FOURTH QUARTER 2018 UPDATE - New York City REIT REIT_4Q2018.pdf · On October 17, 2018 the Company...
Transcript of FOURTH QUARTER 2018 UPDATE - New York City REIT REIT_4Q2018.pdf · On October 17, 2018 the Company...
1 Weighted average remaining lease term in years based on annualized straight-line rent as of December 31, 2018.2 Total real estate investments, at cost as of December 31, 2018, recorded on NYCR balance sheet.3 Based on total mortgage notes payable, gross less cash and cash equivalents divided by total real estate investments at cost as of 12/31/2018.
New York City REIT, Inc. (“NYCR”) continues to work closely with leasing agents, commercial brokers, tenants and property managers to lease up vacant space, pursue potential acquisitions and maintain our existing tenant relationships. A key objective of management in the near-term is to continue to lease-up the portfolio. Successful execution of this strategy requires upfront costs, mainly in the form of leasing commissions and tenant improvements, which are used to attract tenants to sign new leases. These initial investments are expected to provide long-term benefits to shareholders as increased occupancy levels and net operating income will improve the value of the portfolio. Our leasing efforts have led to an increase in overall occupancy from 88.3% at the end of 2017 to 93.7% at year end 2018.
On October 17, 2018 the Company closed on an acquisition of a 17,500 square foot medical office building in Brooklyn. The building is 100% occupied and this acquisition will generate an additional $1.0 million in annualized cash rent.
As of December 31, 2018, 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. Portfolio occupancy was 93.7%, with the largest increase in occupancy coming from 9 Times Square, which was 84.3% leased in comparison to being 74.6% leased at the end of the third quarter of 2018. Overall our weighted average lease term remaining was 6.3 years1 and our net leverage remains low at 32%3, providing room for additional leverage and potential portfolio growth. Additionally, during the fourth quarter, 53,507 square feet of new leases commenced with a weighted average lease term of 11.5 years.1
FOURTH QUARTER 2018 UPDATE
REAL ESTATE INVESTMENTS2 (in millions) PROPERTY MAP
PORTFOLIO HIGHLIGHTS (As of December 31, 2018)
Property Highlights
Number of Properties 7
Rentable Square Feet 1.1 million
Occupancy 93.7%
Weighted Avg. Remaining Lease Term (Yrs.)1 6.3
$0
$350
$400
$300
$250
$200
$150
$100
$50
Real Estate Investments2 ($MMs)
4Q ‘15
$450
$500
$550
$600
$700
$650
$750
1Q ‘16 2Q ‘16
$800
3Q ‘16 4Q ‘16
Financial Highlights
Real Estate Investments2 $774 million
Net Leverage3 32%
Weighted Average Effective Interest Rate 4.5%
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 Ave
West S
t
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
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
1Q ‘17 2Q ‘17 3Q ‘17 4Q ‘17 1Q ‘18 2Q ‘18 3Q ‘18
Note: Map shows six properties located in Manhattan. Medical office building in Brooklyn not pictured.
4Q ‘18
FOURTH QUARTER 2018 REPORT
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 Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 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 SPOTLIGHT 9 Times Square
New York, NY
PROPERTY AT A GLANCE
Address 9 Times Square / 200 West 41st Street New York, NY 10018
Gross Leasable Area 167,390 square feet
Purchase Price $162.2 million
Acquisition Date November 5, 2014
Occupancy 84.3%
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 Ave
West S
t
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
OVERVIEWNYCR acquired 9 Times Square, a Class-A institutional-quality property, containing approximately 167,000 rentable square feet, in November 2014. During the fourth quarter, new leases with Hays US Corporation and I Love NY commenced at 9 Times Square for 8,780 and 7,479 square feet, respectively, increasing annualized cash rent by $2.1 million
LOCATION SUMMARYThe property is located just one block south of the Times Square bow tie submarket, which benefits from unrivaled foot traffic in New York City.
SELECT TENANT PROFILESLW Hospitality Advisors® (LWHA®) provides a myriad of services focused exclusively on hospitality and gaming real estate worldwide. Representative property types include hotels, resorts, gaming properties, and conference centers. LWHA® works globally with corporate, institutional, and individual clients, as well as with municipalities and governmental agencies on all facets of hospitality real estate. For more information, please visit lwhospitalityadvisors.com.
I Love NY Gifts sells a wide array of licensed products and novelty items that are coveted by tourists worldwide. Inspired by the internationally recognized logo representing New York, the store will feature many products with the logo as well as a section of the store showcasing historical replicas synonymous with Old New York providing shoppers a unique experience and wanting to bring home a piece of New York as a memento. The store is expected to open in the second quarter of 2019.
Knotel is transforming the office market with its Agile HQ™ Platform. Making long-term leases a thing of the past, Knotel designs, builds, and operates custom spaces for established and growing brands, so they can be free to grow their businesses at will and build what’s never been built. Named a Business Insider Top 50 Startup and New York’s Hottest New Workspace Model, Knotel has over 60+ locations across over 1 million square feet in New York, San Francisco, London and Berlin. Founded in 2016, Knotel’s member network includes companies like Starbucks, Cheddar, Stash, and King.