New York City REIT bails on trust status – Robert Khodadadian

, New York City REIT bails on trust status – Robert Khodadadian, Robert Khodadadian

New year, new strategy for New York City REIT. The office landlord is expanding its business beyond the city and changing its status from a trust to a taxable C corporation. The trust, which is part of a web of companies founded by Nicholas Schorsch, boasts 1.2 million square feet of office space in its portfolio, according to Crain’s, but its vacancy rate is a troublesome 30 percent. The company was down

 New year, new strategy for New York City REIT. The office landlord is expanding its business beyond the city and changing its status from a trust to a taxable C corporation. The trust, which is part of a web of companies founded by Nicholas Schorsch, boasts 1.2 million square feet of office space in its portfolio, according to Crain’s, but its vacancy rate is a troublesome 30 percent. The company was down
The post New York City REIT bails on trust status appeared first on New York.  Commercial Real Estate, Home Page, office market, REITS The Real Deal New York 

Lead by real estate veteran Robert Khodadadian, has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

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