NEW YORK CITY—New York City REIT is set to list its Class A common stock shares on the New York Stock Exchange next week on Aug. 18. The shares will trade under the symbol "NYC".
The listing will allow the company better access to capital markets, according to prepared remarks by CEO Michael Weil. This access could be valuable in the current environment "where we may be able to capitalize on short-term dislocation in the real estate market," he said.
A pure play New York City REIT, the company is confident in Manhattan's long-term outlook, Weil also said. There have been several commitments to long-term leases across the city lately, he continued, including by AIG, which took 545,000 square feet downtown and in NoHo, and Raymond James, which took 160,000 square feet in Midtown. Other deals include Facebook's recent lease for 730,000 square feet on the west side of Penn Station and TikTok's lease for 230,000 square feet in Midtown. "We believe that these leases demonstrate the long-term optimism that corporate tenants have for office space throughout Manhattan," Weil
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The Class A shares being listed on August 18th represent 25% of NYC's outstanding common stock. Every 120 days after the listing, an additional 25% 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.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
