Business Wire | Aug 24, 2020 04:39PM EDT

New York City REIT (NYC) Investigation - The Securities Law Firm of Menzer & Hill, P.A. is Pursuing Claims Against Broker-Dealers that sold NYC REIT to Its Clients

Aug. 24, 2020

BOCA RATON, Fla.--(BUSINESS WIRE)--Aug. 24, 2020--The Securities Law Firm of Menzer & Hill, P.A. (www.menzerhill.com) announced today that it is investigating those brokerage firms that sold NYC REIT, formerly known as American Realty Capital New York City (NYSE:NYC), a real estate investment trust, which owns a portfolio of commercial real estate located within the five boroughs of New York.

On August 18, 2020, NYC shares were listed on the New York Stock Exchange. The stock crashed over 40% on its first day of trading. Moreover, the company enacted a 2.43 to 1 reverse stock-split exacerbating the losses even further.

Unfortunately, unsuspecting investors and many retirees, do not realize that alternative investments like NYC along with other non-traded REITs, are extremely risky, speculative investments that are some of the highest commissioned products that broker-dealers sell.

Fortunately, those investors that incurred losses investing in NYC or any other non-traded investments may be able to recover those losses through the FINRA arbitration process. Under FINRA rules and regulations, Broker-Dealers are responsible for conducting proper due-diligence on those investments recommended to their clients and therefore may be held liable for losses related to failures in their due-diligence.

Investors that incurred investment losses related to NYC should contact the attorneys at the Securities Law Firm of Menzer & Hill, P.A. to determine if they have a claim for a recovery of losses.

For a free case evaluation or to discuss any other investment losses, please contact the Securities Law Firm of Menzer & Hill, P.A., at 888-923-9223, or visit us on the web at www.menzerhill.com.

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CONTACT: The Securities Law Firm of Menzer & Hill, P.A. Gary Menzer - 888-923-9223 info@menzerhill.com