Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
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?
You may have a claim. Get a free and confidential consultation.
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:
- Northstar Healthcare Income REIT
- Hospitality Investors Trust
- Benefit Street Partners Realty Trust
- FS Credit Real Estate Income Trust–I
- Cole Credit Property Trust III (“CCPT III”)
- The Parking REIT
- Apple non-traded REIT
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.
Our Securities Lawyers Have a Winning Record Against the World's Largest Companies Like AR Global
Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
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They “fought tooth and nail, down to the wire” to achieve “the best settlement that they could under the circumstances.”
Read more about what judges say about us.
Our Featured Securities Attorneys
Scott focuses his law practice on securities arbitration and litigation and plaintiff-side class action litigation, representing individual investors and institutions in claims against brokerage firms, investment advisors, commodities firms, hedge funds and others.
Eileen is involved in the firm’s securities practice and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Amanda is spearheading a securities lawsuit against NantHealth concerning fraudulent statements to investors about the success of its key product.
Our Financial Fraud Experience
Gibbs Law Group
Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. The firm has successfully litigated against some of the largest companies in the United States, and has recovered more than a billion dollars on clients’ behalf.
Gibbs Law Group attorneys have fought some of the most complex cases brought under federal and state laws nationwide, and have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).
Silver Law Group
Silver Law Group is a team of securities lawyers, forensic accountants, and support staff who are dedicated to helping investors recover losses through securities arbitration and litigation.
The firm is led by Scott Silver, a former Wall Street defense attorney who has been representing customers in securities and investment fraud cases since 2002. Scott is admitted to practice in New York and Florida and the firm’s FINRA arbitration attorneys represents investors nationwide.
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