
%
1,593
4.9
%
30,487
3.0
%
18,768
57.2
%
355,254
34.4
%
1,392
4.2
%
28,524
2.8
%
Total
$
32,538
99.2
%
644,967
62.8
%
(1)Expiring annualized cash rent represents contractual cash base rents at the time of lease expiration added to current reimbursements from tenants, excluding electric reimbursements and free rent.
Tenant Concentration
As of December 31, 2024, Nomura's tenancy represented 57% of our total annualized cash base rents, excluding any rent from Cravath, whose lease terminated on August 31, 2024. Nomura has one termination option remaining and may exercise it for all or a portion of the tenant's premises. The cancellation date is as of December 31, 2026, with a notice date of June 30, 2025. The termination, delinquency or non-renewal of Nomura would have a material effect on the Company's operations. With the termination of the Cravath lease, Nomura is the only tenant at Worldwide Plaza whose annualized cash rent represents greater than 10% of the total annualized cash rent at the property.
Property Financing
As of December 31, 2024, the Worldwide Plaza debt, which is non-recourse to us, has an outstanding balance of $1.2 billion, bears interest at a blended rate of 3.98% per annum, requires monthly payments of interest only and matures in November 2027. We have no mortgage debt other than our 50.1% share of the Worldwide Plaza debt. Operating cash flow at the property was sufficient to cover the monthly debt service payments through August 2024. Interest on the Worldwide Plaza mezzanine debt has not been paid since August 6, 2024. On September 13, 2024, ARC NYWWPJV001, LLC received a copy of a default notice to WWP Mezz, LLC, a subsidiary of WWP, as borrower under a $190.0 million mezzanine first loan, as a result of failure by the borrower to make a required
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
interest payment of $0.8 million under the loan agreement. Cravath's lease at Worldwide Plaza expired on August 31, 2024 and operating cash flow at the property is no longer sufficient to cover property operations and debt service payments.

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ITEM 3. LEGAL PROCEEDINGS
Item 3. Legal Proceedings.
On December 28, 2022, the Company filed suit against WWP JV LLC captioned New York REIT Liquidating LLC v. WWP JV LLC, (Del. Ch.). The Company is seeking declaratory relief that it is not bound by the LLC Agreement and that it is under no obligation to maintain the reserve of more than $90 million (the “Reserve”) which was established in 2017 in connection with a transaction between the Company’s subsidiary, ARC NYWWPJV 001, LLC, and WWP JV LLC relating to WWP JV LLC's proposed investment in Worldwide Plaza, an office and retail mixed-use project located in midtown Manhattan. On May 11, 2023, the Delaware Court of Chancery stayed the case pending resolution of the New York litigation initiated by the Company's subsidiary, ARC NYWWPJV001, LLC, as described below.
The Company’s subsidiary, ARC NYWWPJV001, LLC filed suit against WWP JV LLC on December 22, 2022. The suit is captioned ARC NYWWPJV001, LLC v. WWP JV LLC, (Sup. Ct. N.Y. County), and, on February 10, 2023, the Company was named as Counterclaim Defendant and Third-Party Defendant in such action. ARC NYWWPJV001, LLC sought declaratory relief that the LLC Agreement does not require it to fund certain disputed capital contributions that our joint venture partner contends exceed $82 million under the Third Amended and Restated Limited Liability Company Agreement of WWP Holdings, LLC (“LLC Agreement”) related to proposed capital improvements at Worldwide Plaza, because it is ARC NYWWPJV001, LLC's position that the Initial Budget expired at year end 2018 and the subject capital improvements would require a new Annual Budget (as defined in the LLC Agreement) that has received Board Approval (as defined in the LLC Agreement), which has not occurred. WWP JV LLC’s counterclaim against the Company sought declaratory relief that the Company must continue to maintain the Reserve until such time as a member of WWP Holdings, LLC issues a call notice for the Reserve under the LLC Agreement (the “Counterclaim”). WWP JV LLC’s third party claims against the Company asserted claims under various theories of tort, and unjust enrichment and sought damages in excess of $90 million (the “Third Party Claims”). The Supreme Court, New York County ("Supreme Court") dismissed the Third Party Claims against the Company on November 14, 2023. On February 4, 2025, the Supreme Court granted summary judgment in favor of ARC NYWWPJV001, LLC and the Company ("NY Summary Judgment Order"), declaring that the Initial Budget expired on December 31, 2018 and ARC NYWWPJV001, LLC does not have an obligation to fund capital expenditures pursuant to the Initial Budget, and that ARC NYWWPJV001, LLC and the Company have no obligation to maintain the Reserve and the LLC Agreement does not preclude them from distributing the Reserve to unitholders.
WWP JV LLC has appealed the NY Summary Judgment Order ("Appeal") to the Appellate Division, First Department ("Appellate Division") and has filed motions for an interim stay of such order and a preliminary injunction seeking, among other relief, an order freezing the Reserve. The Supreme Court and the Appellate Division each have entered temporary restraining orders freezing the Reserve pending determination of WWP JV LLC's motions requesting that such freeze be extended for the duration of the Appeal. The Company and ARC NYWWPJV001, LLC have opposed WWP JV LLC's motions to extend the freeze, contending there are no grounds to extend the freeze at all and, even if there were such grounds, the freeze should be partially lifted in order to permit the Company and ARC NYWWPJV001, LLC to access what remains of the Reserve in order to fund their operating expenses. It is the Company’s and ARC NYWWPJV001, LLC’s position that WWP JV LLC's pending motions, as well as the Appeal, the Counterclaim and Third Party Claims, are without merit. On March 18, 2025, WWP JV LLC filed a motion seeking sanctions against the Company and ARC NYWWPJV001, LLC arising from the Company's decision to distribute $69.7 million to unitholders on February 10, 2025.
If the Company is unsuccessful in lifting the temporary freeze of the Reserve, it could be rendered insolvent. In addition, if the Company is unsuccessful in receiving favorable declaratory judgments in the above-referenced actions or is unsuccessful in defending the claims therein, the Company may be required to contribute additional capital to the joint venture or face potential consequences under the LLC Agreement, such as dilution or loss of major decision rights. Additionally, if the temporary restraining orders are not lifted, the Company will not be able to pay its ordinary course expenses for services such as required SEC filings and preparation and filing of required tax returns. As stated above, it is the Company's and ARC NYWWPJV001, LLC's position that the Counterclaim and the Third Party Claims are without merit and the Company and ARC NYWWPJV001, LLC vigorously dispute the Counterclaim and the Third Party Claims. The Company cannot predict and expresses no prediction as to the outcome of these matters. Therefore, the Company cannot estimate the range of any reasonably possible loss.
Except as set forth above and described in "Note 8 - Commitments and Contingencies" of our notes to the consolidated financial statements included in this Annual Report on Form 10-K, as of the end of the period covered by this Annual Report on Form 10-K, we are not a party to, and none of our properties are subject to, any material pending legal proceedings.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures.
Not applicable.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
The Predecessor’s common stock was traded on the NYSE under the symbol “NYRT.” In connection with the conversion of the Predecessor to the Company, the stock transfer books of the Predecessor were closed as of the close of business on November 2, 2018, which was the last day of trading for the Predecessor’s common stock. For tax purposes, the fair value of each Unit in the Company received by stockholders when the conversion became effective, which reflects the value of the remaining assets of the Company (net of liabilities), was $14.00 per Unit and was equal to the average of the high and low trading prices for shares of the Predecessor’s common stock on the last three days on which the shares were traded on the NYSE. The Units of the Company are not listed for trading on any exchange, and there is no established trading market for the Units. The table titled Total Return Performance in Item 5 of our Annual Report on Form 10-K for the year ended December 31, 2022 is hereby incorporated by reference.
