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Few cities can boast REITs specifically dedicated to them, but as of today New York City now has three. New York REIT, the latest offering from fast-moving REIT entrepreneur Nicholas Schorsch of American Realty Capital, listed on the New York Stock Exchange (NYRT) this morning.

“We’re pretty excited about it, we think it’s a great opportunity,” Schorsch told FORBES. “What we went into the market to do was to buy at at time when the economy was down, and buy great assets that didn’t need any work. It was designed around income-producing retail, and office, and parking.”

Shares debuted at $10.75 Tuesday morning and are trading at $10.45 as I write this post. The listing of the shares is a liquidity event, after the REIT raised some $2 billion in capital since 2010.

New York REIT, called New York Recovery REIT prior to today’s listing, is a collection of 23 properties, five of them outside the five boroughs of New York City. Schorsch emphasized that his REIT, in comparison to the other New York-focused REITs, Empire State Realty Trust. and SL Green. is more heavily focused on the city. SL Green, however, has a larger roster of New York City properties.

Schorsch is part of a flood of non-traded REITS back to the market. Investors like them because they produce steady dividends; critics say those dividends are not a good deal because the private REITS carry higher fees. Schorsch, addressing a group of industry professionals at the NYU Shack Institute of Real Estate REIT Symposium last week, emphasized that he had shaved off fees. A number of other groups have indeed followed suit.

Within seven years, private REITs are required to either list on an exchange, do an initial public offering, or be acquired by some other company. It’s been a hectic two weeks for Schorsch’s American Realty Capital: last week, the company listed its healthcare REIT (HCT) on the NASDAQ.

The shares are open to investors who qualify based on their income and net worth, generally requiring a net worth of at least $250,000 or minimal annual gross income of $70,000 and a net worth of $70,000 verified by a broker. “We’re 96% occupied, we don’t have big capex reserves. And these assets have about a 15% earnings growth rate between 2014 and 2015 that’s built into the leases.”

Among the properties in the REIT’s portfolio: the 29-story Viceroy Hotel, One Worldwide Plaza, the subject of a book and PBS miniseries entitled “Skyscraper: The Making of a Building,” retail space on Bleecker Street, and the Red Bull building in New York’s Silicon Alley.

“We believe this gives the public investor on NYSE the option to pick a focused, sector-specific transaction when they want to buy New York,” Schorsch said.