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Schorsch Lists Second Non-Traded REIT in a week

Formerly known as American Realty Capital New York Recovery REIT, New York REIT, Inc. (NYRT) is scheduled to begin trading on the NYSE today.

Sponsored by American Realty Capital, New York Recovery REIT was launched in 2010 and since that time it has been acquiring commercial real estate in the New York metropolitan area. It closed its initial public offering in December, 2013 and as of December 31, 2013 had raised $1.7 billion. Its portfolio consists of 23 properties with an aggregate 3.1 million square feet.

“NYRT’s successful listing on the NYSE marks another important milestone for the Company and provides it more efficient access to the capital markets which will help drive its future growth, while also creating a liquidity opportunity for our shareholders,” commented Chairman and Chief Executive Officer, Nicholas Schorsch in a statement.

NYRT opened at $10.70 per share today and by 11am EST, had traded from a low of $10.25 to as high as $10.75. Volume at this time was just over 1 million shares.

Also commencing today is the company’s tender offer, in which the REIT will purchase up to $250 million of its shares of common stock at $10.75 per share. The offer expires May 13, 2014.

American Realty Capital successfully listed another REIT last week, this time on the NASDAQ. American Realty Capital Healthcare Trust Inc. (NASDAQ: HCT) opened at $10.50 on April 7, 2014 and has traded from $10 to $10.70 since.

In addition, NYRT also announced that it has increased its senior corporate credit facility to $705 million of total financing capacity. The facility will be used to expand the company’s portfolio.