NEW SECOND QUARTER 2019 UPDATE REIT_2Q2019.pdf · Building Chrysler Building Waldorf - Astoria...
2
Over the past year our repositioning and leasing efforts have resulted in overall occupancy across the New York City REIT, Inc. (“NYCR”) portfolio improving from 89.8% as of June 30, 2018 to 94.7% as of June 30, 2019. e significant occupancy level improvements at 9 Times Square and 123 William Street, which increased to 92.3% and 97.7%, respectively, from 74.4% and 94.7%, are key contributors to this overall improvement. Management continues to work closely with leasing agents, commercial brokers, tenants and property managers to lease up vacant space, pursue potential acquisitions and fortify our existing tenant relationships. Successful execution of the lease-up strategy continues to require upfront costs, mainly in the form of leasing commissions and tenant improvements, which are used to attract tenants to sign new leases. We expect these initial investments to provide long-term benefits for the company and our shareholders as increased occupancy levels and net operating income will improve the value of the portfolio as we prepare for an eventual liquidity event. As of June 30, 2019, our portfolio consisted of seven properties, one located in Brooklyn and the other six located in Manhattan, the financial capital of the world and the epicenter of commerce among New York City’s five boroughs. ese assets comprise more than one million square feet. Overall, our weighted average lease term remaining was 6.1 years 1 and our net leverage remains low at 33% 3 , providing room for potential portfolio growth. Additionally, during the second quarter, 35,121 square feet of new leases commenced with a weighted average lease term of 8.0 years. 1 1 Weighted average remaining lease term in years based on annualized straight-line rent as of June 30, 2019. 2 Total real estate investments, at cost as of June 30, 2019, recorded on NYCR balance sheet. 3 We define net leverage as total mortgage notes payable, gross less cash and cash equivalents divided by total real estate investments at cost as of June 30, 2019. Subsequent to June 30, 2019, we increased our borrowings by an additional $51.0 million in connection with the acquisition of a property for an $88.8 million purchase price, and we do not currently anticipate incurring additional indebtedness secured by our existing properties. SECOND QUARTER 2019 UPDATE REAL ESTATE INVESTMENTS 2 (in millions) PROPERTY MAP PORTFOLIO HIGHLIGHTS (As of June 30, 2019) Property Highlights Number of Properties 7 Rentable Square Feet 1.1 million Occupancy 94.7% Weighted Avg. Remaining Lease Term (Yrs.) 1 6.1 $0 $350 $400 $300 $250 $200 $150 $100 $50 Real Estate Investments 2 ($MMs) $450 $500 $550 $600 $700 $650 $750 2Q ‘16 $800 3Q ‘16 4Q ‘16 Financial Highlights Real Estate Investments 2 $777 million Net Leverage 3 33% Weighted Average Effective Interest Rate 4.41% Julliard School New York University Lincoln Center Fordham Univ Cornell Medical College New York Hospital Center Rockefeller University Rockefeller Center Jacob Javits Convention Center United Nations VA Hospital Bellevue Hospital NYU Medical Center South Street Seaport Ferry Terminal Stevens Institute of Technology Natl 9/11 Memorial Battery Park Madison Square Park Chelsea Park Gramercy Park Union Square Washington Square Tompkins Square Corlears Hook Park Seward Park Sarah D Roosevelt Pkwy Bryant Park Woolworth Bldg US Court House