SOURCE: Commencement Capital LLC

NY Residential REIT

May 05, 2017 09:00 ET

NY Residential REIT, LLC Launches Mini-IPO to Provide Retail Investors Exposure to Manhattan Residential Real Estate

Company to utilize Regulation A+ offering structure to provide investors with access to an asset class previously difficult to invest in

NEW YORK, NY--(Marketwired - May 05, 2017) - Commencement Capital LLC, the Pure Play REIT Platform, announced the launch of NY Residential REIT, a real estate investment trust (REIT) created to purchase, invest in, and manage a portfolio of residential properties located in Manhattan. The REIT will primarily target condominiums, single-family, and multi-family properties, and was designed to provide a much wider investor audience with the opportunity to participate in an investment in Manhattan residential real estate, an asset class that has historically been primarily limited to institutional, high-net-worth and ultra-high-net-worth investors.

NY Residential REIT's public offering, pursuant to Regulation A+, will allow the Company to raise up to $50 million in capital. The Company is offering up to 5 million common shares at $10.00 USD per share with a minimum investment of 100 shares, or $1,000. The offering will be conducted through the NY Residential REIT website: http://nyresidentialreit.com/.

New York City real estate has long attracted global investors seeking income, appreciation, and inflation-protection. With nearly 3,000 residential sales totaling $12.3 billion in Manhattan in the first quarter of 2017, the Company believes that interest in Manhattan residential properties remains strong. However, with the average apartment in Manhattan priced at more than $2 million, only a limited pool of investors have the financial resources necessary to invest directly in Manhattan residential real estate.

"Manhattan has been one of the preeminent real estate markets in the world for a long time, but it has been difficult for most investors to participate in its appreciation," said Jesse Stein, CEO of NY Residential REIT. "With this offering, we sought to level the playing field and provide access to everyone who has wanted to invest in Manhattan but has not had the opportunity to do so."

"We believe that this is a great time to invest in the Manhattan real estate market," said Ryan Serhant, a NY Residential REIT Advisory Board Member and star of Bravo's Million Dollar Listing New York. "I think there's real potential upside in buying at today's values, which is why I am excited to be involved with NY Residential REIT."

"Our 'Pure Play' REIT platform is an exciting new opportunity for investors to participate in the opportunities that we identify in one of the world's tightest residential markets," said Jonathan Morris, NY Residential REIT President and a faculty member at Georgetown University. "I've worked as an executive for three REITs, all of which began focusing on individual investors yet changed course and are now owned mainly by institutions. I look forward to embarking on this new platform where the individual investor is not only our primary focus, but our total focus."

About NY Residential REIT

NY Residential REIT was formed to purchase, invest in, and manage a portfolio of residential properties located in Manhattan, providing both accredited and non-accredited investors with the ability to obtain exposure to Manhattan residential real estate. The Company is managed by CEO Jesse Stein who possesses extensive real estate financial services and information technology experience, as well as President Jonathan Morris, who possesses more than 25 years of real estate experience including significant experience in acquisitions, corporate finance, private sector debt and equity and asset management. For more information and to obtain a copy of the publicly filed offering circular, please visit: http://nyresidentialreit.com/ or follow NY Residential REIT on Facebook and Twitter.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of, securities in any jurisdiction in which such offer, solicitation or sale is not authorized. Neither the SEC nor any other regulatory body has approved or disapproved or passed upon the accuracy or adequacy of the information presented in this press release.

Some of the information in this press release is derived from information provided by industry sources. Although the Company believes that such information is accurate and that the sources from which it has been obtained are reliable, the Company cannot guarantee the accuracy of, and has not independently verified, such information.

This press release contains forward-looking statements, which reflect the Company's beliefs, assumptions and expectations of the Company's future performance and are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to the Company. If a change occurs, the Company's business, prospects, financial condition, liquidity and results of operations may vary materially from those expressed in the forward-looking statements. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect new information or changes in underlying assumptions.

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