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CEO and Chief Investment Officer of American Realty Capital New York City REIT Resign

March 20, 2017

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CEO and Chief Investment Officer of American Realty Capital New York City REIT Resign

March 20, 2017 | by James Sprow | Blue Vault

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On March 10, 2017, Michael A. Happel resigned as the chief executive officer, president and secretary of American Realty Capital New York City REIT, Inc., effective as of the business day immediately following the filing of the Company’s Annual Report on Form 10-K for the period ending December 31, 2016. The Company reported that Mr. Happel’s resignation was not the result of any disagreement with the Company. Mr. Happel has advised the Company that he will no longer be responsible for any part of any registration statement filed by the Company pursuant to and consistent with 15 U.S.C.§ 77k(b)(l). Effective March 31, 2017, Mr. Happel will also no longer be an officer or employee of the Company’s advisor or its affiliates.

Effective upon Mr. Happel’s resignation, the Company’s board of directors appointed Edward M. Weil, Jr. to serve as chief executive officer, president and secretary of the Company. Mr. Weil has served as the executive chairman of the Company’s board of directors since November 2015 and will continue in such capacity following this appointment.

Mr. Weil also is the chief executive officer and a non-controlling member of AR Global Investments, LLC (“AR Global”), the parent of the Company’s sponsor.

On March 10, 2017, Patrick A. O’Malley resigned as the chief investment officer of the Company, effective as of that day. The Company reported that Mr. O’Malley’s resignation was not the result of any disagreement with the Company. Mr. O’Malley is no longer an officer or employee of the Company’s advisor or its affiliates

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Gil Armour, CFP
February 3, 2016

I have been using Blue Vault Partners for the past five years.  I have found them to be a valuable, unbiased resource when it comes to evaluating and comparing non-traded REITs.  The reports help me analyze which sponsors are doing a responsible job of managing their offerings.  This allows me to limit my REIT recommendations to only the most competitive products, and then track those REITs throughout their life cycle.