Empire State Building Chrysler Building Waldorf - Astoria Hotel Trump Tower Plaza Hotel St Patricks Cathedral Ferry Ferry Terminal Ferry Terminal Grand Central Madison Square Garden Penn Station City Hall Society Bandshell Bethesda Fountain & Terrace Whitney Museum of American Art The Frick Collection Asia Society Museum Wollman Rink Zoo The Dairy Tavern On The Green NY State Theater Museum of American Folk Art NY Convention & Visitors Bureau Passenger Ship Terminal Intrepid Sea-Air-Space Museum General Post Office Pierpont Morgan Library NY Public Library Theodore Roosevelt Birthplace Abigail Adams Smith House Museum Carnegie Hall Museum Of Modern Art Museum of TV & Radio American Craft Museum Radio City Music Hall Ukranian Museum St Marks Church Cooper Union Landmark New Museum of Contemporary Art NYC Fire Museum Alternative Museum Tenement Museum Chinese History Museum North Cove Yacht Harbor Federal Reserve Bank American Stock Ex New York Stock Ex US Custom House Castle Clinton Nat'l Monument Rockefeller Plz E 57th St E 40th St E 28th St Bleecker St Washington Pl E 9th St Lafayette Ct Astor Pl Saint Marks Pl E 4th St Prince St Avenue Of The Americas Mulberry St Broome St Rivington St E 4th Walk Duane St 10th Ave 8th Ave 5th Ave Park Ave Park Ave 3rd Ave 2nd Ave 1st Ave W 72nd St E 72nd St 65th Street Transverse Rd 11th Ave W 57th St 9th Ave Central Park S 7th Ave 7th Ave Avenue Of The Americas E 61st St Grand Army Plz E 60th St W 58th St E 63rd St W 42nd St E 62nd St FDR Dr Fdr Dr W 39th St Dyer Ave Dyer Ave W 38th St E 53rd St W 34th St Vanderbilt Ave Fashion Ave First Ave E 42nd St United Nations Plz W 31st St E 48th St W 30th St W 23rd St E 34th St Park Ave S W 14th St E 23rd St Hudson St Greenwich St Greenwich St Greenwich St Greenwich Ave E 25th St Union Sq E 7th Ave S E 14th St 4th Ave Christopher St W 8th St Washington Sq W Washington Sq N 8th St Avenue C Avenue C Lafayette St Washington Sq S Washington Sq E Avenue A Laguardia Pl Varick St Varick St W Houston St Cooper Sq Avenue B E 15th St Bowery Avenue D W Broadway Canal St E Houston St Watts St Grand St Allen St Cleveland Pl Kenmare St Clinton St Delancey St Delancey St Delancey St Columbia St Church St Chambers St Pike St Barclay St E Broadway Saint James Pl Park Row Park Row Avenue Of The Finest Fulton St Front St South St Liberty St Pearl St Liberty Plz Maiden Ln Trinity Pl Wall St Water St Exchange Aly Morris St Battery Pl State St Whitehall St Avenue Of The Americas 2nd Ave 3rd Ave C o l u m b us Cir Henry Hudson Pkwy 12th Ave 11th Ave West St Union Sq W E 14th St Henry Hudson Pkwy Queensboro Brg Conn Lincoln Tunnel Lincoln Tunnel Queensboro Brdg Queens Midtown Tunnel Holland Tunnel Williamsburg Brdg Manhattan Brdg Brooklyn Brdg 8th Ave ROOSEVELT ISLAND LENNOX HILL LINCOLN SQUARE TIMES SQUARE MIDTOWN MURRAY HILL KIP'S BAY MIDTOWN SOUTH CENTRAL GARMENT DISTRICT HELLS KITCHEN CHELSEA FLATIRON DISTRICT GRAMERCY PARK STUYVESANT TOWN EAST VILLAGE NOHO GREENWICH VILLAGE WEST VILLAGE SOHO LITTLE ITALY LOWER EAST SIDE CHINATOWN TRIBECA FINANCIAL DISTRICT BATTERY PARK CITY WTC BOWERY 1Q ‘17 2Q ‘17 3Q ‘17 4Q ‘17 1Q ‘18 2Q ‘18 3Q ‘18 Note: Map shows seven properties located in Manhattan including one property acquired subsequent to June 30, 2019. Medical office building in Brooklyn not pictured. 4Q ‘18 SECOND QUARTER 2019 REPORT 1Q ‘19 2Q ‘19
Transcript of NEW SECOND QUARTER 2019 UPDATE REIT_2Q2019.pdf · Building Chrysler Building Waldorf - Astoria...
