New York Condo Deals Sought for Online Investors by New REITBy
Investors kept out of NYC ‘unless you’re a multimillionaire’
Company is seeking to raise $50 million for property purchases
A new real estate investment trust opened shop this week, seeking to raise $50 million from investors online. It plans to use the money on some of the most sought after properties in the world: New York apartments.
NY Residential REIT is a “blind pool,” meaning it owns no assets and is courting investors on the strength of its management team to purchase properties once it has funds. It’s springing to life partly from Manhattan’s growing supply of costly apartments, and partly from a Securities and Exchange Commission rule making it easier for small companies to access capital…
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