By Michael Calia 
 

New York REIT Inc., which went public just six months ago, said Tuesday that it has received inquiries about potential strategic opportunities, and that it would review its options in a bid to boost shareholder value over the long term.

"It should come as no surprise that management and the board of directors are disappointed and believe that the market is undervaluing our shares," President Michael Happel said in a news release.

New York REIT shares had fallen nearly 15% to $10.49 at Monday's close after hitting a peak of $12.32 in late June.

"In light of the inquiries we have received involving potential strategic opportunities, our board felt strongly that we should engage financial advisors to provide fully-informed, objective advice to assist management in assessing all of our options," Mr. Happel said.

The real estate investment trust, which is focused on properties in New York City, said it hired Barclays Capital Inc. and the capital markets unit of Realty Capital Securities LLC to help the board assess its next steps. The two firms assisted New York REIT in its initial public offering in April, when the stock debuted at $10.70.

The disclosure Tuesday comes a day after the company posted what it called strong leasing results for the third quarter. Its key deal came from a 12-year lease with CBS Corp. for more than 32,000 square feet at World Wide Plaza on Eighth Avenue in Manhattan.

Write to Michael Calia at michael.calia@wsj.com

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