Michael Ashner sets sights on another Schorsch REIT

June 7, 2017

Michael Ashner sets sights on another Schorsch REIT

June 1, 2017 | by Rich Bockmann | TheRealDeal

Michael Ashner’s Winthrop Realty Trust, one of the activist investors that last year successfully pushed for a change of leadership at the embattled New York REIT, has its sights set on another investment vehicle controlled by the scandal-plagued American Realty Capital.

Winthrop recently bought shares in the nontraded American Realty Capital New York City REIT, and is calling on fellow investors to vote down a slate of proposals at the June 27 board meeting that the company claims is unfriendly to shareholders.

New York City REIT is run by investor Nicholas Schorsch’s American Realty Capital, which in 2014 admitted to overstating financial results and purposely covering up the error. The scandal had a ripple effect that reverberated through more than a dozen investment vehicles sponsored by AR Capital, including the publicly traded New York REIT.

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