ARC New York City REIT Inc. shareholders tendered 124,801 shares of the nontraded real estate investment trust to Comrit Investments 1 LP for roughly $2.0 million.

Comrit Investments offered to purchase up to 124,844 shares of ARC at $16.02 per share.

Following the purchase, Comrit will own around 170,003 shares, or 0.54%, of the REIT's outstanding common stock.

The REIT, in response to Comrit's offer, launched its own tender offer for 140,000 shares at $17.03 per share.