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New York City REIT intends to change its status to a taxable C corporation and to diversify beyond New York City real estate

NYC REIT Plans to Change REIT Status, Look Beyond New York Office

New York City REIT, Inc. (NYC) intends to change its REIT election and become a taxable C corporation. NYC will also expand the scope of the assets and businesses it owns and operates, notably looking beyond the New York City office market. 

“While we continue to believe in the long-term necessity of New York City real estate, the pace of recovery of the office segment since the COVID outbreak remains challenged,” said Michael Weil, CEO of NYC. “Despite the resilient performance of our portfolio over the last two years, portfolio growth has been incremental, and we believe that we will be able to generate greater growth and profitability by evolving NYC’s business strategy.” 

The company’s board has approved a 1-for-8 reverse stock split. NYC said it also intends to launch a rights offering to raise additional capital from existing stockholders. 

Pictured: NYC’s 123 William St. in Lower Manhattan.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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