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AR Capital New York City REIT Expands Board, Appoints Lee Elman as Director


American Realty Capital New York City REIT Inc., a publicly registered non-traded real estate investment trust sponsored by AR Capital, announced that its board appointed Lee Elman as an independent director, chair of the audit committee and a member of the conflicts committee of the company.

Simultaneously with his appointment, the board increased its size to four directors.

The board also accepted the resignation of Elizabeth Tuppeny as chair of the audit committee. She will continue to serve as lead independent director of the board and as a member of the audit committee and the conflicts committee. Tuppeny did not resign from her role due to any disagreement with the company.

Elman has served as an independent director of American Realty Capital Global Trust II since April 2015. Since 1979, he has served as president of Elman Investors, an international real estate investment banking firm which he also founded. He is also a partner of Elman Ventures, an organization which is advisor to, and partner with, various foreign investors in United States real estate ventures.

Elman has more than 40 years of real estate experience, including as an investing principal, a real estate investment banker, and an investment advisor for both U.S. and foreign investors. He holds a juris doctorate from Yale Law School and a bachelor’s degree from Princeton University’s Woodrow Wilson School of Public and International Affairs.

Elman, like the other independent directors, will participate in the company’s compensation program, which includes a $30,000 annual retainer and 1,333 restricted shares of common stock on the date of his appointment and at each annual stockholders’ meeting thereafter. The stock vests over a five-year period following the first anniversary of the date of grant in increments of 20 percent per year.

American Realty Capital New York City REIT invests in properties located in the five boroughs of New York City, with a focus on Manhattan. The company, which is closed to new investments, owns five properties totaling 841,868 rentable square feet.

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