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ARC New York City REIT downsizes tender offer for its common stock

American Realty Capital New York City REIT Inc. amended a tender offer for its own common stock and is now offering to purchase 140,000 of its shares at $17.03 apiece, down from 1.6 million shares previously.

The office-focused diversified real estate investment trust had launched the offer in response to Comrit Investments 1 LP's $14.68-per-share cash tender offer to buy up to 1.6 million American Realty shares. The investor recently downsized its tender offer and is now offering to buy up to 124,844 American Realty shares at $16.02 apiece.

The latest company offer also adds a condition that the offer may be terminated if the Comrit offer is terminated or withdrawn prior to the purchase of any shares in the company's own offer.

American Realty's board unanimously recommended that stockholders not tender their shares under the company's offer or the lower Comrit offer.

American Realty's offer is set to expire at 11:59 p.m. ET on March 20, while the Comrit offer will expire March 20, unless extended.