For each calendar quarter indicated, the following table reflects the amounts paid to our unitholders in respect of these Units to which we refer as “dividends.” All dollar amounts have been adjusted to reflect the 1-for-10 reverse split that occurred in March 2018.
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Cash dividends paid per unit (1)
$
-
$
-
$
-
$
-
Cash dividends paid per unit (1)
$
-
$
-
$
-
$
0.25
(1)Represents distributions of liquidation proceeds. Since the adoption of the Liquidation Plan through December 31, 2024, we have made cash liquidating distributions totaling $61.83 per unit/share.
On February 10, 2025, the Company paid a cash liquidating distribution to unitholders of $69.7 million, or $4.15 per unit.
Holders
At March 28, 2025, we had 16,791,769 Units outstanding held by a total of 8,327 unitholders of record.
Dividends
Pursuant to the Liquidation Plan and our Limited Liability Company Agreement dated November 7, 2018, the actual amount and timing of, and record date for, future liquidating distributions on our Units will be determined by our Board of Managers and will depend upon the timing and amount of cash flow distributions and ultimate sale proceeds from our interest in Worldwide Plaza and the amounts deemed necessary by our Board of Managers to pay or provide for our liabilities and obligations. The actual cash flow available to pay distributions will be affected by a number of factors, including among others, the risks and information discussed under “Risk Factors” in Part I, Item 1A and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of this Annual Report on Form 10-K.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
We did not repurchase any of our Units during the years ended December 31, 2024 and 2023.
Communications with the Board of Managers
All interested parties (including our unitholders) may communicate with our Board of Managers by sending written communications addressed to such person or persons in care of New York REIT Liquidating LLC, 2 Liberty Square, 9th Floor, Boston, MA 02109, Attention: John Garilli, Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary. Mr. Garilli will deliver all appropriate communications to our Board of Managers no later than the next regularly scheduled meeting of our Board of Managers. If our Board of Managers modifies this process, the revised process will be posted on our website.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024

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ITEM 6. SELECTED FINANCIAL DATA
Item 6. [Reserved.]
Not applicable.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements of New York REIT Liquidating LLC and the notes thereto. As used herein, the terms “Company,” “we,” “our” and “us” refer to New York REIT Liquidating LLC, and its consolidated subsidiaries and, as required by context to New York REIT, Inc., a Maryland corporation (the “Predecessor”), to New York Recovery Operating Partnership, L.P., a Delaware limited partnership (the “OP”), and to their subsidiaries. References to the Company’s ownership, investment in, and rights and obligations and actions with respect to WWP or Worldwide Plaza refer to the interests, rights and obligations, and actions of the Company’s subsidiary ARC NYWWPJV001, LLC, except that references relating to the $90.7 million cash reserve established in 2017 from the proceeds of our sale of a 48.7% interest in Worldwide Plaza refer to amounts held by the Company and not by ARC NYWWPJV001, LLC. For example, statements such as “our sole remaining property-related asset is a 50.1% ownership interest in Worldwide Plaza”, “our interest in Worldwide Plaza”, “our joint venture partner in Worldwide Plaza”, and similar statements refer to ARC NYWWPJV001, LLC’s interests, activities, rights and obligations, and partner with respect to Worldwide Plaza.
Since March 8, 2017, we have been externally managed by Winthrop REIT Advisors, LLC (the “Winthrop Advisor”). The following information contains forward-looking statements, which are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, actual results may differ materially from those expressed or implied by the forward-looking statements. Please see “Notes Regarding Forward-Looking Statements” and “Risk Factors” elsewhere in this report for a description of these risks and uncertainties. Capitalized terms used herein but not otherwise defined have the meaning ascribed to those terms under “Financial Statements and Supplementary Data” in Part II, Item 8, which includes the notes to our consolidated financial statements and contained herein.
Management’s Discussion and Analysis of Financial Condition and Results of Operations includes a discussion of our audited consolidated financial statements and notes thereto. These audited financial statements are prepared in conformity with accounting principles generally accepted in the United States of America which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Overview
On August 22, 2016, the Board approved a plan of liquidation to sell in an orderly manner all or substantially all of its assets and the assets of the OP (the “Liquidation Plan”), subject to stockholder approval. The Liquidation Plan was approved at a special meeting of stockholders on January 3, 2017.
The Liquidation Plan provides for an orderly sale of the Predecessor’s assets, payment of its liabilities and other obligations and the winding down of operations and the dissolution of the Predecessor. Further, the Liquidation Plan provides for the same actions for the Company. We are no longer permitted to make any new investments except to make protective investments or advances with respect to our existing assets. We are permitted to satisfy any existing contractual obligations and pay for required tenant improvements and capital expenditures at our real estate property owned by the joint venture in which we own an interest.
In order to comply with applicable tax laws, the Predecessor converted into a limited liability company known as New York REIT Liquidating LLC. The conversion to the Company was approved by the stockholders on September 7, 2018 and became effective on November 7, 2018. The Liquidation Plan enables us to sell our assets without further approval of the stockholders or unitholders and provides that liquidating distributions be made to the stockholders as determined by the Board, and following the conversion, to our unitholders as determined by the Board of Managers.
In October 2018, the Predecessor announced the withdrawal of its common stock from listing on the NYSE in connection with the conversion. November 2, 2018 was the last day on which shares of its common stock were traded on the NYSE and its stock transfer books were closed as of 4:00 p.m. (Eastern Time) on such date. At the effective time of the conversion, each outstanding share of common stock of the Predecessor was converted into one unit of common membership interest in the Company (a "Unit"), and holders of shares of our common stock automatically received one Unit (which Unit was in book entry form) for each share of the Predecessor's common stock held by such stockholder. Unlike shares of the Predecessor’s common stock, which, in addition to being listed on the NYSE, were freely transferable, Units are not listed for trading and generally are not transferable except by will, intestate succession or operation of law. Therefore, the holders of Units do not have the ability to realize any value from these interests except from distributions made by the Company, the timing of which will be solely in the discretion of the Board of Managers.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
The Company is deemed to be the same entity as the Predecessor with the same assets and liabilities as the Predecessor on the date of conversion. In addition, the charter and bylaws of the Predecessor were replaced by the operating agreement of the Company. For tax purposes, the fair value of each Unit in the Company received by stockholders when the conversion became effective, which reflects the value of the remaining assets of the Company (net of liabilities), was $14.00 per Unit and was equal to the average of the high and low trading prices for shares of the Predecessor’s common stock on the last three days on which the shares were traded on the NYSE. For a detailed description of the federal income tax and investment considerations relating to the conversion and its effects on our interests in the Predecessor, please see the Predecessor’s proxy statement/prospectus filed with the Securities and Exchange Commission on August 6, 2018.
The business of the Company is the same as the business of the Predecessor immediately preceding the conversion, which, consistent with the Liquidation Plan, consists of the continued ownership of the Predecessor’s interest in Worldwide Plaza, the only remaining property-related asset. Under its operating agreement, the business and affairs of the Company will be managed by or under the direction of its Board of Managers, and the sole purpose is winding up the affairs of the Company and the liquidation of its remaining property-related asset. On December 26, 2024, pursuant to the terms of the operating agreement of the Company, the Board of Managers extended the term of the Company such that the Company will remain in existence until the earlier of (i) the distribution of all company assets pursuant to liquidation or (ii) December 31, 2025.
