Company Quick10K Filing
American Realty Capital New York City REIT
Price-0.00 EPS-1
Shares31 P/E0
MCap-0 P/FCF0
Net Debt-62 EBIT-8
TEV-62 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-13
10-Q 2020-03-31 Filed 2020-05-14
10-K 2019-12-31 Filed 2020-03-19
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-14
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-14
10-K 2017-12-31 Filed 2018-03-19
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-28
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-03-16
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-14
10-K 2014-12-31 Filed 2015-03-31
10-Q 2014-09-30 Filed 2014-11-14
10-Q 2014-06-30 Filed 2014-08-14
8-K 2020-08-31 Regulation FD, Exhibits
8-K 2020-08-25 Regulation FD, Exhibits
8-K 2020-08-17 Enter Agreement, Shareholder Rights, Officers, Amend Bylaw, Code of Ethics, Other Events, Exhibits
8-K 2020-08-13 Earnings, Regulation FD, Exhibits
8-K 2020-08-05 Shareholder Rights, Amend Bylaw, Exhibits
8-K 2020-08-03 Regulation FD, Exhibits
8-K 2020-07-29 Earnings, Regulation FD, Exhibits
8-K 2020-07-29 Other Events
8-K 2020-06-05
8-K 2020-05-14
8-K 2020-05-11
8-K 2020-04-15
8-K 2020-04-01
8-K 2020-02-14
8-K 2019-12-12
8-K 2019-12-04
8-K 2019-10-24
8-K 2019-09-13
8-K 2019-09-06
8-K 2019-05-30
8-K 2019-05-10
8-K 2019-05-01
8-K 2019-04-26
8-K 2019-04-10
8-K 2019-03-26
8-K 2019-03-14
8-K 2018-12-21
8-K 2018-12-04
8-K 2018-11-30
8-K 2018-11-16
8-K 2018-11-15
8-K 2018-10-23
8-K 2018-09-05
8-K 2018-09-05
8-K 2018-08-23
8-K 2018-06-15
8-K 2018-06-15
8-K 2018-06-05
8-K 2018-05-31
8-K 2018-04-26
8-K 2018-04-13
8-K 2018-04-04
8-K 2018-03-06
8-K 2018-02-27
8-K 2018-02-06

NYCR 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1 - Organization
Note 2 - Summary of Significant Accounting Policies
Note 3 - Real Estate Investments
Note 4 - Mortgage Notes Payable, Net
Note 5 - Fair Value of Financial Instruments
Note 6 - Derivatives and Hedging Activities
Note 7 - Common Stock
Note 8 - Commitments and Contingencies
Note 9 - Related Party Transactions and Arrangements
Note 10 - Economic Dependency
Note 11 - Equity - Based Compensation
Note 12 - Net Loss per Share
Note 13 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of Registered Securities.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ex311nycr6302020.htm
EX-31.2 ex312nycr6302020.htm
EX-32 ex32nycr63020.htm

American Realty Capital New York City REIT Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
91072854636418202014201620182020
Assets, Equity
201482-4-102014201620182020
Rev, G Profit, Net Income
24516381-1-83-1652014201620182020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________
Commission file number: 000-55393
nycrlogoa08.jpg
New York City REIT, Inc.
(Exact name of registrant as specified in its charter)
Maryland
 
  
 
46-4380248
(State or other jurisdiction of incorporation or organization)
 
  
 
(I.R.S. Employer Identification No.)
650 Fifth Ave., 30th Floor, New YorkNY                 10019
______________________________________________________________________________________ _________________________________________________________________________
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (212) 415-6500
Securities registered pursuant to section 12(b) of the Act: None.
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
N/A
 
N/A
 
N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
As of August 7, 2020, the registrant had 12,750,255 shares of common stock outstanding, comprised of 3,182,561 shares of Class A common stock and 9,567,694 shares of Class B common stock.



NEW YORK CITY REIT, INC.

INDEX TO FINANCIAL STATEMENTS

 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



2


PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.

NEW YORK CITY REIT, INC.

CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)

 
 
June 30,
2020
 
December 31,
2019
ASSETS
 
(Unaudited)
 
 
Real estate investments, at cost:
 
 
 
 
Land
 
$
193,658

 
$
193,658

Buildings and improvements
 
567,426

 
565,829

Acquired intangible assets
 
101,806

 
103,121

Total real estate investments, at cost
 
862,890

 
862,608

Less accumulated depreciation and amortization
 
(127,941
)
 
(114,322
)
Total real estate investments, net
 
734,949

 
748,286

Cash and cash equivalents
 
44,655

 
51,199

Restricted cash
 
8,064

 
7,098

Operating lease right-of-use asset
 
55,478

 
55,579

Prepaid expenses and other assets
 
12,447

 
8,602

Straight-line rent receivable

 
23,123

 
21,649

Deferred leasing costs, net
 
8,995

 
8,943

Total assets
 
$
887,711

 
$
901,356

 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Mortgage notes payable, net
 
$
395,802

 
$
395,031

Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $272 and $222 at June 30, 2020 and December 31, 2019, respectively)
 
6,932

 
7,033

Operating lease liability
 
54,844

 
54,866

Below-market lease liabilities, net
 
15,454

 
18,300

Derivative liability, at fair value
 
3,986

 
1,327

Deferred revenue
 
4,830

 
4,250

Total liabilities
 
481,848

 
480,807

 
 
 
 
 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at June 30, 2020 and December 31, 2019
 

 

Common stock, $0.01 par value, 300,000,000 shares authorized, 12,756,927 (1) and 12,755,099 (1) shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
 
128

 
128

Additional paid-in capital
 
686,073

 
686,026

Accumulated other comprehensive loss
 
(3,986
)
 
(1,327
)
Distributions in excess of accumulated earnings
 
(276,352
)
 
(264,278
)
Total stockholders’ equity
 
405,863

 
420,549

Total liabilities and equity
 
$
887,711

 
$
901,356

_____
(1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1).


The accompanying notes are an integral part of these unaudited consolidated financial statements.


3

NEW YORK CITY REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except for share and per share data)
(Unaudited)



 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Revenue from tenants
 
$
18,562

 
$
16,525

 
$
36,039

 
$
33,576

 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
Asset and property management fees to related parties
 
1,844

 
1,872

 
3,842

 
3,420

Property operating
 
7,217

 
7,289

 
15,233

 
14,625

Acquisition and transaction related
 

 
18

 

 
18

General and administrative
 
2,521

 
1,862

 
4,540

 
3,793

Depreciation and amortization
 
7,912

 
7,553

 
15,431

 
14,967

Total operating expenses
 
19,494

 
18,594

 
39,046

 
36,823

Operating loss
 
(932
)
 
(2,069
)
 
(3,007
)
 
(3,247
)
Other income (expense):
 
 
 
 
 
 
 
 
Interest expense
 
(4,995
)
 
(4,069
)
 
(9,827
)
 
(7,629
)
Other income
 
641

 
311

 
760

 
465

Total other expense
 
(4,354
)
 
(3,758
)
 
(9,067
)
 
(7,164
)
Net loss
 
(5,286
)
 
(5,827
)
 
(12,074
)
 
(10,411
)
 
 
 
 
 
 
 
 
 
Other comprehensive loss:
 
 
 
 
 
 
 
 
Change in unrealized loss on derivative
 
(68
)
 
(1,260
)
 
(2,659
)
 
(1,330
)
    Other comprehensive loss
 
(68
)
 
(1,260
)
 
(2,659
)
 
(1,330
)
Comprehensive loss
 
$
(5,354
)
 
$
(7,087
)
 
$
(14,733
)
 
$
(11,741
)
 
 
 
 
 
 
 
 
 
Weighted-average shares outstanding — Basic and Diluted (1)
 
12,750,066

 
12,748,421

 
12,749,895

 
12,748,276

Net loss per share attributable to common stockholders — Basic and Diluted (1)
 
$
(0.41
)
 
$
(0.46
)
 
$
(0.95
)
 
$
(0.82
)
_____
(1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1).