Over the past year our repositioning and leasing efforts have resulted in overall occupancy across the New York City REIT, Inc. (“NYCR”) portfolio improving from 89.8% as of June 30, 2018 to 94.7% as of June 30, 2019. The significant occupancy level improvements at 9 Times Square and 123 William Street, which increased to 92.3% and 97.7%, respectively, from 74.4% and 94.7%, are key contributors to this overall improvement.
Management continues to work closely with leasing agents, commercial brokers, tenants and property managers to lease up vacant space, pursue potential acquisitions and fortify our existing tenant relationships. Successful execution of the lease-up strategy continues to require upfront costs, mainly in the form of leasing commissions and tenant improvements, which are used to attract tenants to sign new leases. We expect these initial investments to provide long-term benefits for the company and our shareholders as increased occupancy levels and net operating income will improve the value of the portfolio as we prepare for an eventual liquidity event.
As of June 30, 2019, our portfolio consisted of seven properties, one located in Brooklyn and the other six located in Manhattan, the financial capital of the world and the epicenter of commerce among New York City’s five boroughs. These assets comprise more than one million square feet. Overall, our weighted average lease term remaining was 6.1 years1 and our net leverage remains low at 33%3, providing room for potential portfolio growth. Additionally, during the second quarter, 35,121 square feet of new leases commenced with a weighted average lease term of 8.0 years.1
1 Weighted average remaining lease term in years based on annualized straight-line rent as of June 30, 2019.2 Total real estate investments, at cost as of June 30, 2019, recorded on NYCR balance sheet.3 We define net leverage as total mortgage notes payable, gross less cash and cash equivalents divided by total real estate investments at cost as of
June 30, 2019. Subsequent to June 30, 2019, we increased our borrowings by an additional $51.0 million in connection with the acquisition of a property for an $88.8 million purchase price, and we do not currently anticipate incurring additional indebtedness secured by our existing properties.
SECOND QUARTER 2019 UPDATE
REAL ESTATE INVESTMENTS2 (in millions) PROPERTY MAP
PORTFOLIO HIGHLIGHTS (As of June 30, 2019)
Property Highlights
Number of Properties 7
Rentable Square Feet 1.1 million
Occupancy 94.7%
Weighted Avg. Remaining Lease Term (Yrs.)1 6.1
$0
$350
$400
$300
$250
$200
$150
$100
$50
Real Estate Investments2 ($MMs)
$450
$500
$550
$600
$700
$650
$750
2Q ‘16
$800
3Q ‘16 4Q ‘16
Financial Highlights
Real Estate Investments2 $777 million
Net Leverage3 33%
Weighted Average Effective Interest Rate 4.41%
City College of New York
BarnardCollege
JulliardSchool
New YorkUniversity
Governors IslandSupport Center
ColumbiaUniversity
Mt SinaiHospital
MetropolitanHospital
LincolnCenter
FordhamUniv
CornellMedicalCollege
New YorkHospitalCenter
RockefellerUniversity
RockefellerCenter
Jacob JavitsConvention
Center
UnitedNations
VAHospital
BellevueHospital
NYUMedicalCenter
SouthStreet
Seaport
FerryTerminal
BrooklynSupportActivity
ManhattanCollege
KnickerbockerCC
PalisadesPark
Stevens Instituteof Technology
Saint PetersCollege
Jersey CityState College
Natl9/11
Memorial
CentralPark
BatteryPark
Ellis IslandNational
Monument
Statue Of LibertyNat'l Monument
RiversidePark
MadisonSquare
Park
ChelseaPark
GramercyPark
UnionSquare
WashingtonSquare
TompkinsSquare
CorlearsHookPark
SewardPark
Sarah DRoosevelt
Pkwy
BryantPark
ProspectPark
WilliamsbridgePark
New YorkUniversity
New YorkUniversity
WoolworthBldg
US Court House
Empire StateBuilding