The dissolution process and the amount and timing of distributions to unitholders involves risks and uncertainties. Accordingly, it is impossible to predict the timing or aggregate amount which will be ultimately distributed to unitholders, and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Consolidated Statements of Net Assets. To date, liquidating distributions totaling $65.98 per common share/Unit have been paid.
Liquidation Plan
As of the date of this Annual Report on Form 10-K, all of our property-related assets have been sold except our remaining interest in Worldwide Plaza. For purposes of liquidation accounting, our estimate of net assets in liquidation value assumes a sale of Worldwide Plaza at December 31, 2025, and is based on estimated cash flow projections utilizing appropriate discount and capitalization rates as well as available market information and assumptions regarding capital expenditures. As of December 31, 2024, our estimated value of Worldwide Plaza is less than the outstanding debt balance on the property and therefore the carrying value of our investment in the joint venture represents our share of the undistributed cash held at the joint venture. While the actual timing of sale has not yet been determined and is subject to future events and uncertainties, we utilize a one-year hold in accordance with liquidation accounting. These estimates are subject to change based on the actual timing of the sale of our remaining interest in Worldwide Plaza and the actual cash distributions received from the property during our holding period. The net assets in liquidation of $114.5 million at December 31, 2024 are presented on an undiscounted basis.
The lease with Cravath expired on August 31, 2024, and net operating income was materially negatively impacted and is expected to continue to be materially negatively impacted until such time as the space can be re-leased. We will continue to monitor the market and adjust the net realizable value of the investment, if necessary, at each reporting period. The timing of the sale of the property, and the ultimate value we receive from the sale, are subject to change. We initially set aside approximately $90.7 million from the 2017 refinancing proceeds to cover our share of potential future leasing and capital costs at the property; as discussed in “Note 8 - Commitments and Contingencies”. On February 4, 2025, the Supreme Court granted summary judgment declaring the Company does not have the obligation to fund capital expenditures pursuant to the Initial Budget. the Company has no obligation to maintain the Reserve and the LLC Agreement does not preclude the Company from distributing the Reserve to unitholders. WWP JV LLC has appealed the Supreme Court's ruling. The Delaware proceedings have been stayed, pending resolution of proceedings in New York initiated by the Company's subsidiary, ARC NYWWPJV001, LLC.
Current Activity
There were no property sales during 2024.
Temporary Restraining Orders
As described in more detail in "Risk Factors" in Part 1, Item 1A, "Legal Proceedings" in Part 1, Item 3 and "Note 8 - Commitments and Contingencies", we are party to a litigation that has resulted in temporary restraining orders that have frozen our cash reserves and which may impact the Liquidation Plan.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Liquidity and Capital Resources
As of December 31, 2024, we had cash and cash equivalents and restricted cash aggregating $91.7 million. Our total assets and undiscounted net assets in liquidation were $120.1 million and $114.5 million, respectively, at December 31, 2024. On February 10, 2025, the Company paid a cash liquidating distribution of $69.7 million to its unitholders.
Our principal demands for funds are to pay or fund operating expenses, capital expenditures and liquidating distributions to our unitholders. As the space previously leased by Cravath has not been re-leased, the property does not generate sufficient cash flow to satisfy debt service requirements, and the joint venture that owns Worldwide Plaza is currently restricted from making distributions of cash flow generated since the inception of the cash sweep under the terms of its indebtedness. The lender initiated a cash sweep in September 2023 and, as a result, all rent payments are being directed to the sweep account and the lender controls disbursements to cover operating expenditures, debt service, and capital improvements at Worldwide Plaza. Any excess funds are retained in a lender-controlled account to be utilized to cover future cash shortfalls at the property. The lease with Cravath expired on August 31, 2024 and interest on the mezzanine debt has not been paid since August 6, 2024. On September 13, 2024, ARC NYWWPJV001, LLC received a copy of a default notice to WWP Mezz, LLC, a subsidiary of WWP, as borrower under a $190.0 million mezzanine first loan, as a result of failure by the borrower to make a required interest payment of $0.8 million under the loan agreement. The borrower has entered into a loan modification agreement with the senior lender through July 1, 2025, clarifying the utilization of the cash sweep reserve and other reserves held by the lender. The cash sweep will continue until such time as specific leasing conditions have been met or an amount equal to approximately $42.3 million has been deposited into an account to fund lease commissions and tenant improvements. We are party to a litigation that has resulted in temporary restraining orders that have frozen our cash reserves and which may impact the Liquidation Plan. If the temporary restraining orders are not lifted, the Company will not be able to pay its ordinary course expenses for services such as required SEC filings and preparation and filing of required tax returns and we will not be able to make liquidating distributions to our unitholders.
Our principal sources and uses of funds are further described below.
Principal Sources of Funds
Cash Flows from Operating Activities
Our cash flows from operating activities are primarily dependent upon the occupancy level at Worldwide Plaza, the net effective rental rates achieved on our leases, the collectability of rent, operating escalations and recoveries from our tenants at Worldwide Plaza and the level of operating and other costs, including general and administrative expenses and other expenses associated with carrying out our Liquidation Plan. As discussed above, the lender initiated a cash sweep in September 2023 which restricts the joint venture that owns Worldwide Plaza from making distributions of cash flow generated following the initiation of the sweep. Prior to initiation of the cash sweep, our joint venture partner in Worldwide Plaza suspended making current distributions to the joint venture partners and reserved all excess cash flow from the property.
Sales Proceeds
In connection with the Liquidation Plan, we will seek to monetize our remaining 50.1% interest in Worldwide Plaza. The amount which we would receive for it is unknown.
Other Sources of Funds
During the year ended December 31, 2024, we received net distributions of $155,000 in respect of our interest in Worldwide Plaza.
Principal Use of Funds
Capital Expenditures
At December 31, 2024, we owned a 50.1% interest in the joint venture that owns Worldwide Plaza. In connection with the leasing of the property, the joint venture entered into agreements with its tenants to provide allowances for tenant improvements. These allowances require the joint venture to fund capital expenditures up to amounts specified in the lease agreements. Our share of capital expenditures during the year ended December 31, 2024 was funded from property cash flow.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
We initially set aside approximately $90.7 million from the 2017 refinancing proceeds to cover our share of potential future leasing and capital costs at the property; as discussed in “Note 8 - Commitments and Contingencies”. On February 4, 2025, the Supreme Court granted summary judgment declaring the Company does not have the obligation to fund capital expenditures pursuant to the Initial Budget. the Company has no obligation to maintain the Reserve and the LLC Agreement does not preclude the Company from distributing the Reserve to unitholders. WWP JV LLC has appealed the Supreme Court's ruling. The Delaware proceedings have been stayed, pending resolution of proceedings in New York initiated by the Company's subsidiary, ARC NYWWPJV001, LLC.
Liquidating Distributions
Until such time as we are able to dispose of our remaining asset, the actual amount and timing of, and record dates for, future liquidating distributions will be determined by our Board of Managers and will depend upon the timing and amount of cash flow distributions we receive from our Worldwide Plaza joint venture and the amounts deemed necessary by our Board of Managers to pay or provide for our liabilities and obligations. On February 10, 2025, the Company paid a cash liquidating distribution of $69.7 million, or $4.15 per unit. The timing and amount of our final liquidating distribution will be dependent on the timing and proceeds of the sale of our remaining interest in Worldwide Plaza and the timing of the resolution of the litigations, discussed in “Note 8 - Commitments and Contingencies”. As the Company is treated as a partnership for federal and state income tax purposes, any such liquidating distributions on the Units will be deemed a return of capital.