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

NEW YORK CITY REIT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except for share data)
(Unaudited)



 
Six Months Ended June 30, 2020
 
Common Stock
 
 
 
 
 
 
 
 
 
Number of
Shares (1)
 
Par Value (1)
 
Additional
Paid-in
Capital
 
Accumulated Other Comprehensive Loss
 
Distributions in excess of accumulated earnings
 
Total Stockholders’ Equity
Balance, December 31, 2019
12,755,099

 
$
128

 
$
686,026

 
$
(1,327
)
 
$
(264,278
)
 
$
420,549

Equity-based compensation
1,828

 

 
47

 

 

 
47

Net loss

 

 

 

 
(12,074
)
 
(12,074
)
  Other comprehensive loss

 

 

 
(2,659
)
 

 
(2,659
)
Balance, June 30, 2020
12,756,927

 
$
128

 
$
686,073

 
$
(3,986
)
 
$
(276,352
)
 
$
405,863



 
Three Months Ended June 30, 2020
 
Common Stock
 
 
 
 
 
 
 
 
 
Number of
Shares (1)
 
Par Value (1)
 
Additional
Paid-in
Capital
 
Accumulated Other Comprehensive Loss
 
Distributions in excess of accumulated earnings
 
Total Stockholders' Equity
Balance, March 31, 2020
12,755,099

 
$
128

 
$
686,049

 
$
(3,918
)
 
$
(271,066
)
 
$
411,193

Equity-based compensation
1,828

 

 
24

 

 

 
24

Net loss

 

 

 

 
(5,286
)
 
(5,286
)
  Other comprehensive loss

 

 

 
(68
)
 

 
(68
)
Balance, June 30, 2020
12,756,927

 
$
128

 
$
686,073

 
$
(3,986
)
 
$
(276,352
)
 
$
405,863

_____
(1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1).


The accompanying notes are an integral part of these unaudited consolidated financial statements.



5

NEW YORK CITY REIT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except for share data)
(Unaudited)




 
Six Months Ended June 30, 2019
 
Common Stock
 
 
 
 
 
 
 
 
 
Number of
Shares (1)
 
Par Value(1)
 
Additional
Paid-in
Capital
 
Accumulated Other Comprehensive Loss
 
Distributions in excess of accumulated earnings
 
Total Stockholders' Equity
Balance, December 31, 2018
12,753,271

 
$
128

 
$
685,940

 
$

 
$
(242,388
)
 
$
443,680

Share-based compensation
1,828

 

 
40

 

 

 
40

Net loss

 

 

 

 
(10,411
)
 
(10,411
)
  Other comprehensive loss

 

 

 
(1,330
)
 

 
(1,330
)
Balance, June 30, 2019
12,755,099

 
$
128

 
$
685,980

 
$
(1,330
)
 
$
(252,799
)
 
$
431,979



 
Three Months Ended June 30, 2019
 
Common Stock
 
 
 
 
 
 
 
 
 
Number of
Shares (1)
 
Par Value(1)
 
Additional
Paid-in
Capital
 
Accumulated Other Comprehensive Loss
 
Distributions in excess of accumulated earnings
 
Total Stockholders' Equity
Balance, March 31, 2019
12,753,271

 
$
128

 
$
685,961

 
$
(70
)
 
$
(246,972
)
 
$
439,047

Share-based compensation
1,828

 

 
19

 

 

 
19

Net loss

 

 

 

 
(5,827
)
 
(5,827
)
  Other comprehensive loss

 

 

 
(1,260
)
 

 
(1,260
)
Balance, June 30, 2019
12,755,099

 
$
128

 
$
685,980

 
$
(1,330
)
 
$
(252,799
)
 
$
431,979

_____
(1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1).


The accompanying notes are an integral part of these unaudited consolidated financial statements.


6

NEW YORK CITY REIT, INC.
  
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

 
 
Six Months Ended June 30,
 
 
2020
 
2019
Cash flows from operating activities:
 
 
 
 
Net loss
 
$
(12,074
)
 
$
(10,411
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
 
 
 
 
Depreciation and amortization
 
15,431

 
14,967

Amortization of deferred financing costs
 
771

 
539

Accretion of below- and amortization of above-market lease liabilities and assets, net
 
(2,252
)
 
(893
)
Equity-based compensation
 
47

 
40

Changes in assets and liabilities:
 
 
 
 
Straight-line rent receivable
 
(1,475
)
 
(2,940
)
Straight-line rent payable
 
54

 
54

Prepaid expenses, other assets and deferred costs
 
(4,585
)
 
2,454

Accounts payable, accrued expenses and other liabilities
 
(624
)
 
(882
)
Deferred revenue
 
580

 
(1,599
)
Net cash (used in) provided by operating activities
 
(4,127
)
 
1,329

Cash flows from investing activities:
 
 
 
