New York City REIT Lawsuit Investigation

Former American Realty Capital REIT drops in value; Investors stuck in uncertain AR Global investments

Our firm is investigating the New York City REIT (NYCR), formerly known as the American Reality Capital REIT, on behalf of investors. Shares of NYCR were originally sold for $25 per share, but had an estimated net asset value of $20.26 per share as of June 30th, 2018. The REIT also suspended cash distributions to investors and stopped its share repurchase program indefinitely.

Investors in the New York City REIT may have a claim. Speak with a securities lawyer about recovering your losses.

Invest in NYC REIT?

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AR Global's New York City REIT: Former American Realty Capital Suspends Distributions

The New York City REIT, sponsored by AR Global, claims to invest in commercial properties around New York City. The real estate investment trust gains revenue and income from tenants renting their buildings. The company closed its offering in May of 2015 and raised a total of $776 million in investor equity. By the last quarter of 2018, the company owned seven properties with an investment cost of $774 million.

While the REIT’s net asset value was estimated at $20.26 per share as of June 30th, 2018, tendor offers in 2019 reached as low as $10.05 per share.

The company suspended cash distributions in March of 2018, and has not made any guarantee that distributions will continue anytime soon. Further, New York City REIT investors are currently stuck in their investments, as the share repurchase program has been suspended indefinitely.

Many investors may have been placed in the New York City REIT or the American Reality Capital REIT without fully understanding the risks involved with such an investment. If this happened to you, you may have a claim.

The Dangers of REIT Investments

While REITs are often marketed as low-risk, high yield investments, FINRA and the SEC have recently increased scrutiny into the marketing of these investments. Non-traded REITs are not traded on the public securities exchange, meaning that these REITs can often be illiquid. Many investors have reported being unable to redeem their shares from non-traded REITs and remain stuck in these uncertain investments as a result.

Many firms have notoriously sold REITs to investors. If you invested in the New York City REIT, or any other AR Global investments, and have lost part of your investment, not received your distributions, or remain stuck in the uncertain REIT, you may be eligible for monetary recovery. Contact our firm to learn more about your REIT fraud options.

Our REIT Lawsuit Investigations

Gibbs Law Group is currently investigating a number of REITs on behalf of shareholders. These REITs include:

If you invested in any of these REITs, or others, we may be able to help. Speak with a lawyer today to learn more about our REIT lawsuits.

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