New York City REIT (NYC) Comments on Glass Lewis Report

New York City REIT, Inc. (NYSE: NYC) (“NYC” or the “Company”) today issued the following statement in response to the report issued by Glass, Lewis & Co., LLC relating to the director election at the Company’s Annual Meeting on May 31, 2022.

Michael Weil, Chairman and CEO of NYC, said, “This election is about one thing: choosing the best qualified person to serve on the NYC Board. There is no question that person is Elizabeth Tuppeny, who has served NYC shareholders extremely well and possesses relevant skills, leadership experience, and real estate expertise to continue to drive value. Conversely, activist hedge fund Comrit’s hand-picked, inexperienced and unqualified candidate, Sharon Stern whose work is largely limited to helping manage a small portfolio of family-owned student housing properties in Montreal, lacks experience in U.S. commercial real estate. It is disappointing that Glass Lewis failed to recognize that electing her to replace a director with the track record and qualifications of Ms. Tuppeny would disrupt NYC’s significant momentum."

“Re-electing Elizabeth Tuppeny to the NYC Board is the best way for shareholders to protect the value of their investment and the company’s attractive $0.40 per share dividend, which could be at risk if Sharon stern is elected,” Mr. Weil concluded.

NYC reminds shareholders of Elizabeth Tuppeny’s many outstanding qualifications:

• Relevant Real Estate Experience – Independent board member of PIDC, a public-private economic development organization. Has been involved with major real estate projects across the greater Philadelphia area, including evaluating and approving more than 500 industrial and commercial real estate transactions.

• Knowledge of the New York City Market – Has served and been a highly productive NYC Board member for over 7 years, and currently serves as Lead Independent Director. Has spent significant time in New York City over the past for 28 years collaborating with Domus’ clients.

• Corporate Board Experience – In addition to NYC, Ms. Tuppeny has served as an independent director on the boards of three separate REITs for several years.

• Board/Governance Education – Ms. Tuppeny has invested significant time and effort to prepare herself to be an outstanding director, including certifications from Harvard, MIT and the National Association of Corporate Directors.

• CEO Experience – CEO of Domus, Inc., a corporate strategy company she founded that successfully advises C-level professionals of global Fortune 500 companies.

Sharon Stern’s experience pales in comparison in all of these areas.

Time is short. Re-elect Elizabeth Tuppeny to the Company’s Board of Directors by voting ‘FOR’ on the GOLD card to re-elect Elizabeth Tuppeny so that we can continue to build on our considerable momentum. DO NOT BE FOOLED BY COMRIT, as a vote for Sharon Stern could jeopardize NYC’s momentum and put the value of your investment at risk.

Your Vote Is Important, No Matter How Many or How Few Shares You Own!

Please vote today by telephone, via the Internet or
by signing, dating and returning the enclosed GOLD proxy card.
Simply follow the easy instructions on the GOLD proxy card.

If you have questions about how to vote your shares, please contact:

INNISFREE M&A INCORPORATED
Shareholders May Call Toll-free: (877) 750-8197
Banks and Brokers May Call Collect: (212) 750-5833

REMEMBER:

Please simply discard any WHITE proxy card that you may receive from Comrit. Returning a WHITE proxy card – even if you “withhold” on the Comrit’s nominees – will revoke any vote you had previously submitted on NYC’s GOLD proxy card.

REMEMBER:

Please simply discard any WHITE proxy card that you may receive from Comrit. Returning a WHITE proxy card – even if you “withhold” on the Comrit’s nominees – will revoke any vote you had previously submitted on NYC’s GOLD proxy card.

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