ChryslerBuilding
Waldorf -Astoria Hotel
TrumpTower
Plaza Hotel
St PatricksCathedral
FerryTerminal
FerryTerminal
FerryTerminal
FerryTerminal
GrandCentral
Madison SquareGarden
PennStation
City Hall
TheCloisters
PresbyterianHospital
HarlemHospitalCenter
DowningStadium
ManhattanPsychiatric Center
SewageDisposal
Plant
Cathedralof St JohnThe Divine
Lasker Rink& Pool
Museum of TheCity Of New York
MuseoDel Barrio
TennisCourts
Soldiers andSailors
Monument
JewishMuseum
Children'sMuseum
HaydenPlanetarium
Cooper HewittMuseum
GuggenheimMuseum
GracieMansion
AmericanMuseum OfNatural History
New YorkHistorical
Society
MetropolitanMuseum Of Art
Obelisk
DelecorteTheater
BelvedereCastle
BoatHouse
Bandshell
BethesdaFountain &
Terrace
Whitney Museum of American Art
The FrickCollection
Asia SocietyMuseum
WollmanRink
ZooTheDairy
Tavern OnThe Green
NY StateTheater
Museum ofAmericanFolk Art
NY Convention& VisitorsBureau
PassengerShip Terminal
IntrepidSea-Air-Space
Museum
GeneralPost O�ce
PierpontMorganLibrary
NY PublicLibrary
TheodoreRooseveltBirthplace
AbigailAdams Smith
House Museum
CarnegieHall
Museum OfModern Art
Museum ofTV & Radio
AmericanCraft Museum
Radio CityMusic Hall
UkranianMuseum
St MarksChurch
CooperUnionLandmark
New Museum ofContemporary
Art
NYC FireMuseum
AlternativeMuseum
TenementMuseum
ChineseHistoryMuseum
North CoveYacht Harbor
FederalReserveBankAmerican
Stock ExNew YorkStock Ex
USCustomHouse
Castle ClintonNat'l Monument
General GrantNat'l Monument
Laguardia- Wall St
Laguardia- E 34Th St
BronxZoo
YankeeStadium
Rock
efell
er Pl
z
E 57th St
E 40th St
E 28th St
Bleecker StWashington Pl
E 9th St Lafa
yette
Ct
Astor Pl Saint Marks Pl
E 4th St
Prince St
Aven
ue O
f
The A
mer
icas
Mulberry St
Broome St
Rivington St
E 4th Walk
Duane St
10th
Ave
10th
Ave
Dyckman St
W 207th St
Nagle
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Margaret
Corbin Rd
Cabr
ini B
lvd
Cabr
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Fort
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Dr
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Edward M Morgan Pl
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Fred
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Dou
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s Blvd
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Dam Brdg
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Man
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Cathedral Pkwy
Colu
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Frederick
Douglass Cir
Cent
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Frawley CirCentral Park N E 110th St
W 96th St
E 106th St
97th St Transverse Rd
W 86th St
E 96th St
W 79th St
W 81st St
E 86th St
79th St Transverse Rd
W 72nd St
York
Ave
W 77th St
E 90th St
E 79th St
E 72nd St
65th Street Transverse Rd
11th
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W 57th St
9th
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Central Park S
7th
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7th
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f The
Am
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s
E 61st St
Gran
d Ar
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lz
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W 58th St
E 63rd St
W 42nd St
E 62nd St
FDR Dr
Fdr D
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Dyer
Ave
Dyer
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W 38th St
E 53rd St
W 34th St
Vand
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Fash
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Ave
E 42nd St Unite
d Na
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Plz
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E 48th St
W 30th St