Loan Obligations
We have no consolidated mortgage notes payable as of December 31, 2024.
As of December 31, 2024, we had $601.2 million of unconsolidated mortgage debt reflecting our pro rata share of Worldwide Plaza’s total mortgage debt of $1.2 billion which is non-recourse to us. The Worldwide Plaza mortgage debt matures in November 2027 and requires monthly interest-only payments. Operating cash flow at the property was sufficient to cover the monthly debt service payments through August 2024. The lease with Cravath expired on August 31, 2024 and operating cash flow at the property is no longer sufficient to cover property operations and debt service payments. Interest on the Worldwide Plaza mezzanine debt has not been paid since August 6, 2024. On September 13, 2024, ARC NYWWPJV001, LLC received a copy of a default notice to WWP Mezz, LLC, a subsidiary of WWP, as borrower under a $190.0 million mezzanine first loan, as a result of failure by the borrower to make a required interest payment of $0.8 million under the loan agreement. The borrower has entered into a loan modification agreement with the senior lender through July 1, 2025, clarifying the utilization of the cash sweep reserve and other reserves held by the lender.
Cash Flows
Our level of liquidity based upon cash and cash equivalents and restricted cash decreased by approximately $3.6 million from $95.3 million at December 31, 2023 to $91.7 million at December 31, 2024.
The holders of shares of common stock of the Predecessor approved the Liquidation Plan on January 3, 2017, and we adopted the liquidation basis of accounting effective January 1, 2017. We did not make any acquisitions in new investments during 2023 or 2024, and, in accordance with the Liquidation Plan, no further acquisitions are expected. We had no uses of non-operating cash flow for the year ended December 31, 2024.
Our primary sources of non-operating cash flow for the year ended December 31, 2024 include:
•$155,000 net distributions related to our interest in Worldwide Plaza.
Our primary sources of non-operating cash flow for the year ended December 31, 2023 include:
•$162,000 net distributions related to our interest in Worldwide Plaza.
Our primary uses of non-operating cash flow for the year ended December 31, 2023 include:
•$4.2 million for liquidating distributions to common unitholders.
Contractual Obligations
We did not have any contractual debt or lease obligations as of December 31, 2024.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Comparability of Financial Data from Period to Period
Results of Operations
As a result of the expiration of the Cravath lease, we have experienced a significant decrease in occupancy and rental revenue at Worldwide Plaza.
Occupancy and Leasing
See Item 2 (“Properties”).
Changes in Net Assets in Liquidation
Net assets in liquidation are calculated based on estimates of future cash inflows and less estimates of future cash outflows. Net assets in liquidation decreased by $8.6 million during the year ended December 31, 2024. The decrease was primarily related to legal fees being higher than originally estimated and a reduction in future estimated interest income to be earned on cash and cash equivalents. The decrease was offset by an increase of $1.2 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza resulting from interest earned on undistributed funds held at the joint venture.
Net assets in liquidation increased by $1.9 million during the year ended December 31, 2023. The increase was primarily due to an increase of $4.8 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza primarily resulting from an increase in estimated distributions from working capital and property operations and a $1.3 million net increase due to a remeasurement of estimated receipts and costs primarily related to an increase of estimated interest income. The increase in net assets was offset by $4.2 million of liquidating distributions to unitholders.
Net assets in liquidation at December 31, 2024, which are presented on an undiscounted basis, include Worldwide Plaza value based on estimated cash flow projections utilizing appropriate discount and capitalization rates as well as available market information and assumptions regarding capital expenditures in the accompanying consolidated financial statements, assuming we dispose of our investment in the next 12 months, resulting in estimated future liquidating distributions of approximately $6.82 per Unit. This estimate of liquidating distributions includes projections of costs and expenses to be incurred during the next 12 months and costs to dispose of the Company’s remaining investment in WWP. As of December 31, 2024, our estimated value of Worldwide Plaza is less than the outstanding debt balance on the property and therefore the carrying value of our investment in the joint venture represents our share of the undistributed cash held at the joint venture. While the actual timing of sale has not yet been determined and is subject to future events and uncertainties, we utilize a one-year hold in accordance with liquidation accounting.
On February 10, 2025, we paid a cash liquidating distribution of $4.15 per Unit. Any changes in the future market value of Worldwide Plaza, if any, will be evaluated at each reporting period and will be reflected in the Consolidated Statements of Net Assets in liquidation at such times. Like any estimate or projection, management’s estimate is subject to various assumptions and uncertainties including the joint venture’s ability to execute on the business plan, tenants paying their rental obligations, the equity capital and financing markets and New York City market conditions generally.
Our audited financial statements included in this Annual Report on Form 10-K are prepared on the liquidation basis of accounting and accordingly include an estimate of the liquidation value of our assets and other estimates, including estimates of anticipated cash flow, timing of asset sales and liquidation expenses. These estimates update estimates that we have previously provided. These estimates are based on multiple assumptions, some of which may prove to be incorrect, and the actual amount of liquidating distributions we pay to you may be more or less than these estimates. We cannot assure you of the actual amount or timing of liquidating distributions you will receive pursuant to the Liquidation Plan.
Tax Status
We are taxed as a partnership for federal and state income tax purposes. Accordingly, no provision or benefit for income taxes is made in the consolidated financial statements. All distributions from the Company will be considered a return of capital for tax purposes. Unitholders will receive a Schedule K-1 from the Company annually reflecting their allocable share of the Company's income, loss, gains and deductions.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Inflation
Many of Worldwide Plaza’s leases contain provisions designed to mitigate the adverse impact of inflation. These provisions generally increase rental rates during the terms of the leases either at fixed rates or indexed escalations (based on the Consumer Price Index or other measures). We may be adversely impacted by inflation on the leases that do not contain indexed escalation provisions.
Off-Balance Sheet Arrangements
We have no off-balance-sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
Significant Accounting Estimates and Critical Accounting Policies
Set forth below is a summary of the significant accounting estimates and critical accounting policies that management believes are important to the preparation of our consolidated financial statements. Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by our management. As a result, these estimates are subject to a degree of uncertainty. Subsequent to the adoption of the Liquidation Plan, we are required to estimate all costs and income we expect to incur and earn through the end of liquidation including the estimated amount of cash we expect to collect on the disposal of our assets and the estimated costs to dispose of our assets.
Investment in Unconsolidated Joint Venture
We account for our investment in unconsolidated joint venture under the equity method of accounting because we exercise significant influence over, but do not control the entity and are not considered to be the primary beneficiary.
Under liquidation accounting, the investment in unconsolidated joint venture is recorded at its liquidation value, or net realizable value, comprised of an estimate of the expected sale proceeds upon disposition plus the estimated net cash flow to be received from the venture during the liquidation period. We evaluate the net realizable value of our unconsolidated joint venture at each reporting period. Any changes in net realizable value will be reflected as a change in our net assets in liquidation. The liquidation value of our remaining investment in Worldwide Plaza at December 31, 2024 is based on estimated cash flow projections utilizing appropriate discount and capitalization rates as well as available market information and assumptions regarding capital expenditures assuming we dispose of our investment in the next 12 months. As of December 31, 2024, our estimated value of Worldwide Plaza is less than the outstanding debt balance on the property and therefore the carrying value of our investment in the joint venture represents our share of the undistributed cash held at the joint venture. While the actual timing of sale has not yet been determined and is subject to future events and uncertainties, we utilize a one-year hold in accordance with liquidation accounting.
