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Investor slashes tender offer for ARC New York City REIT shares

American Realty Capital New York City REIT Inc. said Comrit Investments 1 LP downsized its tender offer for the real estate investment trust's common stock.

The investor is now offering to buy up to 124,844 American Realty shares from an earlier target of up to 1.6 million shares, at $16.02 apiece.

In response to Comrit Investments' tender offer, the New York City commercial-real-estate-focused REIT recently launched a counteroffer for up to 1.6 million shares, at a revised offer price of $17.03 apiece.

Both offers are set to expire March 20 at 11:59 p.m. ET.