• by Sara Guaglione , November 7, 2016

After 13 years as New York magazine’s publisher, Larry Burstein is stepping down to pursue other entrepreneurial opportunities. The 63-year-old told the New York Post that he is “not retiring,” after making the announcement to staffers in an email Friday.

“There is a lot of value locked up in legacy properties, and I hope to help people unlock that value,” he said of his future pursuits.

CEO of New York Media Pam Wasserstein will search for Burstein’s replacement. The next publisher will instead be called Chief Revenue Officer.

Burstein will stay on board until after his successor has been on the job for a few weeks to help the transition.

Wasserstein is the daughter of Bruce Wasserstein, who bought New York magazine for $55 million in 2004. He passed away five years later at the age of 61. Wasserstein took on the role of CEO last May, replacing Anup Bagaria.

In the 13 years under Burstein’s leadership, New York magazine cut its print publication from a weekly to a biweekly circulation and increased its Web presence with different verticals, such as The Cut for fashion and Grub Street for food and restaurants.

“What I’ve done is take a print title with a small circulation and turn it into a media property with 30 million people looking at seven sites,” Burstein told the Post. “I myself was transformed from a print sales guy into someone who understood the new media world.”

Some 60% of the company’s revenue now comes from digital, he added.

This year, New York magazine launched a new tech vertical, Select All, run by former Gawker editor Max Read.