NEW YORK—In anticipation of its previously announced public listing, American Realty Capital New York Recovery REIT, Inc. announced plans to redesign its management team, promoting Michael A. Happel to president and appointing Gregory W. Sullivan as CFO and COO.
Happel will become president immediately, while Sullivan’s appointment becomes effective as of April 21, 2014.
“We have repeatedly underscored the importance of identifying the right intellectual capital to lead each of our investment strategies so as to maximize value to our shareholders,” stated Nicholas S. Schorsch, chairman and CEO of the American Realty Capital New York Recovery REIT, Inc. “By elevating Michael’s role to that of president, and attracting a strong CFO of the caliber of Greg Sullivan, we have placed New York Recovery in able hands as it secures listed status.”
American Realty Capital New York Recovery REIT, Inc., a non-traded REIT, had previously announced that it had retained Barclays Capital Inc. and RCS Capital, a division of Realty Capital Securities, LLC, as financial advisors to assist its board in evaluating its strategic options in terms of creating liquidity for its shareholders.
In this regard, Happel said in a statement, “As New York Recovery REIT continues to assess the various strategic initiatives, which the company may utilize to harvest shareholder value, following its successful closing of its $1.5-billion initial public offering, an executive with Greg’s talent, leadership skills and experience will be invaluable. Along with the company’s board of directors, I have tremendous confidence in his ability to advance our vision of building the world’s premier New York City-focused REIT.”
Sullivan added, “I am truly excited to become part of the New York Recovery REIT, and I look forward to contributing to the continuing successful construction and expansion of the business for the benefit of its investors.”