New York REIT: A tumultuous 20 months
December 9, 2015
At the Schack Institute’s REIT symposium last year, Nicholas Schorsch was the man of the moment. N
At the Schack Institute’s REIT symposium last year, Nicholas Schorsch was the man of the moment. Not only did his panel draw big crowds, but many of his fellow speakers touted his remarkable New York acquisition spree — over $1.7 billion worth of properties in 2013 alone through his firm, New York REIT. Just a few months later, however, Schorsch’s empire began to crumble. An accounting scandal at the Schorsch-led American Realty Capital Properties unsettled investors and caused share prices at New York REIT, as well as other Schorsch-affiliated companies, to take a hit. (more…)
Source: The Real Deal
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