Nicholas Schorsch

Nicholas Sloan “Nick” Schorsch (born March 2, 1961) is an American entrepreneur, investor, and philanthropist. Schorsch is the Chairman, CEO, and co-founder of the investment services firm American Realty Capital.[2]

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Nicholas S. Schorsch

Nicholas S Schorsch in 2014
Born (1961-03-02) March 2, 1961 (age 60)

Education Drexel University
Spouse(s) Shelley Davis[1]

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Schorsch was born in Philadelphia, Pennsylvania, to Irvin G. Schorsch, Jr., and Anita (née Ulick) Schorsch.[3] He worked for his family’s scrap metal business starting at the age of 17, while attending Drexel University full-time, before taking over ownership of the business. Within six years, he grew the business into a multimillion-dollar enterprise, eventually selling it for a profit of $50 million at age 23.[2]

He next founded Thermal Reduction Corporation, a metal product manufacturing business. Over ten years he built up the company through a series of mergers and acquisitions, eventually selling his interest in 1994.[2]

In 1995, he and his wife Shelley co-founded the Jenkintown-based American Financial Resource Group, which originally acquired operating companies in the printing, label, and financial services sector. Within two years, the company diversified into the acquisition of commercial real estate properties. In 1998, Schorsch learned of a merger between CoreStates Financial Corporation, a bank with whom he did business, and First Union Corporation.[4] As a result of the pending merger, 106 of CoreStates’ bank branches were set to close. Upon hearing this, Schorsch offered to buy every (vacant) bank branch building. He recalled in a 2005 interview in The New York Times, “They [the bank] thought I was a crazy man.” The $22.3 million deal was completed within 37 days, and within 12 months he sold or leased 95% of the properties.[4]

In 2002, American Financial Resource Group became American Financial Realty Trust, or AFRT. Schorsch served as the company’s President, CEO, and Vice Chairman of the Board of Trustees, listing it publicly on the New York Stock Exchange in 2003.[5] Shortly after, Schorsch was dubbed “The Bankers Landlord” by The Philadelphia Inquirer.[citation needed] In 2006, Schorsch left AFRT.[6]

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