What Happened to New York City REIT? One $25 Share Is Now 0.0514 of a Share, Worth About 34 Cents

One company, three names, and the one it gets confused with

If you bought “ARC New York City REIT” through a broker in 2014 or 2015, the line on your statement today reads American Strategic Investment Co., ticker NYC. Nothing was merged or sold: the same Maryland corporation, the same SEC registrant (CIK 1595527), changed its name to New York City REIT, listed in 2020 and renamed itself again on January 19, 2023, the same month it gave up REIT status. It is still externally managed by New York City Advisors, an affiliate of AR Global, whose sole member is Bellevue Capital Partners.

This page is the history for that original holder: what the $25 share went through and what it is worth now, step by step from the filings. For the company as it stands, its assets, debt and management, read our American Strategic Investment (NYC) review.

A common mix-up: New York REIT (first called American Realty Capital New York Recovery REIT) was a different company from the same sponsor family, with its own SEC file (CIK 1474464), now New York REIT Liquidating LLC. If your shares say “Recovery”, this page is not about them.

The non-traded years: $25 shares, $1.5125 a year and a NAV stuck at $20.26

The board said it stopped paying in 2018 “to enhance the Company’s ability to execute on acquisitions, repositioning and leasing efforts related to the six properties owned by NYCR”. In tax terms the distributions it had paid were not income at all: the 10-Ks classify 100% of them as return of capital, $0.84 a share for 2014, $1.51 for each of 2015, 2016 and 2017, and $0.25 for 2018. The company had 13,651 stockholders of record in February 2018 and 13,082 in March 2020.

2018-2019: the only exits were tender offers, and they were small

With distributions gone and the share repurchase program suspended, a holder who wanted cash had two doors, both narrow. One was the company's own tender offers; the other was Comrit Investments 1, a limited partnership based in Tel Aviv, which made offers for the shares below the NAV.

In the March 2018 offer the company raised its price from $15.50 to $17.03 and cut the number of shares it would buy from 1,935,484 to 1,600,000, and then to 140,000. More than ten times that many shares were offered, so most holders who tried to sell got roughly one share in ten bought. In May 2019 the board told stockholders to turn down Comrit's $13.61, a price below the $20.26 NAV. In hindsight, $13.61 was more than 39 times what an original share is worth today (our arithmetic). Our guide to non-traded REIT tender offers explains how these offers are priced.

In May 2020 the board adopted a stockholder rights plan that would be triggered by anyone acquiring 2.25% or more of the stock, just above the roughly 2.1% Comrit reported holding after its 2019 offer.

The 2020 listing: how one share became 0.4115 of a share

On July 29, 2020 the board approved listing on the NYSE under the symbol NYC. On August 5, 2020 the company did three things in a row: a 9.72-to-1 reverse split, a renaming of the stock as Class A, and a dividend of three Class B shares for each Class A share. The Class B shares were not listed; they converted into Class A in thirds over the following year. The result was about 12.8 million shares (3.2 million Class A, 9.6 million Class B) where there had been about 31 million.

For an original holder that means each share became 1/9.72 of a Class A share plus 3/9.72 of a Class B share: 0.4115 of a listed share, the same as a 2.43-to-1 split (our arithmetic). That is why the company's listing presentation turned the $20.26 NAV into “Estimated NAV Per Share of $49.23 Adjusted for Reverse Split”. The share repurchase program ended automatically with the listing, and the company would no longer publish a NAV.

The $12.46 average close is the first market price of the listed stock that the filings record. Per original share it is about $5.13, or 75% below the $20.26 NAV and 79% below the $25 paid (our arithmetic). Our non-traded REIT listing-discount ladder puts that gap next to other listings.

2022: Comrit's proxy fight, then the dividend stops again

After listing, the company paid $0.10 a quarter per listed share ($0.04889 for the stub period to September 30, 2020, $0.40 in 2021, $0.20 in 2022), funded, the 2021 10-K says, not with cash flow from operations but from cash on hand, prior financings and its at-the-market stock sales. Comrit, by then holding 267,520 shares (about 2%), notified the company on November 30, 2021 that it would nominate a director. Its proxy statement argued that “the listing was ill-advised and we recommended the Company liquidate and return capital to the stockholders”. It put the November 30, 2021 close at $6.70 a share, an 86% discount to the $49.23 NAV, and a 15-month total return of -60.08%. Comrit said it had been rebuffed and told the company was “prepared to fight.”

The vote on May 31, 2022 was close. The incumbent director got 3,982,607 votes (50.0% of votes cast) and Comrit's nominee 3,422,215 (43.0%). A month later, on July 1, 2022, the company suspended the common dividend starting with the quarter ended June 30, 2022. It has not paid one since; the 2025 10-K says it did not distribute any dividends that year.

Per original share, the three post-listing years added about $0.27 (our arithmetic: $0.64889 x 0.4115). Like everything before, all of it was classified as return of capital.

