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New York Metro Focused REIT Declared Effective

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The Securities and Exchange Commission (SEC) has declared the NorthStar/ RXR New York Metro Income, Inc. (NorthStar/RXR) effective.

Offering up to $1.8 billion of common stock at $10 per share and $200 million at $9.50 per share through its distribution reinvestment plan, NorthStar/RXR plans to acquire high-quality commercial real estate in the New York metro area and it intends to qualify as a real estate investment trust (REIT).

The REIT will be distributed by NorthStar Realty Securities, LLC and managed by NorthStar Asset Management Group (NYSE: NSAM) and RXR Realty, LLC (RXR), which is a real estate company with a strong presence in New York tri-state area.

NorthStar Realty Finance (NYSE: NRF), which spun off NorthStar Asset Management into a separate entity half way through 2014, completed a $340 million investment in RXR in December 2013, providing about a 30% ownership interest in the company.