American Realty Capital New York City REIT Inc. revealed that MacKenzie Realty Capital Inc. and certain of its affiliates launched an unsolicited mini-tender offer for up to 500,000 shares of the trust's common stock.

MacKenzie is offering to buy the shares in cash at a price equal to $12.04 per share.

The New York City-focused real estate investment trust said its board recommends shareholders reject the offer, arguing that the offer price is $8.22 per share, or 41%, lower than its current estimated per-share net asset value of $20.26 as of June 30, 2017.

In order to deter MacKenzie and other possible bidders for the company's shares, the REIT launched a self-tender offer for up to 500,000 shares of its common stock at $12.95 per share.

The third-party tender offer will expire July 20, unless extended, and the self-tender offer will expire on July 24, according to a June 15 filing.