Comrit Investments Issues Letter to New York City REIT Stockholders Regarding the Board's Conflicts and Governance Lapses

Outlines the Board's Lack of Independence and Concerning Ties to AR Global, NYC REIT's Ultimate Advisor, and Its Affiliates

Highlights How the Board Has Historically Prioritized the Interests of Management and AR Global Over Stockholders

Reminds Stockholders Leading Independent Proxy Advisory Firm ISS Recommends Investors Vote the WHITE Proxy Card to Elect Comrit's Independent Director Candidate, Sharon Stern

NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)-- Comrit Investments 1, LP (together with its affiliates, “Comrit” or “we”), a long-term stockholder of New York City REIT, Inc. (NYSE: NYC) (“NYC REIT” or the “Company”), today sent a letter to fellow stockholders regarding the urgent need for boardroom change at NYC REIT.

Yesterday, Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm, recommended stockholders vote on the WHITE proxy card to elect Comrit's independent nominee, Sharon Stern, at the Company’s upcoming Annual Meeting of Stockholders on May 31, 2022.

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IF YOU HAVE QUESTIONS ON HOW TO VOTE THE WHITE PROXY CARD, PLEASE CONTACT SARATOGA PROXY CONSULTING AT INFO@SARATOGAPROXY.COM OR TOLL-FREE AT: (888) 368-0379.

STOCKHOLDERS CAN VISIT WWW.REBUILDNYCREIT.COM TO LEARN MORE.

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About Comrit Investments

Comrit Investments 1, LP is an investment partnership that invests in income generating real estate through public non-traded real estate investment trusts. Founded in 2015 and based in Tel Aviv, Washington D.C. and New York City, Comrit is sponsored by I.B.I. Investment House Ltd. (TLV: IBI), an Israel-based market leader in alternative fund offerings. Comrit’s management team collectively has 30 years of experience investing across the U.S. real estate market.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220517005959/en/

For Investors:

Saratoga Proxy Consulting LLC

John Ferguson / Joe Mills, 212-257-1311

jferguson@saratogaproxy.com / jmills@saratogaproxy.com

For Media:

Longacre Square Partners

Charlotte Kiaie / Bela Kirpalani, 646-386-0091

ckiaie@longacresquare.com / bkirpalani@longacresquare.com

Source: Comrit Investments 1, LP