New York City REIT announces 140K square feet of new and renewed leases

Jun. 23, 2022 9:38 AM ETNew York City REIT, Inc. (NYC)By: Pranav Ghumatkar, SA News Editor1 Comment
  • New York City REIT (NYSE:NYC) has executed one new lease and three lease renewals in its pure-play New York City portfolio.
  • A new, 4,700 square foot lease with a five-year term was signed at 9 Times Square, replacing former Knotel space.
  • In addition, NYC executed three long-term renewals: two fifteen-year leases with entities controlled by City Parking and one 10-year lease renewal with the Government Services Administration.
  • The GSA and parking garage leases commence on or before July 1, 2022, and the lease at 9 Times Square is expected to commence on August 1, 2022.
  • The lease terms include $4.2M in annualized, straight-line rent and almost 12 years of weighted-average lease term.

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