NY Residential Reit seeks US$50m to buy costly Manhattan apartments

New York

A NEW real estate investment trust opened shop last week, seeking to raise US$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. It's springing to life partly from Manhattan's growing supply of costly apartments, and partly from a Securities and Exchange Commission rule making it easier for small companies to access capital.

The Reit - whose advisers include Ryan Serhant, a real estate broker who stars on Bravo's Million Dollar Listing New York - plans to seek out Manhattan residential properties that can be rented out for income, according to a May 1 filing with the SEC. Acquisition targets would include small multi-family properties, single-family homes, condominiums and as…