NY Residential REIT was created to invest in and manages a portfolio of high-quality residential properties solely in Manhattan- providing investors seeking income, appreciation, and capital preservation, exposure to New York City real estate.
Real Estate New York, NY http://www.nyresidentialreit.com/
New York City real estate has long attracted global investors seeking income, appreciation, and capital preservation. However, with the average apartment in Manhattan priced at more than $2 million, only a limited pool of investors have the resources necessary to invest directly in Manhattan residential real estate. Commencement Capital LLC has formed NY Residential REIT, LLC to purchase, invest in, and manage a portfolio of residential properties located in Manhattan, which will provide both accredited and non-accredited investors with the ability to obtain exposure to Manhattan residential real estate.
Jesse Stein is the CEO of New York Residential REIT and of Commencement Capital, a real estate investment and advisory firm. Mr. Stein was formerly the founder and chief operating officer of ETRE Financial, a real estate financial services and information technology company focused on facilitating the public listing of individual real estate assets. Mr. Stein also served as the Chief Operating Officer, Secretary, and a member of the Board of Directors of ETRE REIT, LLC. Mr. Stein is also the founder and managing principal of Advanced Fundamentals, a real estate data analytics and indexing firm. Mr. Stein graduated from Cornell University and received a Masters Degree in Real Estate from NYU.
Mr. Morris has more than 25 years of real estate experience including significant experience in acquisitions, corporate finance, private sector debt and equity and asset management. Mr. Morris has worked with some of the most well-known organizations in the real estate industry including Charles E. Smith Residential Realty, Inc. and Boston Properties, where he facilitated a number of high-quality acquisitions, many through UPREIT transactions. Since 2011, Mr. Morris has taught a master’s level REIT class at Georgetown University.
We are a newly organized Delaware limited liability company that has been formed for the purpose of acquiring residential properties in the borough of Manhattan in New York City. We have not identified any acquisition targets, so we are considered a “blind pool.” We expect to use substantially all the net proceeds from this offering to invest in or acquire residential properties in Manhattan including condominium and cooperative, or co-op, interests, single-family homes or multifamily properties, which we collectively refer to as our targeted investments.
Investing in our common shares involves a high degree of risk. You should carefully review the “Risk Factors” section of this offering circular, beginning on page 15, which contains a detailed discussion of the material risks that you should consider before you invest in our common shares.
CrowdVest may be entitled to receive a posting fee of $25,000 in cash and $25,000 in common stock. CrowdVest may be entitled to receive $250 from the NY Residential for every investor that is generated from CrowdVest.