On February 12, 2016, the board of directors of American Realty Capital New York City REIT, Inc. appointed Lee M. Elman as an independent director, chair of the audit committee and a member of the conflicts committee of the company, effective as of that same date. Simultaneously with the appointment of Mr. Elman, the Board took action to increase the number of directors constituting the entire board to four directors pursuant to the company's bylaws, and the Board accepted the resignation of Elizabeth K. Tuppeny as chair of the audit committee. Ms. Tuppeny did not resign from her role as chair of the audit committee pursuant to any disagreement with the Company, the audit committee or the Board and will continue to serve in her capacity as lead independent director of the Board and as a member of the audit committee and the conflicts committee.

Lee M. Elman has served as an independent director of American Realty Capital Global Trust II, Inc. since April 2015. Since 1979, Mr. Elman has served as President of Elman Investors, Inc. He is also a partner of Elman Ventures, an organization which is advisor to, and partner with, various foreign investors in United States real estate ventures.