On May 18, 2022, New York City REIT, Inc. issued a statement in response to the report issued by Institutional Shareholder Services (ISS) relating to the director election at the Company's Annual Meeting on May 31, 2022. Michael Weil, Chairman and CEO of the Company stated that there is no question that Elizabeth Tuppeny is the superior candidate and the right choice for the Company shareholders in the upcoming director election. She has been an outstanding NYC director for several years and has extensive commercial real estate experience, significant REIT board service, and a strong track record of delivering exceptional returns to the Company shareholders.

It is very disappointing that ISS failed to recognize these many outstanding qualities and instead has chosen to back an inexperienced director candidate for election to the Board who was handpicked by an Comrit Investments 1, LP. Also, the Company urged the shareholders to not be fooled by comrit and to only vote on its proxy card to protect the value of their investment and dividend.