Home Alts News American Realty Capital New York City REIT CEO and CIO Resign

American Realty Capital New York City REIT CEO and CIO Resign

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American Realty Capital New York City REIT, a publicly registered non-traded real estate investment trust sponsored by AR Global, disclosed that its chief executive officer and chief investment officer are resigning from the company, according to a filing with the Securities and Exchange Commission.

Michael Happel resigned from his position as chief executive officer, president and secretary of the REIT, which will become effective the day after the company’s 2016 annual financial report is filed with the SEC.

ARC NYC REIT said that Happel’s resignation was not the result of any disagreement with the company, and he advised the REIT that he will no longer be responsible for any part of any registration statement filed by the company. Effective March 31, 2017, Happel will also no longer be an officer or employee of the company’s advisor or its affiliates.

Happel, who was appointed as CEO in December 2014 to replace AR Global founder Nicholas Schorsch, has more than 25 years of real estate investing experience and has held senior positions at the Morgan Stanley Real Estate Funds, Westbook Partners, and Atticus Capital. He received a bachelor’s degree in economics from Duke University and a juris doctor from Harvard Law School.

To replace Happel, the board appointed Edward Weil, Jr., who served as the executive chairman of the board since November 2015 and will continue to do so following his appointment as CEO, president and secretary. Weil also serves as the CEO and a non-controlling member of AR Global, and holds numerous executive positions with the various AR Global-related companies.

In addition, Patrick O’Malley resigned as chief investment officer of the company. He was appointed as CIO in June 2015 and previously served as the company’s managing director of acquisitions. O’Malley has more than 13 years of real estate experience with a concentration on the New York City Metro area and has held managing director positions at UGL Services, DTZ Rockwood and Rockwood Real Estate Advisors. The company said that his resignation was not the result of any disagreement with the company, and that he is no longer an officer or employee of the company’s advisor or its affiliates.

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