NEW YORK CITY—In the wake of several weeks of turmoil at AR Capital, company co-founder Nicholas Schorsch has notified the boards of directors of RCS Capital Corp., New York REIT and 11 non-traded REITs and direct investment programs sponsored by AR Capital that he is stepping down from his board positions at these entities. The move includes Schorsch’s departure from his role as chairman and CEO or NYRT.

According to the company, Schorsch is moving on “in order to focus his attention on strategic initiatives and potential liquidity events of closed programs sponsored by AR Capital, and new strategies for the future suite of AR Capital investment programs.” Meanwhile, William Kahane also is stepping down from his role as a director of RCS Capital to “lead the further growth and development of AR Capital-sponsored real estate programs and listed companies.”

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