New York REIT Liquidating (NYRT): $940 Million Worldwide Plaza Loan in Default, Units Paid $66.43 So Far

What NYRT is now, and which one you held

If your statement says "NYRT" you may hold one of three things, and they are the same SEC registrant:

• American Realty Capital New York Recovery REIT, the non-traded REIT, incorporated in Maryland on October 6, 2009. This is the name on the oldest paperwork. See our history of the American Realty Capital family.
• New York REIT, Inc., the same company after it listed on the New York Stock Exchange on April 15, 2014 under the symbol NYRT. Its board approved a plan of liquidation on August 22, 2016, and it did a 1-for-10 reverse stock split on March 15, 2018.
• New York REIT Liquidating LLC, formed on November 7, 2018. Each share became one Unit, in book-entry form. A Form 25 for the NYSE listing was filed on October 23, 2018, and the Units were never listed again.

One mix-up to avoid: New York City REIT, now American Strategic Investment Co., is a different company with a different CIK. We explain the difference in what happened to New York City REIT.

The LLC's own description of its purpose is short: "The sole purpose of the Company is winding up the affairs of the Company and the liquidation of its remaining asset." The remaining asset is Worldwide Plaza.

How NYRT owns Worldwide Plaza, and why that matters for the units

NYRT does not own the building. The chain is: NYRT, through a subsidiary called ARC NYWWPJV001, LLC ("ARC"), owns an interest in WWP Holdings, LLC, which sits above the entities that own the tower and borrowed against it. In October 2017 the predecessor sold a 48.7% interest in Worldwide Plaza to WWP JV LLC, a joint venture managed by SL Green Realty Corp. and RXR Realty LLC, "based on an estimated underlying property value of $1.725 billion", and the property was refinanced at the same time with $1.2 billion of debt at a blended rate of about 3.98%, interest only, maturing in November 2027.

Since the September 17, 2025 settlement ARC holds 49.9% and WWP JV holds 50.1% and is the managing member. SL Green's own September 30, 2026 10-Q lists Worldwide Plaza at a 25.05% economic interest, which is half of WWP JV's 50.1% (our arithmetic), with the same $1.2 billion of debt and November 2027 maturity.

That structure has a plain consequence. Debt is paid before equity, and NYRT holds equity in a company that sits behind $1.2 billion of loans. The company said so before the defaults: in the 10-Q for June 30, 2025 it wrote that "our estimated value of Worldwide Plaza is less than the outstanding debt balance on the property", so the carrying value of its investment was only its share of cash already sitting at the joint venture, not any value for the building.

Sources: Form 8-K of July 28, 2026 (accession 0001193125-26-321187); Form 10-Q for June 30, 2025 (0000950170-25-107967). The total is ours.

What has happened since the defaults

The 8-K gives no new occupancy, rent or value figure for the building, and no price for the mezzanine sale. Those are the numbers a unitholder would most want and the filing does not contain them. It also does not say what happens to ARC's 49.9% interest if the pledged collateral is sold or the property is foreclosed. It says only that "the outcome of the pending proceedings and negotiations described above cannot be predicted".

The September 2025 settlement: what NYRT kept and gave up

For years the units were held up by a fight with the other owners. NYRT had set aside $90.7 million from the 2017 sale proceeds as a reserve; its partner argued that NYRT had to keep it and that NYRT might owe more than $82 million in capital. A New York court ruled for NYRT on February 4, 2025 and NYRT paid $4.15 per unit ($69.7 million) on February 10, 2025, but temporary restraining orders froze the rest of the reserve, and the Appellate Division refused to lift them on July 31, 2025.

The settlement of September 17, 2025 ended it, and the 8-K explains the trade:

• The reserve is free: NYRT "may, in its discretion, and without limitation, distribute such funds to its unitholders or use them to pay expenses or for any other purpose."
• ARC receives $3,393,280.25 out of about $6,750,000 distributed by WWP Holdings at dismissal, which includes payment for the 0.2% interest it transferred.
• ARC "has the option, but not the obligation, to fund any additional capital needs". The initial aggregate capital of WWP Holdings is $51,000,000.
• WWP JV can call 100% of ARC's interest at "ARC's total capital plus a specified return compounded annually". ARC can put its interest to WWP JV for ARC's capital at that date "plus a specified return compounded annually", during a window that opens on the fifth anniversary of the agreement (September 17, 2030, our arithmetic) and lasts 90 days. The 8-K does not state the return.

The first cash to unitholders after the settlement was the $0.30 per unit declared October 30, 2025 and the $0.15 per unit declared April 16, 2026. They are small next to the $4.15 of February 2025, and the filings do not say how much of the reserve is left or what it has been used for since 2025.

What the unitholders have received

Sources: 10-K for 2024 (accession 0000950170-25-047685); 10-Q for June 30, 2025 (0000950170-25-107967): "Through June 30, 2025, the Company paid aggregate distributions equal to $65.98 per share/Unit."; 8-Ks of October 31, 2025 (0001193125-25-260548) and April 16, 2026 (0001193125-26-158989). The cumulative figures after February 2025 are ours and assume no other payment; none is listed on EDGAR.

Our history of the American Realty Capital family states $65.98 "through March 28, 2025". That is correct for that date (the 10-K for 2024 uses it) and it was still the total at June 30, 2025, but it is no longer the total.

