New York City REIT, the investment trust formerly known as American Realty Capital New York City and sponsored by AR Global, is set to list its shares on the New York Stock Exchange starting tomorrow (August 18).
Under the symbol NYC, the publicly registered non-traded REIT will list 25 percent of its outstanding common stock. Every 120 days after the listing, an additional 25 percent of NYC’s stock represented by Class B common stock will convert into Class A common stock, concluding with all shares listed and freely tradeable within 360 days.
“We look forward to our listing on the NYSE and the enhanced access to capital markets that comes with being a traded company, especially in the current environment where we may be able to capitalize on short-term dislocation in the real estate market,” said Michael Weil, chief executive officer of NYC.
“We are highly confident in the long-term outlook for real estate in Manhattan, a view that is supported by ongoing commitments to long-term leases by major occupiers across the city, including technology and financial services firms.”
Since the start of the third quarter, AIG has leased 545,000 s/f in downtown Manhattan and in NoHo; Raymond James took 160,000 s/f in Midtown and both Facebook and TikTok are on the books for nearly one million square feet combined.
“We believe that these leases demonstrate the long-term optimism that corporate tenants have for office space throughout Manhattan,” said Weil.
New York City REIT, invests in commercial real estate across the five boroughs. It owns eight properties including Nine Times Square (pictured top), 140 Avenue of the Americas and The Laurel commercial condominium on the Upper East Side.