 
Deposits for real estate investments
 

 
(4,438
)
Capital expenditures
 
(1,451
)
 
(2,774
)
Net cash used in investing activities
 
(1,451
)
 
(7,212
)
Cash flows from financing activities:
 
 
 
 

Proceeds from mortgage note payable
 

 
55,000

Payments of financing costs
 

 
(3,747
)
Net cash provided by financing activities
 

 
51,253

Net change in cash, cash equivalents and restricted cash
 
(5,578
)
 
45,370

Cash, cash equivalents and restricted cash, beginning of period
 
58,297

 
54,801

Cash, cash equivalents and restricted cash, end of period
 
$
52,719

 
$
100,171

 
 
 
 
 
Cash and cash equivalents
 
$
44,655

 
$
93,876

Restricted cash
 
8,064

 
6,295

Cash, cash equivalents and restricted cash, end of period
 
$
52,719

 
$
100,171

 
 
 
 
 
Supplemental Disclosures:
 
 
 
 
Cash paid for interest
 
$
8,491

 
$
6,979

 
 
 
 
 
Non-Cash Investing and Financing Activities:
 
 
 
 
Accrued capital expenditures
 
523

 
1,459

The accompanying notes are an integral part of these unaudited consolidated financial statements.

7

NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020
(Unaudited)


Note 1 — Organization
New York City REIT, Inc. (including, New York City Operating Partnership L.P., (the “OP”) and its subsidiaries, the “Company”) was formed to invest its assets in office properties located in the five boroughs of New York City, with a focus on Manhattan. The Company has also purchased for investment purposes certain real estate investment assets that accompany office properties, including retail spaces and amenities, and may purchase hospitality assets, residential assets and other property types located exclusively in New York City. All such properties may be acquired and owned by the Company alone or jointly with another party. As of June 30, 2020, the Company owned eight properties consisting of 1.2 million rentable square feet, acquired for an aggregate purchase price of $790.7 million.
The Company was incorporated on December 19, 2013 as a Maryland corporation and elected to be taxed as a real estate investment trust for U.S. federal income tax purposes (“REIT”) beginning with its taxable year ended December 31, 2014. Substantially all of the Company’s business is conducted through the OP.
On July 29, 2020, the Company announced that its board of directors had unanimously approved a plan to list the Company’s common stock on the New York Stock Exchange (the “NYSE”) under the symbol “NYC.” On August 5, 2020, in anticipation of the listing, the Company implemented a series of corporate actions involving a 9.72-to-1 reverse stock split, renamed its common stock as Class A common stock and paid a stock dividend of three shares of Class B common stock for every one share of Class A common stock outstanding after the reverse stock split, which resulted in a net reduction of 2.43 shares for every one share of common stock outstanding prior to these corporate actions (collectively, the “Reverse Stock Split”). All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the Reverse Stock Split on August 5, 2020.
Following these corporate actions, 25% of each stockholder’s shares consisting of Class A common stock and 75% of each stockholder’s shares consisting of Class B common stock. Only shares of Class A common stock will be listed on the NYSE. The shares of Class B common stock will not be listed on the NYSE but will automatically convert into shares of Class A common stock to be listed on the NYSE in three equal tranches over the 360 days following the listing. Except with respect to listing and conversion, shares of Class B common stock have identical preferences, rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption as shares of Class A common stock. Accordingly, the shares of Class A common stock and Class B common stock are reflected collectively as “common stock” on a combined basis in the financial statements. The Company anticipates that trading of Class A common stock on the NYSE will commence on or about August 18, 2020, although there can be no assurance as to this timing. There also can be no assurance as to the price at which Class A common stock will trade once listed. The trading price of Class A common stock will be impacted by a number of factors, many of which are outside the Company’s control, and may fluctuate significantly. See Note 13 — Subsequent Events for further details.
On October 24, 2019, the Company’s board of directors approved an estimated net asset value per share of its common stock (the “Estimated Per-Share NAV”) as of June 30, 2019 which was published on October 25, 2019. This was the third annual update of Estimated Per-Share NAV the Company has published. The Company will not estimate per share net asset value following the listing of its Class A common stock on the NYSE.
The Company has no employees. New York City Advisors, LLC (the “Advisor”) has been retained by the Company to manage the Company’s affairs on a day-to-day basis. The Company has retained New York City Properties, LLC (the “Property Manager”) to serve as the Company’s property manager. The Advisor and Property Manager are under common control with AR Global Investments, LLC (the successor business to AR Capital, LLC, “AR Global”), and these entities receive compensation, fees and expense reimbursements for services related to the investment and management of the Company’s assets.
The Company is the sole general partner and holds substantially all of the units of limited partner interests in the OP (“OP units”). The Advisor contributed $2,020 to the OP in exchange for 37 OP units, after giving effect to the Reverse Stock Split, which represents a nominal percentage of the aggregate OP ownership. A holder of OP units has the right to convert OP units for the cash value of a corresponding number of shares of the Company’s common stock or, at the option of the OP, a corresponding number of shares of the Company’s common stock, in accordance with the limited partnership agreement of the OP, provided, however, that such OP units must have been outstanding for at least one year. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP’s assets.

