New York (HedgeCo.Net) – New York REIT, Inc., a publicly traded real estate investment trust, announced that its Board of Directors has appointed Michael Happel, the Company’s President, to the role of Chief Executive Officer.

Happel, formerly of multi-billion dollar hedge fund, Atticus Capital, succeeds Nicholas S. Schorsch, who is stepping down. The Company also announced that William M. Kahane has been elected as Executive Chairman of the Board, effective immediately.

As a result of these changes, the NYRT Board of Directors now comprises four directors, three of whom are independent, and all of whom bring to the Company significant industry, senior leadership and corporate governance experience. Moreover, these changes further demonstrate the continuing effort by NYRT to enhance its corporate governance practices and advance the interests of all of its shareholders. The Company will continue to consider the appointment of additional independent directors to its Board of Directors.

“I am honored to be appointed CEO of NYRT, and I wish to thank Nick for his leadership, vision and tireless dedication to NYRT,” commented Mr. Happel. “As a proven industry leader and innovator, Nick has been instrumental in the firm’s tremendous success since the Company’s inception, offering invaluable insights and unparalleled business expertise to position NYRT as a leader in the New York City commercial real estate market.”