UPDATE: Land and Buildings Investment Issues Letter in Response to New York REIT's Recent Initiatives

Today Land and Buildings Investment Management LLC released a public letter to Marc Rowan, Senior Managing Director and Director of Apollo Global Management, commenting on the strategic initiatives announced by New York REIT

to enhance shareholder value. The full text of the letter is as follows: October 1, 2015 Marc Rowan Apollo Global Management 9 West 57th Street, 43rd Floor New York, NY 10019 Dear Marc, We are encouraged that Apollo is starting to take steps to address the significant concerns regarding NYRT's corporate governance that we have shared with you, the Board, and the management team of NYRT since the second quarter of this year. However, we are disappointed that the initiatives announced today would appear to result in a Board with five of seven members having significant ties to the external advisor of NYRT, stretching what we view as the definition of an independent Board. Land and Buildings believes that at least 50 percent of the Board should be comprised of new independent Directors that have no ties to the external advisor, have a track-record of creating value for shareholders and have governance credibility with institutional REIT investors. The people we recommended as Board candidates in the course of our previous conversations with you and the Company have these characteristics and we urge you to seriously consider them. A properly reconstituted Board would ensure that the Company implements all steps necessary to enhance shareholder value and ensure that Eastdil Secured's role as a strategic advisor to identify and evaluate potential strategic transactions is properly run. We are pleased that you share our view that NYRT trades at a substantial discount to net asset value and that you have a sense of urgency to address investor concerns. It is our sincere desire to continue to work collaboratively with you and the Board of NYRT to maximize value for all shareholders. Sincerely, Jonathan Litt Founder & CIO Land and Buildings Cc: Randolph C. Read P. Sue Perrotty