W 23rd St
E 34th St
Park
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S
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E 23rd St
Hudson St
Greenwich St
Gree
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Greenwich Ave
E 25th St
Unio
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4th A
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Christopher St
W 8th St
Was
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Sq W
WashingtonSq N
8th St
Aven
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Aven
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Lafa
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St
Washington Sq S Was
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Sq E
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Lagu
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Varic
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Varick St
W Houston St
Coop
er Sq
Aven
ue B
E 15th St
Bowery
Aven
ue D
W B
road
way
Canal St
E Houston St
Watts StGrand St
Allen St
Clev
eland
Pl
Kenmare St
Clinton St
Delancey St
Delancey St
Delancey St
Columbia St
Chur
ch St
Chambers St
Pike St
Barclay St
E Broadway
Sain
t Jam
es Pl
Park Row
Park Row
Avenue OfThe Finest
Fulton St
Front St
South St
Liberty St Pearl
St
Liber
ty Pl
z
Maiden Ln
Trin
ity Pl
Wall St
Wat
er St
Exchange Aly
Morris St
Battery Pl
State St
Whitehall St
Aven
ue O
f The
Am
erica
s
2nd
Ave
3rd
Ave
86th St Transverse Rd
Colum
bus Cir
Broa
dway
Henr
y Hud
son
Pkwy
12th
Ave
11th Ave
West S
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Unio
n Sq
W
E 14th St
Henr
y Hud
son
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Henr
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son
Pkwy
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kwy
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George Washington Brdg
Trans Mahattan Exwy Alexander
Hamiliton
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Triborough Brdg
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Queensboro Brg Conn
Lincoln TunnelLincoln Tunnel
Queensboro
Brdg
Queens Midtown Tunnel
Holland Tunnel
Williamsburg Brdg
Manhattan Brdg
Brooklyn Brdg
Brooklyn Battery Tunnel
8th
Ave
Man
hatta
nville
INWOOD
FORTGEORGE
WASHINGTONHEIGHTS
HAMILTONHEIGHTS
(Sugar Hill)
CENTRALHARLEM
WESTHARLEM
MORNINGSIDEHEIGHTS
EASTHARLEM(El Bario)
UPPERWESTSIDE
UPPEREASTSIDE
YORKVILLE
ROOSEVELTISLAND
LENNOXHILL
LINCOLNSQUARE
TIMESSQUARE MIDTOWN
MURRAYHILL
KIP'SBAY
MIDTOWNSOUTH
CENTRAL
GARMENTDISTRICTHELLS
KITCHEN
CHELSEAFLATIRONDISTRICT
GRAMERCYPARK
STUYVESANTTOWN
EASTVILLAGE
NOHO
GREENWICHVILLAGE
WESTVILLAGE
SOHOLITTLEITALY
LOWEREASTSIDE
CHINATOWN
TRIBECA
FINANCIALDISTRICT
BATTERYPARKCITY
WTC
BOWERY
Tena�y
Teaneck
Englewood
EnglewoodCli�s
Leonia
Ridge�eldPark
FortLee
LittleFerry
PalisadesPark
Moonachie
Carlstadt
EdgewaterRidge�eldCli�side
Park
Manhattan
Queens
Bronx
Brooklyn
Fairview
Newark
NorthBergen
Secaucus
Guttenberg
West NewYork
Kearny
UnionCity
Weehawken
JerseyCity
Hoboken
NEWYORK
KINGS
QUEENS
BRONXN
NYCREIT
NYCREIT
NYCREIT
NYCREIT
NYCREIT
NYCREIT
NYCREIT
1Q ‘17 2Q ‘17 3Q ‘17 4Q ‘17 1Q ‘18 2Q ‘18 3Q ‘18
Note: Map shows seven properties located in Manhattan including one property acquired subsequent to June 30, 2019. Medical office building in Brooklyn not pictured.
4Q ‘18
SECOND QUARTER 2019 REPORT
1Q ‘19 2Q ‘19
For more information on New York City REIT, Inc., please visit the company website, www.newyorkcityreit.com or call our Investor Relations department at 866-902-0063.
The information included herein should be read in connection with your review of NYCR’s Quarterly Report on Form 10-Q for the three months ended June 30, 2019, as filed with the U.S. Securities and Exchange Commission (“SEC”) on August 14, 2019.
