Benzinga | Jan 20, 2022 06:06AM EST

NYC Reit Announced 95% Rent Collected in Q4 45,000 SF Lease Renewal With NY Department of State

New York City REIT, Inc. (NYSE:NYC) ("NYC" or the "Company") announced today that it collected 95% of the original cash rent due for the fourth quarter 2021 as of January 19, 2022. The Company also announced the signing of a five-year lease renewal with the New York Department of State for approximately 45,000 square feet at 123 William Street, totaling approximately $10.1 million in straight-line rent over the new lease term.

"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 Street. This lease renewal secures a large, credit-worthy tenant for five years at one of our premier properties."