Tue, Nov 12, 5:50 PM (21 days ago)
For the quarter ending September 30, 2024, New York REIT Liquidating LLC (NYRT) reported a decrease in net assets in liquidation to $117.2 million from $123.0 million at year-end 2023. This decline of $5.9 million was primarily due to a $6.8 million reduction in estimated receipts and costs, offset by a $0.9 million increase in the estimated liquidation value of its investment in Worldwide Plaza. The company's cash and cash equivalents fell to $1.4 million, with restricted cash remaining steady at $90.7 million. The occupancy rate at Worldwide Plaza dropped to 62.8% following the expiration of a significant lease with Cravath on August 31, 2024, which is expected to materially affect cash flow and operations. The company has no current plans for new investments and continues to execute its liquidation strategy. Legal uncertainties persist regarding a $90 million reserve and potential capital contributions. Future distributions to unitholders remain uncertain, hinging on asset sales and resolution of ongoing litigation. The liquidity position is deemed sufficient for operational needs, but liquidating distributions may be suspended or reduced.