Forward-Looking Statement DisclosureThe statements in this report include statements regarding the intent, belief or current expectations of NYCR and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “strives,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements due to certain factors, including those set forth in the Risk Factors section of NYCR’s most recent Annual Report on Form 10-K filed on March 15, 2019 and any subsequent Quarterly Reports on Form 10-Q, which are available at the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date they are made, and NYCR undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
PROPERTY AT A GLANCE
Address 196 Orchard Street New York, NY 10002
Gross Leasable Area 60,297 square feet
Purchase Price $88.8 million
Acquisition Date July 17, 2019
Occupancy 100%
PROPERTY SPOTLIGHT 196 Orchard Street
New York, NY
City College of New York
BarnardCollege
JulliardSchool
New YorkUniversity
Governors IslandSupport Center
ColumbiaUniversity
Mt SinaiHospital
MetropolitanHospital
LincolnCenter
FordhamUniv
CornellMedicalCollege
New YorkHospitalCenter
RockefellerUniversity
RockefellerCenter
Jacob JavitsConvention
Center
UnitedNations
VAHospital
BellevueHospital
NYUMedicalCenter
SouthStreet
Seaport
FerryTerminal
BrooklynSupportActivity
ManhattanCollege
KnickerbockerCC
PalisadesPark
Stevens Instituteof Technology
Saint PetersCollege
Jersey CityState College
Natl9/11
Memorial
CentralPark
BatteryPark
Ellis IslandNational
Monument
Statue Of LibertyNat'l Monument
RiversidePark
MadisonSquare
Park
ChelseaPark
GramercyPark
UnionSquare
WashingtonSquare
TompkinsSquare
CorlearsHookPark
SewardPark
Sarah DRoosevelt
Pkwy
BryantPark
ProspectPark
WilliamsbridgePark
New YorkUniversity
New YorkUniversity
WoolworthBldg
US Court House
Empire StateBuilding
ChryslerBuilding
Waldorf -Astoria Hotel
TrumpTower
Plaza Hotel
St PatricksCathedral
FerryTerminal
FerryTerminal
FerryTerminal
FerryTerminal
GrandCentral
Madison SquareGarden
PennStation
City Hall
TheCloisters
PresbyterianHospital
HarlemHospitalCenter
DowningStadium
ManhattanPsychiatric Center
SewageDisposal
Plant
Cathedralof St JohnThe Divine
Lasker Rink& Pool
Museum of TheCity Of New York
MuseoDel Barrio
TennisCourts
Soldiers andSailors
Monument
JewishMuseum
Children'sMuseum
HaydenPlanetarium
Cooper HewittMuseum
GuggenheimMuseum
GracieMansion
AmericanMuseum OfNatural History
New YorkHistorical
Society
MetropolitanMuseum Of Art
Obelisk
DelecorteTheater
BelvedereCastle
BoatHouse
Bandshell
BethesdaFountain &
Terrace
Whitney Museum of American Art
The FrickCollection
Asia SocietyMuseum
WollmanRink
ZooTheDairy
Tavern OnThe Green
NY StateTheater
Museum ofAmericanFolk Art
NY Convention& VisitorsBureau
PassengerShip Terminal
IntrepidSea-Air-Space
Museum
GeneralPost O�ce
PierpontMorganLibrary
NY PublicLibrary
TheodoreRooseveltBirthplace
AbigailAdams Smith
House Museum
CarnegieHall
Museum OfModern Art
Museum ofTV & Radio
AmericanCraft Museum
Radio CityMusic Hall
UkranianMuseum
St MarksChurch
CooperUnionLandmark
New Museum ofContemporary
Art
NYC FireMuseum
AlternativeMuseum
TenementMuseum
ChineseHistoryMuseum
North CoveYacht Harbor
