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

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