2023-2024: 1-for-8, no longer a REIT, and the sponsor's own tenders

The two tenders were not made by the company but by Bellevue Capital Partners, the sole member of AR Global, the parent of the company's advisor and property manager, and both were priced well above the market. Holders who tendered got $10.25 and $11.00 a share when the stock traded near $6. Bellevue's stake kept growing, to 62.1% by August 2026. For the holder the tender was the best price on offer, still about 98% below the original $25 per share (our arithmetic: $0.57 against $25).

What one original $25 share became

The key number for a holder is the conversion factor: one original share is 0.4115 of a share after August 2020 and 0.0514 of a share after January 2023 (our arithmetic: 4 / 9.72 x 0.125). Put the other way, one American Strategic Investment share today stands for 19.44 of the shares sold at $25. Every price below is from a filing; the per-original-share column applies that factor.

The last filed trade we found is a Form 144 notice from the former chairman, Edward M. Weil, Jr., listing a sale of 2,901 shares on September 11, 2026 for $18,151.57, about $6.26 a share or $0.32 per original share (our arithmetic). The stock trades daily, so check a current quote; these are the most recent prices that appear in SEC filings.

What $10,000 at the offering became

All of that is our arithmetic on filed numbers, for someone who bought at the start in June 2014, took distributions in cash and never sold. Later buyers received fewer 2014-2015 distributions; holders who reinvested got extra shares at $23.75 and later at the NAV, which went through the same splits. Fractional shares left over from each reverse split were paid out in cash.

Where the company stands now (Q2 2026 10-Q, filed August 12, 2026)

The going-concern note lists management's plans: “paying related party fees in shares rather than cash, pursuing the refinancing or disposition of the 123 William Street property, and pursuing orderly resolution of the debt matters affecting other properties.” The first of those is visible in the share count. On April 30, 2026 the advisor took 232,098 new shares for $1,910,169.12 of fees, and on August 25, 2026 another 160,766. Each issuance dilutes the remaining public holders, whose stake had a market value of $7.2 million at June 30, 2025, per the 10-K cover. Leadership is now the sponsor's family: Nicholas S. Schorsch, Jr., chief executive since March 2025 and chief operating officer of AR Global since 2015, became chairman on July 10, 2026 after Edward M. Weil, Jr. resigned. The review goes through the buildings and the debt in detail.

What a former New York City REIT holder can do with this

• Find your share count. Divide the shares you bought at $25 by 19.44 to get today's NYC shares (our arithmetic from the two splits). If your statement shows a number far from that, ask the broker whether reinvested distributions or cash-in-lieu for fractions explain it.
• Your cost basis is probably lower than $25. The 10-Ks classify every distribution from 2014 to 2022 as return of capital, which reduces basis. A holder from 2014 who took cash received about $5.89 a share that way (our arithmetic). Check what your broker carried through the 2020 and 2023 splits before you sell.
• It is not a worthless security. The stock trades on the NYSE, so a loss is generally realized by selling, not by writing it off. Our guide to real estate losses and taxes covers the basics; the specifics are a question for a tax professional.
• There is no claim or settlement fund to file in. The 2025 10-K says that, apart from the two foreclosure matters, the company is not a party to any material pending legal proceedings. The filings we read disclose no SEC case or class-action settlement involving this company.
• If you still hold, you are a minority owner of a company the sponsor controls. Whether to hold, sell, or tender if Bellevue makes another offer is a portfolio decision; the review is the place to judge the business. Mini-tenders like Comrit's are optional and can be below market; read the offer's own price comparison first.

FAQ

Sources, read on October 6, 2026: American Realty Capital New York City REIT / New York City REIT / American Strategic Investment Co. (CIK 1595527) Forms 10-K for 2015 (accession 0001595527-16-000026), 2017 (0001595527-18-000004), 2019 (0001595527-20-000004), 2020 (0001595527-21-000007), 2021 (0001595527-22-000007), 2022 (0001595527-23-000013), 2024 (0001628280-25-013880) and 2025 (0001628280-26-025292); Form 10-Q for the quarter ended June 30, 2026 (0001628280-26-056274); Forms 8-K of February 6 and March 1, 2018, October 25, 2018, October 25, 2019, May 19, July 29, August 5, August 13 (listing presentation, Ex. 99.1) and August 18, 2020, June 3 and July 1, 2022, January 12 and January 24, 2023, May 1, July 13 and July 24, 2026; the company's Schedules TO-I and amendments of February-March 2018, June-July 2018 and December 2020-January 2021, and Schedule 14D-9 of May 9, 2019; Comrit Investments 1, LP's Schedules TO-T and amendments of January-March 2018 and April-June 2019 and preliminary proxy statement of March 11, 2022; Bellevue Capital Partners' Schedules TO-T and amendments of September-October 2023 and May-July 2024 and Schedule 13D/A No. 26 of August 27, 2026; a Form 144 filed September 14, 2026; and the EDGAR company page for New York REIT Liquidating LLC (CIK 1474464). Conversion factors, per-original-share values, totals and the $10,000 example are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.