8

NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020
(Unaudited)

Note 2 — Summary of Significant Accounting Policies
Basis of Accounting
The accompanying consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three and six months ended June 30, 2020 and 2019 are not necessarily indicative of the results for the entire year or any subsequent interim period.
These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 19, 2020. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three and six months ended June 30, 2020.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. The Company has determined the OP is a VIE of which the Company is the primary beneficiary.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation. The Company currently presents straight-line rent receivable and straight-line rent payable on its own line items in the consolidated statement of cash flows and consolidated balance sheets, which was previously included within prepaid expenses and other assets.
Impacts of the COVID-19 Pandemic
The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. During the first quarter of 2020, there was a global outbreak of COVID-19, which has spread to over 200 countries and territories, including the United States, and has spread to every state in the United States. The World Health Organization has designated COVID-19 as a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19. The global impact of the pandemic has been rapidly evolving, and many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading and operations of non-essential offices and retail centers. Such actions are creating disruption in global supply chains, and adversely impacting many industries. The pandemic has had an adverse impact on economic and market conditions and triggered a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company considered the impact of COVID-19 on the assumptions and estimates underlying its consolidated financial statements and believes the estimates and assumptions are reasonable and supportable based on the information available as of June 30, 2020. However, given the rapid evolution of the COVID-19 pandemic and the global response to curb its spread, these estimates and assumptions as of June 30, 2020 are inherently less certain than they would be absent the actual and potential impacts of the COVID-19 pandemic. Actual results may ultimately differ from those estimates.
New York City, where all the Company’s properties are located, has been among the hardest hit locations in the country and has not yet fully reopened. The Company’s properties remain accessible to all tenants, although, even as operating restrictions expire, not all tenants have resumed operations. In addition, as operating restrictions expire, operating costs may begin to rise, including for services, labor and personal protective equipment and other supplies, as the Company’s property managers take appropriate actions to protect tenants and property management personnel. Some of these costs may be recoverable through reimbursement from tenants but others will be borne by the Company.

9

NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020
(Unaudited)

The financial stability and overall health of tenants is critical to the Company’s business. The negative effects that the global pandemic has had on the economy includes the closure or reduction in activity for many retail operations such as some of those operated by the Company’s tenants. This has impacted the ability of some of the Company’s tenants to pay their monthly rent either temporarily or in the long term. The Company has experienced delays in rent collections in the second quarter of 2020. The Company has taken a proactive approach to achieve mutually agreeable solutions with its tenants and in some cases, in the second quarter of 2020, the Company has executed different types of lease amendments. These agreements include deferrals and abatements and also may include extensions to the term of the leases.
For accounting purposes, in accordance with ASC 842: Leases, normally a company would be required to assess a lease modification to determine if the lease modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (including leases for which the prior classification under ASC 840 was retained as part of the election to apply the package of practical expedients allowed upon the adoption of ASC 842, which does not apply to leases subsequently modified). However, in light of the COVID-19 pandemic in which many leases are being modified, the FASB and SEC have provided relief that allows companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat the lease amendment as a modification. In order to be considered COVID-19 related, cash flows must be substantially the same or less than those prior to the concession. For COVID-19 relief qualified changes, there are two methods to potentially account for such rent deferrals or abatements under the relief, (1) as if the changes were originally contemplated in the lease contract or (2) as if the deferred payments are variable lease payments contained in the lease contract. For all other lease changes that did not qualify for FASB relief, the Company would be required to apply modification accounting including assessing classification under ASC 842.
Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease.
For leases not qualifying for this relief, the Company has applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants.
Revenue Recognition
The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of June 30, 2020, these leases had an average remaining lease term of 6.6 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires that the Company record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses (recorded in total revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For comparative purposes, the Company reflected prior revenue and reimbursements reported under ASC 842 also on a single line. For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis.    
The following table presents future base rent payments due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items.