FederalReserveBankAmerican
Stock ExNew YorkStock Ex
USCustomHouse
Castle ClintonNat'l Monument
General GrantNat'l Monument
Laguardia- Wall St
Laguardia- E 34Th St
BronxZoo
YankeeStadium
Rock
efell
er Pl
z
E 57th St
E 40th St
E 28th St
Bleecker StWashington Pl
E 9th St Lafa
yette
Ct
Astor Pl Saint Marks Pl
E 4th St
Prince St
Aven
ue O
f
The A
mer
icas
Mulberry St
Broome St
Rivington St
E 4th Walk
Duane St
10th
Ave
10th
Ave
Dyckman St
W 207th St
Nagle
Ave
Margaret
Corbin Rd
Cabr
ini B
lvd
Cabr
ini B
lvd
Sain
t Nich
olas
Ave
Sain
t Nich
olas
Ave
Fort
Geor
ge Av
e
W 187th St
Amste
rdam
Ave
W 181st St
Fort
Was
hing
ton A
ve
Rive
rside
Dr
Riverside Dr
Rive
rside
Dr
Rive
rside
Dr
Rive
rside
Dr
Rivers
ide D
r
W 177th St
Washington Brdg
Rive
rside
Dr W
Edge
com
be A
ve
Edge
com
be A
ve
W 158th St
Edward M Morgan Pl
W 155th St
Fred
erick
Dou
glas
s Blvd
Fred
erick
Dou
glas
s Blvd
Conv
ent A
ve
Macombs
Dam Brdg
Adam
Clay
ton
Powe
ll Jr B
lvd
W 145th St
8th
Ave
8th
Ave
12th
Ave
Malc
olm
X B
lvd
145th St
Brdg
Mar
gina
l St
W 125th St
Saint Clair Pl
5th
Ave
5th
Ave
W 135th St
W 138th StE 138th St
Mad
ison
Ave
Seminary Row
Mor
ning
side A
ve
E 135th St
Park
Ave
Park
Ave
Park
Ave
Hancock Pl
Mor
ning
side D
r
E 130th St
W 116th StW 116th St
3rd
Ave
Lexin
gton
Ave
Seco
nd A
veThird
Ave
Mou
nt M
orris
Park
W
E 125th St
E 128th St
E 124th St
2nd
Ave
W 110th St
E 127th St Willis A
veBr
dg
E 126th St
1st A
ve1s
t Ave
120th St
Man
hatta
n Av
e
W En
d Av
e
W 106th St
Cathedral Pkwy
Colu
mbu
s Ave
Frederick
Douglass Cir
Cent
ral P
ark W
E 116th St
Frawley CirCentral Park N E 110th St
W 96th St
E 106th St
97th St Transverse Rd
W 86th St
E 96th St
W 79th St
W 81st St
E 86th St
79th St Transverse Rd
W 72nd St
York
Ave
W 77th St
E 90th St
E 79th St
E 72nd St
65th Street Transverse Rd
11th
Ave
W 57th St
9th
Ave
Central Park S
7th
Ave
7th
Ave
Aven
ue O
f The
Am
erica
s
E 61st St
Gran
d Ar
my P
lz
E 60th St
W 58th St
E 63rd St
W 42nd St
E 62nd St
FDR Dr
Fdr D
r
W 39th St
Dyer
Ave
Dyer
Ave
W 38th St
E 53rd St
W 34th St
Vand
erbi
lt Av
e
Fash
ion
Ave
First
Ave
E 42nd St Unite
d Na
tions
Plz
W 31st St
E 48th St
W 30th St
W 23rd St
E 34th St
Park
Ave
S
W 14th St
E 23rd St
Hudson St
Greenwich St
Gree
nwich
St
Gree
nwich
St
Greenwich Ave
E 25th St
Unio
n Sq
E
7th
Ave S
E 14th St
4th A
ve
Christopher St
W 8th St
Was
hing
ton
Sq W
WashingtonSq N
8th St
Aven
ue C
Aven
ue C
Lafa
yette
St
Washington Sq S Was
hing
ton
Sq E
Aven
ue A
Lagu
ardi
a Pl
Varic
k St
Varick St
W Houston St
Coop
er Sq
Aven
ue B
E 15th St
Bowery
Aven
ue D
W B
road
way
Canal St
E Houston St
Watts StGrand St
Allen St
Clev
eland
Pl
Kenmare St
Clinton St
Delancey St
Delancey St
Delancey St
Columbia St
Chur
ch St
Chambers St
Pike St
Barclay St
E Broadway
Sain
t Jam
es Pl
Park Row
Park Row
Avenue OfThe Finest
Fulton St
Front St
South St
Liberty St Pearl
St
Liber
ty Pl
z
Maiden Ln
Trin
ity Pl
Wall St
Wat
er St
Exchange Aly
Morris St
Battery Pl
State St
Whitehall St
Aven
ue O
f The
Am
erica
s
2nd
Ave
3rd
Ave
86th St Transverse Rd
Colum
bus Cir
Broa
dway
Henr
y Hud
son
Pkwy
12th
Ave
11th AveWes
t St
Unio
n Sq
W
E 14th St
Henr
y Hud
son
Pkwy
Henr
y Hud
son
Pkwy
Henr
