Manhattan Condo Deals Targeted for Online Investors by New REIT

By Oshrat Carmiel

(Bloomberg) –A new real estate investment trust opened shop this week, seeking to raise $50 million from investors online. It plans to use the money on some of the most sought after properties in the world: New York apartments.

NY Residential REIT is a “blind pool,” meaning it owns no assets and is courting investors on the strength of its management team to purchase properties once it has funds.

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