10

NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020
(Unaudited)

As of June 30, 2020:
(In thousands)
 
Future  Base Rent Payments
2020 (remainder)
 
$
30,162

2021
 
59,582

2022
 
55,261

2023
 
47,302

2024
 
42,785

Thereafter
 
196,509

Total
 
$
431,601


The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standard adopted on January 1, 2019, the Company is required to assess, based on credit risk, if it is probable that it will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. In fiscal 2020, this assessment would include consideration of the impacts of the COVID-19 pandemic on the Company’s tenant’s ability to pay rents in accordance with their contracts. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (base rent and additional rent), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and the straight line rent receivable accrued will be written off where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in operating revenue from tenants in accordance with new accounting rules, on the accompanying consolidated statements of operations and comprehensive loss in the period the related costs are incurred, as applicable.
In accordance with the lease accounting rules the Company records uncollectable amounts as reductions in revenue from tenants. During the three and six months ended June 30, 2020, the Company reduced lease income by $0.1 million for amounts deemed uncollectable during the period. There were no such reductions recorded during the three or six months ended June 30, 2019.
Investments in Real Estate
The Company evaluates the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or an asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired asset. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in real estate.
Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company's operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations during the three and six months ended June 30, 2020 or 2019.
Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of June 30, 2020 and December 31, 2019, the Company did not have any properties held for sale.
As more fully discussed in this Note under Recently Issued Accounting Pronouncements - ASU No. 2016-02 Leases, all of the Company’s leases as lessor prior to adoption of ASC 842 were accounted for as operating leases and will continue to be accounted for as operating leases under the transition guidance. The Company will evaluate new leases originated after the adoption date (by the Company or by a predecessor lessor/owner) pursuant to the new guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease

11

NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020
(Unaudited)

term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. For the three and six months ended June 30, 2020 and 2019, the Company has no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules.
The Company is also the lessee under a land lease which was previously classified, prior to adoption of ASC 842, and will continue to be classified as an operating lease under transition elections unless subsequently modified. This lease is reflected on the balance sheet and the rent expense is reflected on a straight line basis over the lease term.
Purchase Price Allocation
In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an if vacant basis. Intangible assets may include the value of in-place leases and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. There were no acquisitions during the three and six months ended June 30, 2020 or 2019.
For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed.
Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates and land values per square foot.
Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates and the value of in-place leases as applicable. Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from six to 24 months. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses.
Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining initial term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases.
The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company's evaluation of the specific characteristics of each tenant’s lease and the Company's overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors. The Company did not record any intangible asset amounts related to customer relationships during the three and six months ended June 30, 2020 or 2019.

12

NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020
(Unaudited)

Gain on Dispositions of Real Estate Investments
Gains on sales of rental real estate after January 1, 2018 are not considered sales to customers and will generally be recognized pursuant to the provisions included in ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). The Company did not have any dispositions during the three and six months ended June 30, 2020 or 2019.
Impairment of Long-Lived Assets
When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the property for impairment. This review is based on an estimate of the future undiscounted cash flows expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the inability to recover the carrying value of a property, the Company would recognize an impairment loss in the consolidated statement of operations and comprehensive loss to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss recorded would equal the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings. The Company did not recognize any impairment losses for the three and six months ended June 30, 2020 or 2019.
Accounting for Leases
Lessor Accounting
As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed.
Lessee Accounting
For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. For additional information and disclosures related to the Company’s operating leases, see Note 8 - Commitments and Contingencies.
Depreciation and Amortization
Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years  for land improvements, 5 years for fixtures and improvements and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests.
The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases.
The value of customer relationship intangibles, if any, is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense.
Assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages.

