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NYC REIT Signs NY State to Lease Renewal at 123 William St.
New York City REIT, Inc. (NYC) signed a five-year lease renewal with the New York Department of State for approximately 45,000 square feet at 123 William St. In the Financial District. Separately, the REIT said it had collected 95% of the original cash rent due for the fourth quarter 2021 as of Jan. 19.
“Fourth-quarter rent collection was the highest we have seen since the pandemic began,” said Michael Weil, CEO of NYC. “We believe that our proactive asset management strategy contributed not only to our increasing rent collection success, but also to success in our leasing initiatives as evidenced by the recently renewed lease with the New York Department of State at 123 William St.
“This lease renewal secures a large, credit-worthy tenant for five years at one of our premier properties,” he continued. Built in 1957, 123 William St. totals 26 floors.
- ◦Lease