Recent Accounting Pronouncement
There are no new accounting pronouncements that are applicable or relevant to the Company under the liquidation basis of accounting.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
At December 31, 2024, we had $601.2 million of unconsolidated mortgage debt reflecting our pro rata share of Worldwide Plaza’s total mortgage debt of $1.2 billion which is non-recourse to us. This debt consisted of fixed-rate secured mortgage notes payable. Changes in market interest rates have no impact on interest due on the notes, however, it may impact our ability to sell or refinance the property.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8. Financial Statements and Supplementary Data.
The information required by this Item 8 is hereby incorporated by reference to our consolidated financial statements and the notes thereto beginning on page 43 of this Annual Report on Form 10-K.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.

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ITEM 9A. CONTROLS AND PROCEDURES
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate, to allow timely decisions regarding required disclosure.
As of December 31, 2024, an evaluation was performed under the supervision and with the participation of our management, including the CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the CEO and CFO, concluded that our disclosure controls and procedures were effective as of December 31, 2024.
Control Over Financial Reporting
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is a process which was designed under the supervision of the Company’s principal executives and principal financial officers to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements for external reporting purposes in accordance with U.S. generally accepted accounting principles.
Our internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; provide reasonable assurances that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and the Board of Managers of the Company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on our financial statements.
As of December 31, 2024, the Company’s management conducted an assessment of the effectiveness of Company’s internal control over financial reporting. The Company’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (2013) in “Internal Control-Integrated Framework.”
Based on that assessment and those criteria, management has maintained and concluded that our internal control over financial reporting was effective as of December 31, 2024.
Changes in Internal Control Over Financial Reporting
During the quarter ended December 31, 2024, there have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information.
None.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10. Directors, Executive Officers and Corporate Governance.
Managers of the Company
The following table represents certain information with respect to our managers and executive officers as of the date of this Annual Report on Form 10-K:
Name
Age
Position Held
Randolph C. Read
Chairman of the Board, Manager
Craig T. Bouchard
Manager
Michael L. Ashner
Manager
John Garilli
Chief Executive Officer, President,
Chief Financial Officer, Treasurer and Secretary
Randolph C. Read, Manager and Chairman of the Board of Managers - Mr. Read has served as an independent manager and Chairman of the Board of Managers since November 2018. Previously, he served as an independent director of our Predecessor from December 2014 until November 2018, including as Chairman of our Predecessor's Board of Directors from June 2015 until November 2018. Mr. Read has served as the independent Chairman of the Board of Enzon Pharmaceuticals, Inc. since August 2020 and as an independent director of SandRidge Energy, Inc. since June 2018. Mr. Read previously served as an independent director of Luby’s, Inc. from 2019 to 2021. Mr. Read has been President and Chief Executive Officer of Nevada Strategic Credit Investments, LLC for more than five years and has been President and Chief Executive Officer of International Capital Markets Group, Inc. for more than five years. Mr. Read has previously served as President of a variety of other companies and has previously served on a number of public and private company boards. He is admitted as a Certified Public Accountant and has an M.B.A. in Finance from the Wharton Graduate School of the University of Pennsylvania and a B.S. from Tulane University.
Mr. Read is qualified to serve on our Board of Managers based on his significant business experience as a director and an executive officer of entities in a variety of industries, as well as capital markets, governance and operations experience, in addition to his knowledge, financial expertise and leadership qualities and roles, including his experience as Chairman of our Board of Managers and our Predecessor's Board of Directors, including as its Chairman.
Craig T. Bouchard, Manager - Mr. Bouchard has served as an independent manager since November 2018. Previously, Mr. Bouchard served as an independent director of our Predecessor from October 2016 through November 2018 and served on the nominating and corporate governance committee and the affiliated transactions committee. Mr. Bouchard currently serves as the Executive Chairman of the Board of The Ecolution Power Company (EcolutionPower.com), and is the Co-Chairman of The Space Railway Corporation (Spacerailway.com). Mr. Bouchard is a New York Times Best Selling Author, having co-authored “The Caterpillar Way: Lessons in Leadership, Growth and Stockholder Value,” Copyright 2013, (McGraw Hill, November 2013). In 2010, Mr. Bouchard founded Shale-Inland Holdings LLC (“Shale-Inland,” now known as FloWorks International), a leading distributor of stainless steel pipe, valves and fittings, and stamped and fabricated parts to the United States energy industry. Mr. Bouchard served as the Chief Executive Officer and later as the Chairman of the Board of Shale-Inland through 2012.
Before founding Shale-Inland, in 2004, Mr. Bouchard co-founded and was the President and Vice Chairman of the Board of the steel company Esmark, Inc. (NASDAQ: ESMK). Esmark was the highest appreciating stock on the NASDAQ for the full year 2008. Prior to that, from 1998 to 2003, Mr. Bouchard was the President and Chief Executive Officer of New York-based NumeriX, a risk management software company focused on managing derivative financial risk.
Prior to that, Mr. Bouchard was the Global Head of Derivatives Trading and Quantitative Research at the First National Bank of Chicago, where his career spanned 19 years.
Mr. Bouchard is currently a member of the Leadership Board of the Department of Athletics at Duke University. Mr. Bouchard served on the Board of Trustees of Boston University and on the Foundation of the University of Montana. Mr. Bouchard holds a Bachelor of Arts degree, a Master's Degree in Economics, and Doctor of Science, from Illinois State University where he is in the Hall of Fame of the School of the Arts and Sciences. Mr. Bouchard has a Master of Business Administration (MBA) from the University of Chicago.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Mr. Bouchard is qualified to serve on our Board of Managers based on his extensive experience and knowledge developed through his service as an executive and in corporate management, including his service on our Predecessor's Board of Directors.
Michael L. Ashner, Manager - Mr. Ashner has served as a manager since November 2022. Mr. Ashner also currently serves as the Chief Executive Officer of Winthrop Capital Advisors, LLC, First Winthrop Corp. and Winthrop Realty Partners L.P. He formerly served as a trustee of Winthrop Realty Liquidating Trust. From December 2003 to December 2016, he served as Chief Executive Officer and Chairman of Winthrop Realty Trust. Mr. Ashner also served as the Executive Chairman and a Trustee of Lexington Realty Trust. Prior to the merger between Lexington and Newkirk, he also served as a director and the Chairman and Chief Executive Officer of Newkirk. From 2002 to 2004, Mr. Ashner served as a director and Chief Executive Officer of Shelbourne Properties I, Inc., Shelbourne Properties II, Inc. and Shelbourne Properties III, Inc. From 2019 to 2021, he served as a director of CBL Associates & Properties, Inc. Mr. Ashner is a Trustee of the Northwell Hospital System, American Friends of Beit Ruth and a past trustee of the National World War II Museum of New Orleans. He is a graduate of Cornell University and the University of Miami School of Law.
Mr. Ashner is qualified to serve on our Board of Managers based on his extensive experience and knowledge in the real estate industry developed through his service as an executive officer and in corporate management, including his service with the companies listed above.
