A New York landlord led by Nicholas Schorsch became the first publicly traded real estate company focused solely on the city with its listing on the New York Stock Exchange today.
New York REIT Inc. has bought properties valued at about $2.7 billion, mostly in Manhattan, since 2010, when it began as a nonlisted real estate investment trust sponsored by Schorsch’s AR Capital. Schorsch is the biggest fundraiser in the nontraded REIT industry. About $350 million in purchases are planned for this year as the company expands its holdings, which include a stake in Worldwide Plaza, a 49-story office tower on Eighth Avenue in Midtown. The shares began trading at $10.70 and closed at $10.75.