A worked example (our arithmetic). The 1-for-10 reverse split of March 15, 2018 turned each 10 old shares into 1 share, and the November 2018 conversion turned each share into 1 unit. Someone who held 1,000 old shares held 100 units. At $65.98 per unit through June 30, 2025 that is $6,598; adding $0.45 per unit for the two later payments gives $6,643 in total, or $6.643 per original share.

What is left: the last estimate is 16 months old

The 10-Q for June 30, 2025 is the last filing with a net-assets figure. Net assets in liquidation were $40.9 million, "approximately $2.44 per Unit", with cash of $16.7 million and 16,791,769 units outstanding. The same filing said that adding the $2.44 to the $65.98 already paid would give "$68.42 per Unit" in total, and that "there is inherent uncertainty with these estimates". The 10-K for 2024 had shown $114.5 million of net assets, or $68.65 per unit in total, before the February 2025 payment.

Since June 30, 2025 the company has paid $0.45 per unit. If nothing else had changed, $2.44 less $0.45 would leave $1.99 per unit (our arithmetic), but a great deal has changed: the reserve was released, legal costs continued, the lenders have taken action and a receiver has the building. The company has not filed an updated estimate, so we do not offer one. No filing says that anything more will be paid, and none says that nothing will.

Two facts about the units help to frame this:

• Taxes. For tax purposes the 10-K says "all distributions from the Company will be considered a return of capital" and unitholders receive an annual Schedule K-1. For the tax value the company gave at conversion, the 10-Q says each unit was valued at $14.00 on November 7, 2018 (the average of NYSE trading prices on the last three days of trading). Your own basis depends on what you paid and on what the K-1s have done to it, so use your K-1 history. Our guide to K-1 versus 1099-DIV for real estate investments explains the form.
• Selling. The 10-Q: "Units are not listed for trading and generally are not transferable except by will, intestate succession or operation of law. Therefore, the holders of Units do not have the ability to realize any value from these interests except from distributions made by the Company, the timing of which will be solely in the discretion of the Board of Managers." There were 8,327 unitholders of record on March 28, 2025.

Does NYRT still file reports? What EDGAR shows

We read the SEC's filing index for CIK 1474464 on November 8, 2026. The facts:

• Last 10-K: filed March 31, 2025 (year 2024). Last 10-Q: filed August 13, 2025 (quarter ended June 30, 2025).
• No 10-Q for September 30, 2025 or for the first or second quarter of 2026, and no 10-K for 2025, are listed.
• No late-filing notice (NT 10-K or NT 10-Q) since March 2023, no Form 15 (the form used to end reporting) and no staff letter in 2025 or 2026.
• Four 8-Ks since August 2025: September 23, 2025, October 31, 2025, April 16, 2026 and July 28, 2026.

That makes four periodic reports that would normally be due and are not on EDGAR (our arithmetic). The index does not say why, and we have found no filing that does. What it means in practice is that the current balance sheet, cash, expenses and net-assets estimate are not public. The July 2026 8-K "provides unitholders with an update" and says the company "will provide further updates as warranted", so the 8-Ks are the only source of news. The LLC's term was extended to December 31, 2025, and "may be extended to such later date as the Board of Managers determines is reasonably necessary"; no filing we found states the current term.

What a reader can do with this

• Check your units, your cost and your K-1s. The unit count is what carries over from your original shares (10 old shares to 1 unit). Pull the K-1 history that the company sent for 2018 to 2025. No filing says when any gain or loss on the units would be recognized; ask a tax professional how that applies to you.
• Do not count on the $2.44. It is a June 2025 estimate that the company itself called uncertain. Treat anything above the $0.45 paid since then as unknown.
• Watch for the next 8-K. The company says it will update unitholders "as warranted". The filings to look for are a new distribution declaration, a UCC sale or foreclosure sale of Worldwide Plaza or its mezzanine debt, and any new periodic report. The mortgage matures in November 2027 in any case.
• Be careful with offers. Because the units cannot trade, an unsolicited offer to buy them is a private deal at a price you cannot check against a market. Compare any bid with the facts on this page.
• Read the building, not just the vehicle. For context on office buildings with large vacancies and debt coming due, see our office REIT occupancy and debt tracker and the commercial real estate debt maturity wall. SL Green, one of the two managers of the other half of the building, is covered in SL Green stock, dividend and FFO.

FAQ

Sources, read on EDGAR on November 8, 2026: New York REIT Liquidating LLC (CIK 1474464) Forms 8-K of July 28, 2026 (0001193125-26-321187), April 16, 2026 (0001193125-26-158989), October 31, 2025 (0001193125-25-260548) and September 23, 2025 (0001193125-25-213539); Form 10-Q for June 30, 2025 (0000950170-25-107967); Form 10-K for 2024 (0000950170-25-047685); Form 8-K of March 15, 2018 (0001144204-18-014992) and Form 8-K12G3 of November 7, 2018 (0001144204-18-058022); the SEC filing index for the CIK; and SL Green Realty Corp. (CIK 1040971) Form 10-Q for September 30, 2026 (0001628280-26-071014). The cumulative distributions, the unit conversion example, the total of the three loans, the put-window date and the count of missing periodic reports are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.