GlobeNewswire Inc | Jan 5, 2022 06:25PM EST

January 05, 2022

JERICHO, N.Y., Jan. 05, 2022 (GLOBE NEWSWIRE) -- Michael L. Ashner on behalf of Winthrop Strategic Real Estate Fund, currently a less than 1% stockholder of New York City REIT, Inc. (NYSE: NYC) (NYC REIT or the Company), today issued the following statement in response to the open letter issued to stockholders on January 4, 2022 by Comrit Investments 1, LP (together with its affiliates, Comrit):

We have reviewed Comrits open letter to stockholders and its nomination of Sharon Stern as an independent director for election to the Companys Board of Directors (the Board). Based on Ms. Sterns credentials, we believe Ms. Stern would greatly enhance the composition of the Board. We agree with many of the concerns raised by Comrit in its letter regarding the Company and its performance. In our view, the management and oversight of NYC REIT is another travesty foisted upon stockholders by Nick Schorsch and his management lackeys. We are unaware of a REIT with worse governance and operating results and in need of fresh perspectives and greater accountability. We are proffering our views solely as an independent stockholder of NYC REIT and have no arrangement or understanding, written or oral, with Comrit. We commend Comrit on its efforts and intend to vote our shares in support of Ms. Sterns election at the Companys 2022 annual meeting of stockholders. About Winthrop Strategic Real Estate Fund

Winthrop Strategic Real Estate Fund is a private equity and debt investment fund focusing on distressed real estate opportunities and real estate securities investments.

Contact: Michael L. AshnerInvestor or Media InquiriesPhone: (516) 822-0022; e-mail: mashner@winthropcapital.com