13

NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020
(Unaudited)

Above and Below-Market Lease Amortization
Capitalized above-market lease values are amortized as a reduction of revenue from tenants over the remaining terms of the respective leases and the capitalized below-market lease values are amortized as an increase to revenue from tenants over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. If a tenant with a below-market rent renewal does not renew, any remaining unamortized amount will be taken into income at that time.
Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods.
Recently Issued Accounting Pronouncements
Adopted as of January 1, 2020:
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the amended standard requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. On July 25, 2018, the FASB proposed an amendment to ASU 2016-13 to clarify that operating lease receivables recorded by lessors (including unbilled straight-line rent) are explicitly excluded from the scope of ASU 2016-13. The new guidance is effective for the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to the financial statements by removing, modifying, and adding certain fair value disclosure requirements to facilitate clear communication of the information required by generally accepted accounting principles. The amended guidance is effective for the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Note 3 — Real Estate Investments
There were no real estate assets acquired or liabilities assumed during the three or six months ended June 30, 2020 or 2019.
Included in other income for the three- and six month periods ended June 30, 2020, is approximately $0.6 million in income related to the retention of a deposit forfeited by the buyer in the potential sale of the property commonly known as the HIT Factory under a purchase agreement which expired in April 2020.
Significant Tenants
As of June 30, 2020 and December 31, 2019, there were no tenants whose annualized rental income on a straight-line basis, based on leases commenced, represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis.
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented:

14

NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020
(Unaudited)

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2020
 
2019
 
2020
 
2019
In-place leases(1)
 
$
2,145

 
$
2,227

 
$
3,998

 
$
4,473

Other intangibles
 
291

 
291

 
583

 
583

Total included in depreciation and amortization
 
$
2,436

 
$
2,518

 
$
4,581

 
$
5,056

 
 
 
 
 
 
 
 
 
Above-market lease intangibles
 
$
285

 
$
336

 
$
570

 
$
672

Below-market lease liabilities (1)
 
(2,187
)
 
(774
)
 
(2,847
)
 
(1,589
)
Total included in revenue from tenants
 
$
(1,902
)
 
$
(438
)
 
$
(2,277
)
 
$
(917
)
 
 
 
 
 
 
 
 
 
Below-market ground lease, included in property operating expenses
 
$
12

 
$
12

 
$
25

 
$
24


(1) 
In connection with a lease that was terminated during the second quarter of 2020, the Company wrote off approximately $0.6 million of in-place lease amortization, which was included in depreciation and amortization expense in the consolidated statement of operations, and $1.5 million of below-market lease amortization, which was included in revenue from tenants in the consolidated statement of operations.
The following table provides the projected amortization expense and adjustments to revenues for the next five years as of June 30, 2020:
(In thousands)
 
2020 (remainder)
 
2021
 
2022
 
2023
 
2024
In-place leases
 
$
3,438

 
$
5,867

 
$
4,751

 
$
3,513

 
$
2,762

Other intangibles
 
583

 
937

 
708

 
708

 
708

Total to be included in depreciation and amortization
 
$
4,021

 
$
6,804

 
$
5,459

 
$
4,221

 
$
3,470

 
 
 
 
 
 
 
 
 
 
 
Above-market lease assets
 
$
570

 
$
1,079

 
$
991

 
$
842

 
$
512

Below-market lease liabilities
 
(1,206
)
 
(2,168
)
 
(1,677
)
 
(1,452
)
 
(1,422
)
Total to be included in revenue from tenants
 
$
(636
)
 
$
(1,089
)
 
$
(686
)
 
$
(610
)
 
$
(910
)


15

NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2020
(Unaudited)

Note 4 — Mortgage Notes Payable, Net
The Company’s mortgage notes payable, net as of June 30, 2020 and December 31, 2019 are as follows:
 
 
 
 
Outstanding Loan Amount
 
 
 
 
 
 
Portfolio
 
Encumbered Properties
 
June 30,
2020
 
December 31,
2019
 
Effective Interest Rate
 
Interest Rate
 
Maturity
 
 
 
 
(In thousands)
 
(In thousands)
 
 
 
 
 
 
123 William Street (1)
 
1
 
$
140,000

 
$
140,000

 
4.74
%
 
Fixed
 
Mar. 2027
1140 Avenue of the Americas
 
1
 
99,000

 
99,000

 
4.18
%
 
Fixed
 
Jul. 2026
400 E. 67th Street - Laurel Condominium / 200 Riverside Boulevard - ICON Garage
 
2
 
50,000

 
50,000

 
4.59
%
 
Fixed
 
May 2028
8713 Fifth Avenue