Executive Officers of the Company
John Garilli, Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary - Mr. Garilli has served as Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary since November 2018. Previously, Mr. Garilli served as the Chief Executive Officer of our Predecessor from July 2018 until November 2018 and as the Chief Financial Officer, Secretary and Treasurer of our Predecessor from March 2017 until November 2018. Mr. Garilli served as Interim President and Chief Executive Officer of Luby’s Inc. from February 2021 until its dissolution in May 2022. Mr. Garilli has served as a Trustee of LUB Liquidating Trust, successor to Luby's Inc., since June 2022. Mr. Garilli has served as Interim Chief Financial Officer of Seritage Growth Properties since January 2022. Mr. Garilli served as Chief Financial Officer of Winthrop Realty Trust from June 2012 until its liquidation in August 2016. Mr. Garilli has been with Winthrop Capital Advisors (f/k/a First Winthrop Corporation), a real estate investment and management company and affiliate of the Winthrop Advisor since September 1995 and currently serves as its President.
Family Relationships
There are no family relationships between any of our managers or executive officers.
Audit Committee
Prior to 2023, due to the Company’s limited operations and level of activity, which primarily includes the sale of our remaining asset and the payment of outstanding obligations, we did not have an audit committee or other committee that performs similar functions and, consequently, had not designated an audit committee financial expert. Given the addition to the Board of Managers of Mr. Ashner, and his affiliation with the Winthrop Advisor, on March 14, 2023, our Board of Managers created an audit committee consisting of Craig T. Bouchard and Randolph C. Read, each of whom is an audit committee financial expert as defined in Item 407(d)(5) of Regulation S-K.
Code of Ethics
Our Board of Managers has adopted a code of ethics (the “Code of Ethics”) which is applicable to our managers, officers and employees (with respect to employees, if applicable in the future). The Code of Ethics covers topics including, but not limited to, conflicts of interest, confidentiality of information, full and fair disclosure, reporting of violations and compliance with laws and regulations. Our advisor and its employees are subject to a separate code of ethics.
The Code of Ethics can be obtained without charge, upon request, by writing to our secretary at: New York REIT Liquidating LLC, 2 Liberty Square, 9th Floor, Boston, MA 02109, Attention: John Garilli, Secretary. A waiver of the Code of Ethics may be made only by our Board of Managers and will be promptly disclosed to the extent required by law.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Insider Trading Policy
We have not adopted an insider trading policy. In October 2018, the Predecessor announced the withdrawal of its common stock from listing on the New York Stock Exchange (“NYSE”) in connection with the conversion. November 2, 2018 was the last day on which shares of its common stock were traded on the NYSE and our stock transfer books were closed as of 4:00 p.m. (Eastern Time) on such date. At the effective time of the conversion, each outstanding share of common stock of the Predecessor was converted into one Unit, and holders of shares of the Predecessor’s common stock automatically received one Unit (which Unit was in book entry form) for each share of the common stock held by such stockholder. Unlike shares of the Predecessor’s common stock, which, in addition to being listed on the NYSE, were freely transferable, Units are not listed for trading and generally are not transferable except by will, intestate succession or operation of law. Accordingly, we have not adopted an insider trading policy governing the purchase, sale and other dispositions of our securities by our managers, our officers or the Company itself.

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ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation.
We have no employees. Our advisor performs our day-to-day management functions. For 2024 and 2023, our only named executive officer is Mr. Garilli. Mr. Garilli serves as our Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary. Mr. Garilli is an employee of the Winthrop Advisor and does not receive any compensation directly from us for serving as our executive officer. We do not reimburse our advisor or its affiliates for salaries, bonuses or benefits incurred by these entities and paid to our named executive officers.
See “Certain Relationships and Related Transactions and Director Independence” in Part III, Item 13 for a discussion of fees payable and expenses reimbursable to the Winthrop Advisor, the Property Manager, and their affiliates under our agreements with them.
We did not determine the compensation payable to our named executive officers by our advisor or its affiliates during the year ended December 31, 2024. As a result, we do not have, and our Board of Managers has not considered, a compensation policy or program for executive officers. Accordingly, we have not included in this Annual Report on Form 10-K a “Compensation Discussion and Analysis,” report with respect to executive compensation or a ratio of the compensation of our Chief Executive Officer or our median employee.
Compensation of Executive Officers
The following table summarizes the “total compensation” earned by the named executive officer for services rendered to the Company for each of the fiscal years ended December 31, 2024 and 2023 during which such individual was designated as named executive officer:
Name and Principal Position
Year
Salary
Total
John Garilli, Chief Executive Officer, President and
$
-
$
-
Chief Financial Officer
-
-
Equity Compensation
There are no outstanding equity-based awards as of the fiscal year ended December 31, 2024.
Compensation of Managers
The following table sets forth information regarding compensation of managers who served as members of our Board of Managers during the year ended December 31, 2024:
Name
Fees Paid
in Cash
Total
Compensation
Michael L. Ashner
$
60,000
$
60,000
Craig T. Bouchard
105,000
105,000
Randolph C. Read
165,000
165,000
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Effective July 1, 2020, the monthly stipend paid to each Manager was reduced to $5,000 per month with the non-executive chair receiving an additional $5,000 per month. Effective April 1, 2024, each audit committee member is paid a fee of $5,000 per month. Fees earned by our managers for their services are paid quarterly in advance.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The following table sets forth information regarding the beneficial ownership of our Units as of December 31, 2024 by:
•each person known by us to be the beneficial owner of more than 5.0% of the outstanding Units;
•each of our Managers and named executive officers; and
•all of our Managers and executive officers as a group.
Except as otherwise indicated, each unitholder listed below has sole voting and investment power with respect to the Units beneficially owned by them, subject to applicable community property laws. As of February 28, 2025, there were 16,791,769 Units outstanding.
Beneficial Owner (1)
Numbers of Units
Beneficially Owned
Percent
of Class
Joseph Moinian (2)
1,678,417
10.0
%
Pacific Investment Management Company LLC (3)
1,649,082
9.8
%
Indaba Capital Management LP (4)
1,645,561
9.8
%
TSSP Sub-Fund HoldCo LLC (5)
1,645,493
9.8
%
Morgan Stanley Co. LLC (6)
1,515,000
9.0
%
Davidson Kempner Capital Mgmt LP (7)
1,415,223
8.4
%
683 Capital Management LLC (8)
938,730
5.6
%
Michael L. Ashner (9)
92,400
*
John A. Garilli
4,000
*
Randolph C. Read
1,849
*
Craig T. Bouchard
*
All directors and executive officers as a group (4 persons)
98,742
*
* Less than 1%
(1)Unless otherwise indicated, the business address of each individual or entity listed in the table is 2 Liberty Square, 9th Floor, Boston, Massachusetts 02109.
(2)The business address for Joseph Moinian is 3 Columbus Circle, 26th Floor, New York, New York 10019. Joseph Moinian has sole voting power over 1,678,417 Units. The information contained herein respecting Joseph Moinian is based solely on Schedule 13G filed by Joseph Moinian with the SEC on July 7, 2020.
(3)The business address for Pacific Investment Management Company LLC is 650 Newport Center Drive, Newport Beach, California 92660. Pacific Investment Management Company LLC has sole voting power over 1,649,082 Units. The information contained herein respecting Pacific Investment Management Company LLC is based solely on Schedule 13G/A filed by Pacific Investment Management Company LLC with the SEC on February 14, 2023.
(4)The business address for Indaba Capital Management LP is One Letterman Drive, Suite DM700, San Francisco, California 94129. Indaba Capital Management LP has shared voting power over 1,645,561 Units. The information contained herein respecting Indaba Capital Management LP is based solely on Schedule 13G/A filed by Indaba Capital Management LP with the SEC on February 16, 2021.