y Hud
son P
kwy
Henr
y Hud
son
Pkwy
Henr
y Hud
son
Pkwy
Rive
rside
Dr
Harle
m R
iver D
r
George Washington Brdg
Trans Mahattan Exwy Alexander
Hamiliton
Brdg
Trib
orou
gh B
rdg
Triborough Brdg
FDR D
r
Queensboro Brg Conn
Lincoln TunnelLincoln Tunnel
Queensboro
Brdg
Queens Midtown Tunnel
Holland Tunnel
Williamsburg Brdg
Manhattan Brdg
Brooklyn Brdg
Brooklyn Battery Tunnel
8th
Ave
Man
hatta
nville
INWOOD
FORTGEORGE
WASHINGTONHEIGHTS
HAMILTONHEIGHTS
(Sugar Hill)
CENTRALHARLEM
WESTHARLEM
MORNINGSIDEHEIGHTS
EASTHARLEM(El Bario)
UPPERWESTSIDE
UPPEREASTSIDE
YORKVILLE
ROOSEVELTISLAND
LENNOXHILL
LINCOLNSQUARE
TIMESSQUARE
MIDTOWN
MURRAYHILL
KIP'SBAY
MIDTOWNSOUTH
CENTRAL
GARMENTDISTRICT
HELLSKITCHEN
CHELSEAFLATIRONDISTRICT
GRAMERCYPARK
STUYVESANTTOWN
EASTVILLAGE
NOHO
GREENWICHVILLAGE
WESTVILLAGE
SOHOLITTLEITALY
LOWEREASTSIDE
CHINATOWN
TRIBECA
FINANCIALDISTRICT
BATTERYPARKCITY
WTC
BOWERY
Tena�y
Teaneck
Englewood
EnglewoodCli�s
Leonia
Ridge�eldPark
FortLee
LittleFerry
PalisadesPark
Moonachie
Carlstadt
EdgewaterRidge�eldCli�side
Park
Manhattan
Queens
Bronx
Brooklyn
Fairview
Newark
NorthBergen
Secaucus
Guttenberg
West NewYork
Kearny
UnionCity
Weehawken
JerseyCity
Hoboken
NEWYORK
KINGS
QUEENS
BRONXN
NYCREIT
OVERVIEWNew York City REIT, Inc. acquired a fee-simple interest in three condominium units located at 196 Orchard Street in Manhattan for an aggregate contract sale price of approximately $89 million, excluding acquisition related costs. This acquisition was completed subsequent to quarter end and will be the eighth in the portfolio. The condominium units consist of approximately 60,000 rentable square feet and are currently 100% leased to three high quality tenants. All three are subject to rent escalators and have a weighted average remaining lease term of 13 years.
LOCATION SUMMARYThe property is strategically located on the Lower East Side’s busiest corner and surrounded by the neighborhood’s most exciting offerings driving foot traffic to the retailers. It represents the gateway from the expanding SoHo-Nolita neighborhoods into the Lower East Side, which is increasingly recognized for its lively restaurant scene, nightlife, attractions, and shopping destinations.
TENANT PROFILESMarshalls is a department store chain founded in 1956. In 1995, the company was purchased by The TJX Companies, Inc. (NYSE: TJX). With 1,081 stores across the United States, Marshalls is the country’s second largest off-price family apparel and home fashion retailer, behind its sister company T.J. Maxx.
CVS is a retail pharmacy and healthcare company that is currently the largest pharmacy chain in the United States by number of locations and total prescription revenue. CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs, beauty products and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their retail stores and online through CVS.com.
Equinox is a luxury fitness company which operates several fitness brands: Equinox, PURE Yoga, Blink Fitness, and SoulCycle. Within Equinox’s portfolio of brands, there are more than 135 locations in every major city across the United States in addition to London, Toronto and Vancouver.
