NY Residential REIT LLC is relaunching its IPO under the newly revised Regulation A rules commonly referred to as Regulation A+.
The newly organized Delaware limited liability company, which aims to acquire residential properties in Manhattan, N.Y., is offering up to $50.0 million of its common shares at a price to the public of $10.00 per share.
NY Residential is considered a blind pool with no identified acquisition targets. It will use substantially all the IPO's net proceeds to invest in or acquire residential properties in Manhattan, including condominium and cooperative interests, single-family homes and multifamily properties, according to a filing.
The company, which is externally managed by Commencement NY LLC, will seek to become a real estate investment trust, starting with the 2018 taxable year. Before the IPO closing, it plans to apply either to list its common shares on the Nasdaq Capital Market or the NYSE MKT, or for the quotation of its common shares with OTC Markets Group on the OTCQX, OTCQB or OTC Pink.
W.R. Hambrecht + Co. LLC is the sole underwriter to offer the common shares to prospective investors on a best-efforts basis. Prime Trust LLC is the company's escrow agent for the offering.