(5)The business address for TSSP Sub-Fund HoldCo LLC is 2100 McKinney Avenue, Suite 1030, Dallas, Texas 75201. TSSP Sub-Fund HoldCo LLC has shared voting power over 1,645,493 Units. The information contained herein respecting TSSP Sub-Fund HoldCo LLC is based solely on Schedule 13G/A filed by TSSP Sub-Fund HoldCo LLC with the SEC on February 14, 2024.
(6)The business address for Morgan Stanley Co. LLC is 1221 Avenue of the Americas, 3rd Floor, New York, New York 10020. Morgan Stanley Co. LLC has shared voting power over 1,515,000 Units. The information contained herein respecting Morgan Stanley Co. LLC is based solely on information provided by the brokerage firm.
(7)The business address for Davidson Kempner Capital Mgmt LP is 520 Madison Avenue, 30th Floor, New York, New York, 10022. Davidson Kempner Capital Mgmt LP has shared voting power over 1,415,223 Units. The information contained herein respecting Davidson Kempner Capital Mgmt LP is based solely on Schedule 13G/A filed by Davidson Kempner Capital Mgmt LP with the SEC on February 11, 2019.
(8)The business address for 683 Capital Management LLC is 3 Columbus Circle, Suite 2205, New York, New York 10019. 683 Capital Management LLC has shared voting power over 938,730 Units. The information contained herein respecting 683 Capital Management LLC is based solely on Schedule 13G/A filed by 683 Capital Management LLC with the SEC on February 14, 2019.
(9)Mr. Ashner disclaims beneficial ownership of 4,100 shares held by his adult children.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Exchange Act requires the Company’s officers and directors and persons who beneficially own more than 10% of the common stock of the Company to file initial reports of ownership of such securities and reports of changes in ownership of such securities with the SEC. Such officers, directors and 10% stockholders of the Company are also required by SEC regulations to furnish the Company with copies of all Section 16(a) forms they file.
To our knowledge, based solely on our review of the copies of such reports furnished to us and written representations that no other reports were required during the year ended December 31, 2024, all Section 16(a) filing requirements applicable to our executive officers, directors and greater than 10% beneficial owners were timely satisfied.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationships and Related Transactions, and Director Independence.
Effective March 7, 2017, the Winthrop Advisor was hired as the Predecessor’s advisor. The Winthrop Advisor continues to serve as the advisor to the Company.
Mr. Garilli was elected as our Predecessor’s Chief Financial Officer in March 2017. On July 12, 2018, Mr. Garilli was elected as Chief Executive Officer and President while maintaining his other executive positions of the Predecessor. Mr. Garilli is employed by an affiliate of the Winthrop Advisor and holds an indirect ownership interest in the Winthrop Advisor.
Mr. Ashner was appointed as a member of the Board of Managers on November 9, 2022. Mr. Ashner serves as the Chief Executive Officer of the Winthrop Advisor.
Advisor
From March 8, 2017 until November 2018, the Winthrop Advisor managed the day-to-day operations of our Predecessor pursuant to the Advisory Agreement as defined below. The Winthrop Advisor currently manages the day-to-day operations of the Company. The services provided by the Winthrop Advisor include: (i) serving as our investment and financial advisor; (ii) performing and supervising the various administrative functions necessary for the day-to-day management of our operations, including providing personnel necessary to perform such services; (iii) engaging and conducting business with consultants, accountants, lenders, attorneys, brokers and other service providers and overseeing the performance of services; (iv) overseeing acquisitions and dispositions of investments and recommending acquisitions and dispositions of investments to our Board of Managers; (v) arranging for financings and refinancings; (vi) overseeing and managing our existing investments; (vii) managing accounting and other record-keeping functions; (viii) preparing and filing all reports required to be filed by it with the SEC, the Internal Revenue Service and other regulatory agencies; (ix) maintaining our compliance with the Sarbanes-Oxley Act; and (x) monitoring compliance with our corporate-level and property-level indebtedness.
The Winthrop Advisor is charged with, among other things, implementing the Company’s plan of liquidation, to sell all or substantially all of the assets of the Company and its OP and to liquidate and dissolve the Company and the OP (the “Liquidation Plan”). The Liquidation Plan was approved by the Board on August 22, 2016 and by our stockholders on January 3, 2017. We expect to sell or transfer all our assets, pay or provide for our liabilities and expenses, distribute the remaining proceeds of the liquidation of our assets to our stockholders or unitholders, wind up our operations and dissolve. The actual amounts and times of future liquidating distributions to our unitholders pursuant to the Liquidation Plan will be determined by our Board of Managers at its discretion.
The following table sets forth the various fees and expenses paid by us to the Winthrop Advisor during the year ended December 31, 2024:
Asset Management Fees
$
1,200,000
Winthrop Advisor and its Affiliates
The activities of the Company are administered by the Winthrop Advisor pursuant to the terms of an advisory agreement, as amended, (the “Advisory Agreement”) between the Company and the Winthrop Advisor.
The Advisory Agreement is subject to automatic one-month renewal periods on the expiration of any renewal term, unless terminated by a majority of the Board of Managers or the Winthrop Advisor, upon written notice 45 days before the expiration of any
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
renewal term and will automatically terminate at the effective time of the final disposition of the assets held by the Company. The Advisory Agreement may be terminated upon 15 days written notice by a majority of the Board of Managers if the Company’s chief executive officer resigns or is otherwise unavailable to serve as the Company’s chief executive officer for any reason and the Winthrop Advisor has not proposed a new chief executive officer acceptable to a majority of the Board of Managers.
From the Liquidation Date through July 31, 2020, the Company paid to the Winthrop Advisor a monthly fee of $100,000 and a supplemental fee of $50,000 per quarter (prorated for any partial quarter) for any period that the principal executive and financial officers of the Company are required to certify the financial and other information contained in the Company's quarterly and annual reports pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended. On October 30, 2020, the Advisory Agreement was amended to reduce the monthly fee payable to the Winthrop Advisor to $83,000, effective August 1, 2020. All other terms of the Advisory Agreement remained unchanged.
In connection with the adoption of liquidation accounting, the Company accrues costs it expects to incur through the end of liquidation. At December 31, 2024, the Company has accrued asset management fees and compensation reimbursements totaling $1.2 million payable to the Winthrop Advisor representing management’s estimate of future asset management fees to final liquidation, provided there is no assurance that the contract will continue to be extended at the same terms, if at all. This amount is included in estimated costs during liquidation.
In connection with the payment of (i) any distributions of money or other property by the Company to its stockholders or unitholders during the term of the Advisory Agreement and (ii) any other amounts paid to the Company’s stockholders or unitholders on account of their shares of common stock or membership interests in the Company in connection with a merger or other change in control transaction pursuant to an agreement with the Company entered into after March 8, 2017 (such distributions and payments, the “Hurdle Payments”), in excess of $110.00 per share (adjusted for the Reverse Split, the “Hurdle Amount”), when taken together with all other Hurdle Payments, the Company will pay an incentive fee to the Winthrop Advisor in an amount equal to 10.0% of such excess (the “Incentive Fee”). The Hurdle Amount will be increased on an annualized basis by an amount equal to the product of (a) the Treasury Rate plus 200 basis points and (b) the Hurdle Amount minus all previous Hurdle Payments. Based on the current estimated undiscounted net assets in liquidation, the Winthrop Advisor would not be entitled to receive any such incentive fee.
