WR Hambrecht + Co to Act as Sole and Exclusive Underwriter
NY Residential REIT, LLC has relaunched its initial public offering with WR Hambrecht + Co acting as the sole and exclusive underwriter for the Regulation A+ IPO. NY Residential REIT is offering up to 5 million shares at $10.00 USD per share with a minimum investment of 100 shares, or $1,000.
“Since the passage of the JOBS Act, real estate issuers have been among the most prolific Reg A+ capital raisers demonstrating broad investor demand for this sector. WR Hambrecht + Co is delighted to provide investors with access to NY Residential REIT’s unique, ‘pure play’ investment model and its institutional-quality management team. With this offering, investors of all classes will be able to gain exposure to the Manhattan residential market under a flexible investment strategy designed to deliver both current yield and capital appreciation,” said John Hullar, Managing Partner, WR Hambrecht + Co.
NY Residential REIT was formed to purchase, invest in, and manage a portfolio of residential properties located in Manhattan and will incorporate a flexible investment strategy that focuses on properties with the potential for significant capital appreciation, such as those requiring renovations or repositioning, those located in neighborhoods with high growth potential and those available from sellers who are distressed or face time-sensitive deadlines.
“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,” said Jesse Stein, CEO of NY Residential REIT. “We created NY Residential REIT so that individual investors can own interests in high-quality Manhattan residential real estate in the form of a public security.”
About NY Residential REIT, LLC
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. NY Residential REIT 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.
About WR Hambrecht + Co
WR Hambrecht + Co has been focused on opening the investing world to as many people as possible at fair market prices and was instrumental in reforming Regulation A to help accomplish that for growth companies and investors. Its Regulation A+ strategy is a continuation of the Hambrecht legacy of conducting small public offerings for what were once considered high-risk start-ups that are now household names and Fortune 500 companies.
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 NY Residential REIT believes that such information is accurate and that the sources from which it has been obtained are reliable, NY Residential REIT cannot guarantee the accuracy of, and has not independently verified, such information.
This press release contains forward-looking statements, which reflect NY Residential REIT’s beliefs, assumptions and expectations of NY Residential REIT’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 NY Residential REIT. If a change occurs, NY Residential REIT’s business, prospects, financial condition, liquidity and results of operations may vary materially from those expressed in the forward-looking statements. NY Residential REIT disclaims any obligation to publicly update or revise any forward-looking statements to reflect new information or changes in underlying assumptions.