Manager Designation Agreement
On June 30, 2020, the Company entered into a Manager Designation Agreement (the “Manager Designation Agreement”) with WW Investors LLC, (“WW Investors”), an affiliate of the Winthrop Advisor, which owned, as of the date of the Manager Designation Agreement, 132,774 Units in the aggregate. The Manager Designation Agreement provided that Howard Goldberg, then a member of the Board, was to be deemed to be WW Investors’ designee on the Board and further provided that for so long as they are not in breach of the Manager Designation Agreement, WW Investors shall be entitled to recommend a replacement nominee to the Board to fill a vacancy on the Board resulting from Mr. Goldberg’s resignation, death or disability, subject to the approval of the Board in its reasonable discretion. On November 7, 2022, Mr. Goldberg resigned from the Board of Managers. On November 9, 2022, Michael L. Ashner was appointed as a member of the Board of Managers pursuant to the Manager Designation Agreement. Furthermore, pursuant to the Manager Designation Agreement, WW Investors, and their affiliates agree to certain standstill restrictions until the earlier of (A) such time that WW Investors’ Board designee is removed and the Company fails to seat a replacement pursuant to the Manager Designation Agreement, (B) the Winthrop Advisor is replaced as the Company’s advisor and (C) the later of (i) 14 months from the date of the Manager Designation Agreement and (ii) such time as a WW Investor designee is no longer a member of the Board.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accounting Fees and Services.
KPMG LLP has been selected to serve as our independent registered public accounting firm to audit our consolidated financial statements for the year ended December 31, 2024. Prior to the formation of the Audit Committee in March 2023, KPMG LLP reported directly to our Board of Managers. The Audit Committee made the decision to appoint KPMG LLP for the years ended December 31, 2024 and 2023 and KPMG LLP reports directly to our Audit Committee.
Audit Fees
Audit fees charged by KPMG LLP related to the audits of our consolidated financial statements for each of the years ended December 31, 2024 and 2023 were $408,000 and $393,800, which were incurred during the years ended December 31, 2024 and 2023, respectively.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
Auditor Name: KPMG LLP
Auditor Location: Boston, MA
Auditor Firm ID: 185
Audit Related Fees
There were no audit related fees billed by KPMG LLP for the years ended December 31, 2024 and 2023.
Tax Fees
There were no tax fees billed by KPMG for the years ended December 31, 2024 and 2023.
All Other Fees
There were other fees billed by KPMG LLP totaling $98,434 and $73,529 for the years ended December 31, 2024 and 2023, respectively.
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits and Financial Statement Schedules.
The following are filed as part of this Annual Report on Form 10-K:
Page Number
1.
Financial Statements - Part II, Item 8, Financial Statement and Supplementary Data
2.
Exhibits: See accompanying Exhibit Index
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
EXHIBIT INDEX
The following exhibits are included, or incorporated by reference, in this Annual Report on Form 10-K for the year ended December 31, 2024 (and are numbered in accordance with Item 601 of Regulation S-K):
Exhibit No.
Description
2.1 (7)
Plan of Liquidation
2.2 (8)
Amendment to Plan of Liquidation
3.1 (3)
Articles of Conversion of New York REIT, Inc.
3.2 (3)
Certificate of Conversion of New York REIT, Inc.
3.3 (3)
Certificate of Formation of New York REIT Liquidating LLC
3.4 (3)
Limited Liability Company Agreement of New York Liquidating LLC, dated as of November 7, 2018
4.1 (4)
Description of Units
10.1 (1)
Agreement, dated as of December 19, 2016, by and among New York REIT, Inc., New York Recovery Operating Partnership, L.P. and Winthrop REIT Advisors LLC
10.4 (2)
Third Amended and Restated Limited Liability Company Agreement of WWP Holdings, LLC dated October 18, 2017
10.5 (5)
Amendment No. 2 to Advisory Agreement, dated as of June 6, 2018, among New York REIT, Inc., New York Recovery Operating Partnership, L.P. and Winthrop REIT Advisors LLC
10.6 (6)
Amendment No. 3 to Advisory Agreement dated as of August 7, 2018, among New York REIT Inc., New York Recovery Operating Partnership, L.P. and Winthrop REIT Advisors LLC
10.7 (9)
Indemnification Agreement dated November 13, 2018, between New York REIT Liquidating LLC and Randolph C. Read
10.8 (9)
Indemnification Agreement dated November 13, 2018, between New York REIT Liquidating LLC and Craig T. Bouchard
10.9 (12)
Indemnification Agreement dated March 30, 2023, between New York REIT Liquidating LLC and Michael L. Ashner
10.10 (9)
Indemnification Agreement dated November 13, 2018, between New York REIT Liquidating LLC and John Garilli
10.11 (10)
Manager Designation Agreement dated June 30, 2020 by and among New York Liquidating LLC and the WW Investors party thereto
10.12 (11)
Amendment No. 4 to Advisory Agreement dated as of October 30, 2020, among New York REIT Liquidating LLC and Winthrop REIT Advisors LLC
21.1 *
Subsidiaries of New York REIT Liquidating LLC
23.1 *
Consent of KPMG LLP
31.1 *
Certification of the Principal Executive Officer and Principal Financial Officer of New York REIT Liquidating LLC pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 *
Written statement of the Principal Executive Officer and Principal Financial Officer of New York REIT Liquidating LLC pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101 *
The following materials from New York REIT Liquidating LLC’s Annual Report on Form 10-K for the year ended December 31, 2024, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Net Assets, (ii) the Consolidated Statements of Changes in Net Assets, and (iii) the Notes to Consolidated Financial Statements.
Cover Page Interactive Data File (embedded within the Inline XBRL document).
NEW YORK REIT LIQUIDATING LLC
FORM 10-K
DECEMBER 31, 2024
* Filed herewith
(1)Filed as an exhibit to New York REIT, Inc.’s Current Report on Form 8-K filed with the SEC on December 19, 2016.
(2)Filed as an exhibit to New York REIT, Inc.’s Annual Report on Form 10-K filed with the SEC on March 1, 2018.
(3)Filed as an exhibit to New York REIT Liquidating LLC’s Current Report on 8-K filed with the SEC on November 7, 2018.
(4)Filed as pages 36 and 37 of New York REIT, Inc.’s Proxy Statement/Prospectus filed with the SEC on August 6, 2018.
(5)Filed as an exhibit to New York REIT Liquidating LLC’s Current Report on 8-K filed with the SEC on June 11, 2018.
(6)Filed as an exhibit to New York REIT Inc.’s Quarterly Report on Form 10-Q filed with the SEC on October 30, 2018.
(7)Filed as an exhibit to New York REIT Inc.’s Definitive Proxy Statement filed with the SEC on December 21, 2016.
(8)Filed as an exhibit to New York REIT Inc.’s Current Report on Form 8-K filed with the SEC on September 14, 2017.
(9)Filed as an exhibit to New York REIT Liquidating LLC’s Annual Report on Form 10-K filed with the SEC on March 15, 2019.
(10)Filed as an exhibit to New York REIT Liquidating LLC’s Current Report on Form 8-K filed with the SEC on July 1, 2020.
(11)Filed as an exhibit to New York REIT Liquidating LLC’s Quarterly Report on Form 10-Q filed with the SEC on November 4, 2020.
(12)Filed as an exhibit to New York REIT Liquidating LLC's Annual Report on Form 10-K filed with the SEC on March 31, 2023.